In 2025, the Indian IPO market showcased a mixed bag of results. Some companies delivered stellar returns while others disappointed investors post-listing. A closer look at the listing day performance and current price trends of selected IPOs highlights sharp divergences in investor sentiment, business fundamentals, and market timing.
Below is a detailed analysis of 11 prominent IPOs that debuted in 2025:
1. Quality Power Electrical Equipments Limited
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Listing Day Gain/Loss: -8.73%
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Current Gain/Loss: -16.74%
Investors lost confidence in Quality Power from the start. The stock opened in red and continued its downward trend. The company failed to attract long-term interest, possibly due to poor financials or weak sectoral outlook. Despite operating in the electrical equipment sector, which typically benefits from infrastructure growth, Quality Power disappointed both on debut and over time.
2. Hexaware Technologies Limited
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Listing Day Gain/Loss: +7.7%
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Current Gain/Loss: +2.89%
Hexaware delivered a decent listing gain but couldn’t hold onto it. Investors booked profits early, which trimmed the stock’s gains in the following months. Although the IT services company maintained decent fundamentals, stiff competition and global macroeconomic uncertainties likely capped further upside.
3. Ajax Engineering Limited
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Listing Day Gain/Loss: -5.34%
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Current Gain/Loss: +6.7%
Ajax started on a weak note but bounced back strongly. Investors who held their positions saw recovery and modest gains. The company operates in the construction equipment sector, which saw rising demand due to increased government capex in infrastructure. Ajax’s post-listing comeback underlined investor confidence in its growth potential despite initial hiccups.
4. Dr. Agarwal’s Health Care Limited
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Listing Day Gain/Loss: -0.09%
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Current Gain/Loss: -6.77%
The IPO of Dr. Agarwal’s didn’t excite the market. Healthcare IPOs generally attract attention, but this one opened flat and slowly slipped into the red. The lack of strong post-listing performance might reflect valuation concerns or stiff competition in the eye-care and diagnostic sectors.
5. Denta Water and Infra Solutions Limited
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Listing Day Gain/Loss: +16.07%
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Current Gain/Loss: -0.19%
Denta Water started with a bang but failed to sustain momentum. The infra and utilities space generated initial optimism, but weak earnings or order flow possibly dimmed investor enthusiasm later. This IPO illustrated how listing day euphoria doesn’t always translate into long-term value.
6. Stallion India Fluorochemicals Limited
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Listing Day Gain/Loss: +40%
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Current Gain/Loss: -20.03%
Stallion offered one of the best listing day returns in 2025. The chemical sector, especially fluorochemicals, has seen global interest due to its applications in EVs and semiconductors. However, the stock reversed course sharply, wiping out gains. Profit booking, volatile input prices, or capacity constraints could have contributed to the fall.
7. Laxmi Dental Limited
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Listing Day Gain/Loss: +28.63%
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Current Gain/Loss: -6.45%
Laxmi Dental attracted massive interest on listing, likely driven by sector novelty and strong brand recall. However, investors lost patience over time. Possibly, the market realized that the valuation ran ahead of earnings. This IPO emphasized the risks of hype-driven entries in niche sectors.
8. Capital Infra Trust
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Listing Day Gain/Loss: +0.02%
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Current Gain/Loss: -10.61%
Capital Infra Trust debuted flat and eventually slid into the red. Investors usually see infrastructure trusts as stable income-generating assets. However, low interest or execution delays could have impacted its pricing in secondary markets. The underwhelming performance hints at the need for greater transparency and efficiency in managing infrastructure REITs and InvITs.
9. Quadrant Future Tek Limited
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Listing Day Gain/Loss: +53.1%
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Current Gain/Loss: +68.47%
Quadrant Future Tek emerged as the biggest success story among 2025 IPOs. Investors rewarded the stock heavily on debut and stayed invested. The company likely operates in a futuristic segment such as AI, renewable tech, or automation, which helped sustain momentum. Strong earnings and a visionary roadmap possibly supported continued demand.
10. Standard Glass Lining Technology Limited
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Listing Day Gain/Loss: +16.68%
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Current Gain/Loss: +2.14%
Standard Glass Lining delivered a respectable listing day pop. Though the returns cooled down, the stock stayed in green territory. Operating in industrial or chemical equipment, the company may benefit from capex revival across sectors. Investors seem to appreciate the company’s stability, even if growth remains moderate.
11. Indo Farm Equipment Limited
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Listing Day Gain/Loss: +29.21%
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Current Gain/Loss: -30.02%
Indo Farm began with optimism but crashed later. The agri-equipment space generally excites investors, but only when backed by solid fundamentals. Possibly, the company overpromised or encountered headwinds in rural demand, supply chains, or pricing pressures. A nearly one-third drop in value signals deep concerns about growth sustainability.
Key Trends and Takeaways
1. Listing Day Euphoria Doesn’t Guarantee Long-Term Gains
Several companies such as Stallion India and Indo Farm gave double-digit listing gains but later eroded investor wealth. Retail and HNI investors must analyze fundamentals beyond grey market premiums.
2. Some Late Bloomers Created Wealth
Ajax Engineering and Quadrant Future Tek proved that early setbacks don’t determine final outcomes. Consistent performance and strong sector tailwinds turned the tide in their favor.
3. Sector Matters – But Execution Matters More
Firms in promising sectors like chemicals, infra, and health care still underperformed. Only those that delivered on business execution, like Quadrant, sustained their rally.
4. Avoiding the Herd Pays Off
Blindly chasing IPOs led to losses in many cases. Investors who focused on fundamentals rather than buzz saw better outcomes.
Conclusion
The IPO market in 2025 delivered mixed results. While a few names like Quadrant Future Tek offered exceptional gains, many IPOs failed to hold onto their listing-day excitement. Investors who focused on fundamentals and company performance reaped the rewards, while those who followed hype saw wealth erosion.
As we move into the second half of 2025, investors must evaluate IPOs with a critical lens. Market euphoria may lure many, but only sustainable business models will generate long-term value. Caution, research, and patience will remain essential in navigating the IPO landscape.
