Best Performing IPOs with Highest Listing Gains in 2025
The Indian IPO market in 2025 has delivered spectacular returns for investors, with several public offerings generating listing gains exceeding 50%. Understanding which IPOs performed best and what drove their success can help you make informed investment decisions. This blog analyzes the top 10 best-performing IPOs of 2025 based on listing gains and provides actionable insights for maximizing your IPO investment returns.
Top 10 IPOs with Highest Listing Gains in 2025
1. Highway Infrastructure – 64% Listing Gain
Highway Infrastructure emerged as the biggest winner of 2025, listing on August 12, 2025, with an extraordinary 64% premium over its issue price of ₹70. The stock opened at ₹115 on the NSE and ₹117 on the BSE, delivering investors profits of approximately ₹9495 per lot.
Key Success Factors:
- The ₹130 crore IPO was oversubscribed 300.61 times, with QIBs subscribing 420.57 times and NIIs 447.32 times
- Strong business fundamentals in tollway operations, EPC projects, and infrastructure development
- Executed 66 EPC projects across 11 states with a consolidated order book of ₹666.31