The IPO market has dazzled retail investors with listing-day fireworks, but what lies beyond the glitter? Our editorial team analyses IPOs between June 2023 and July 2025 to decode what truly rewards investors — THE SIZZLE OR THE SUBSTANCE.
The Great Indian IPO Parade
India’s capital markets have witnessed a prolific two-year stretch between June 2023 and July 2025, marked by a diverse and dynamic IPO pipeline. From the modest Rs 66 crore issues of Sah Polymers and Udayshivakumar Infra to blockbuster listings like Hyundai Motor India (Rs 27,858 crore), LIC (Rs 20,557 crore), and Swiggy (Rs 11,327 crore), IPO activity was not only widespread—it was democratic.
Top 10 IPOs With Lowest Issue Size
| COMPANY | FACE VALUE (Rs.) | ISSUE OPENING DATE | ISSUE AMOUNT (Rs. crore) | ISSUE PRICE (Rs.) |
| Udayshivakumar Infra Ltd. | 10 | 20-03-2023 | 66.00 | 35 |
| Sah Polymers Ltd. | 10 | 30-12-2022 | 66.30 | 65 |
| Plaza Wires Ltd. | 10 | 29-09-2023 | 71.28 | 54 |
| Vibhor Steel Tubes Ltd. | 10 | 13-02-2024 | 72.17 | 151 |
| RBZ Jewellers Ltd. | 10 | 19-12-2023 | 100.00 | 100 |
| Globe Civil Projects Ltd. | 10 | 24-06-2025 | 119.00 | 71 |
| Kronox Lab Sciences Ltd. | 10 | 03-06-2024 | 130.15 | 136 |
| SRM Contractors Ltd. | 10 | 26-03-2024 | 130.20 | 210 |
| Akme Fintrade (India) | 10 | 19-06-2024 | 132.00 | 120 |
Top 10 IPOs With Largest Issue Size
| COMPANY | FACE VALUE (Rs.) | ISSUE OPENING DATE | ISSUE AMOUNT (Rs. crore) | ISSUE PRICE (Rs.) |
| Hyundai Motor India Ltd. | 10 | 15-10-2024 | 27,858.75 | 1960 |
| Life Insurance Corporation | 10 | 04-05-2022 | 20,557.23 | 949 |
| HDB Financial Services Ltd. | 10 | 25-06-2025 | 12,500.00 | 740 |
| Swiggy Ltd. | 1 | 06-11-2024 | 11,327.43 | 390 |
| NTPC Green Energy Ltd. | 10 | 19-11-2024 | 10,000.00 | 108 |
| Hexaware Technologies Ltd. | 1 | 12-02-2025 | 8,750.00 | 708 |
| Vishal Mega Mart Ltd. | 10 | 11-12-2024 | 8,000.00 | 78 |
| Bajaj Housing Finance Ltd. | 10 | 09-09-2024 | 6,560.00 | 70 |
| OLA Electric Mobility Ltd. | 10 | 02-08-2024 | 6,145.56 | 76 |
Sectoral diversity, a healthy retail appetite, and a blend of old-world manufacturing and new-age tech painted a vibrant IPO landscape. But underneath the surface, the numbers tell a more complex story—one that goes beyond the listing-day cheer.
Initial Market Reception: The Listing Day Performance
While IPOs often generate substantial buzz and media attention, their listing-day performance is typically the first barometer of investor sentiment. Several companies saw significant listing gains, reflecting strong demand and momentum. A significant number of companies witnessed strong gains on their listing day, reflecting robust investor appetite and demand for new market entries.
For instance, TATA TECHNOLOGIES LTD. debuted with a remarkable 140 per cent Listing Gain, and VIBHOR STEEL TUBES LTD. saw an impressive 179 per cent gain on its listing day. Similarly, DOMS INDUSTRIES LTD. closed with a 77 per cent Listing Gain, and NETWEB TECHNOLOGIES INDIA LTD. achieved an 89 per cent Listing Gain. These figures suggest that initial market sentiment was generally bullish for new offerings, with many IPOs opening and closing well above their issue price.
However, not every listing was met with such immediate success. Some companies, such as HYUNDAI MOTOR INDIA LTD., listed at one per cent discount to issue price, and ACME SOLAR HOLDINGS LTD. experienced a 10 per cent listing loss or discount indicating instances where offerings either struggled to gain traction or faced initial market skepticism.
Top Ten IPOs With Highest Listing Gain
| COMPANY | FACE VALUE (Rs.) | ISSUE AMOUNT (Rs. crore) | ISSUE PRICE (Rs.) | PRICE ON LISTING (OPEN) | Listing Gain |
| VIBHOR STEEL TUBES LTD. | 10 | 72.17 | 151 | 421 | 179% |
| MAMATA MACHINERY LTD. | 10 | 179.35 | 243 | 600 | 147% |
| TATA TECHNOLOGIES LTD. | 2 | 3,042.51 | 500 | 1199.95 | 140% |
| BLS E-SERVICES LTD. | 10 | 309.29 | 135 | 309 | 129% |
| PREMIER ENERGIES LTD. | 1 | 2,830.40 | 450 | 991 | 120% |
| BAJAJ HOUSING FINANCE LTD. | 10 | 6,560.00 | 70 | 150 | 114% |
| KRN HEAT EXCHANGER & REFRIGERATION LTD. | 10 | 341.95 | 220 | 470 | 114% |
| UNICOMMERCE ESOLUTIONS LTD. | 1 | 276.57 | 108 | 230 | 113% |
| IDEAFORGE TECHNOLOGY LTD. | 10 | 567.24 | 672 | 1305.1 | 94% |
| UNIMECH AEROSPACE & MANUFACTURING LTD. | 5 | 500.00 | 785 | 1491 | 90% |
Top 10 IPOs With Highest Discount
| COMPANY | FACE VALUE (Rs.) | ISSUE AMOUNT (Rs. crore) | ISSUE PRICE (Rs.) | PRICE ON LISTING (OPEN) | Listing Gain |
| R.K. SWAMY LTD. | 5 | 423.56 | 288 | 252 | -13% |
| GOPAL SNACKS LTD. | 1 | 650.00 | 401 | 350 | -13% |
| GODAVARI BIOREFINERIES LTD. | 10 | 554.75 | 352 | 310.55 | -12% |
| ACME SOLAR HOLDINGS LTD. | 2 | 2,900.00 | 289 | 259 | -10% |
| YATRA ONLINE LTD. | 1 | 775.00 | 142 | 130 | -8% |
| AFCONS INFRASTRUCTURE LTD. | 10 | 5,430.00 | 463 | 430.05 | -7% |
| CAPITAL SMALL FINANCE BANK LTD. | 10 | 523.07 | 468 | 435 | -7% |
| SCHLOSS BANGALORE LTD. | 10 | 3,500.00 | 435 | 406.5 | -7% |
| AEGIS VOPAK TERMINALS LTD. | 10 | 2,800.00 | 235 | 220 | -6% |
| AJAX ENGINEERING LTD. | 1 | 1,268.93 | 629 | 593 | -6% |
| ARISINFRA SOLUTIONS LTD. | 2 | 499.60 | 222 | 209.1 | -6% |
| CARRARO INDIA LTD. | 10 | 1,250.00 | 704 | 660 | -6% |
Short-Term Trajectory: One Month After Listing
The period one month after listing often serves as a crucial litmus test, as initial excitement typically subsides and the market begins to evaluate the company’s intrinsic value. The data reveals a more mixed performance in this short-term window. While some companies continued their upward momentum, others saw a cooling off or even a significant decline from their listing close price.
For example, INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. soared with a 221 per cent gain one month after listing, building on its strong debut. ZINKA LOGISTICS SOLUTIONS LTD. also saw an impressive 84 per cent gain from its listing close within the first month, and MOTISONS JEWELLERS LTD. climbed by an additional 261 per cent.
Conversely, many IPOs faced a pullback. STALLION INDIA FLUOROCHEMICALS LTD. saw a 19 per cent drop in its shares price one month after listing though it had witnessed a listing day gain of 33 per cent. MAMATA MACHINERY LTD. experienced a 63 per cent gain after one month of listing, it is below its listing gain of 147 per cent. Nevertheless, other companies like YATRA ONLINE experienced a 11 per cent decline and UPDATER SERVICES LTD. a 13 per cent decline one-month post-listing.
These are the companies that never gave positive return to its IPO investors. This suggests that while some IPOs sustain investor interest, others correct downward as market participants reassess valuations or book quick profits.
Long-Term Resilience: One Year After Listing
Evaluating performance one year after listing provides a more robust indicator of an IPO’s fundamental strength and its ability to deliver long-term value. While the dataset, containing IPOs primarily from June 2023 onwards, shows for a growing number of companies, the trend generally shows a positive return for many, but with significant divergences.
Companies like NETWEB TECHNOLOGIES INDIA LTD. continued their impressive run, with its share price reaching Rs. 2389.05 one year after listing, a substantial gain from its listing close of Rs. 910.5. Similarly, SIGNATURE GLOBAL (INDIA) LTD. traded at Rs. 1588.65 after 12 months compared to its listing close of Rs. 458.4, and EMS LTD. was at Rs. 816.3 compared to Rs. 279.75 on listing day.
However, long-term success is not universal; some companies like HMA AGRO INDUSTRIES LTD. saw its price decline to Rs. 534.8 after 12 months from a listing close of Rs. 584.75, indicating that long-term value creation is not guaranteed and requires careful investor scrutiny.
Conclusion: Listing Day Fireworks or Steady Compounders?
The Indian IPO market is like a box of chocolates—you never quite know what you’re going to get. Some melt fast, others surprise you over time.
For investors, the message is simple: don’t chase just the listing-day sugar rush. Look for business quality, sectoral potential, and post-IPO performance. And never forget—long-term wealth isn’t made in a day; it’s built over time with discipline, diversification, and due diligence.
Your next IPO investment could be your biggest wealth creator—if chosen with care.
Historical IPOs
| Year | Amount (Rs. crore | No. of Issues |
| 1989-90 | 2,522 | 186 |
| 1990-91 | 1,450 | 140 |
| 1991-92 | 1,400 | 195 |
| 1992-93 | 5,651 | 526 |
| 1993-94 | 10,821 | 764 |
| 1994-95 | 12,928 | 1336 |
| 1995-96 | 8,723 | 1402 |
| 1996-97 | 4,372 | 684 |
| 1997-98 | 1,132 | 58 |
| 1998-99 | 504 | 22 |
| 1999-00 | 2,975 | 56 |
| 2000-01 | 2,380 | 110 |
| 2001-02 | 1,082 | 6 |
| 2002-03 | 1,039 | 6 |
| 2003-04 | 17,807 | 28 |
| 2004-05 | 21,432 | 29 |
| 2005-06 | 23,676 | 102 |
| 2006-07 | 24,993 | 85 |
| 2007-08 | 52,219 | 90 |
| 2008-09 | 2,034 | 21 |
| 2009-10 | 46,941 | 44 |
| 2010-11 | 46,182 | 57 |
| 2011-12 | 23,982 | 36 |
| 2012-13 | 34,313 | 44 |
| 2013-14 | 15,234 | 83 |
| 2014-15 | 29,716 | 39 |
| 2015-16 | 34,322 | 42 |
| 2016-17 | 36,615 | 53 |
| 2017-18 | 98,984 | 81 |
| 2018-19 | 36,405 | 42 |
| 2019-20 | 37,677 | 39 |
| 2020-21 | 74,708 | 69 |
| 2021-22 | 1,30,376 | 76 |
| 2022-23 | 63,275 | 56 |
| 2023-24 | 86,492 | 107 |
| 2024-25 | 2,11,151 | 105 |
| 2025-26 (as on 30/06/25) | 37,977 | 23 |
In the following pages, we will look at top six best performing companies that have come out with their IPOs in last two years as well as the worst performers; also suggest what should one do with those IPOs?
Six Best Performing IPOs
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SIX WORST PERFORMING IPOs
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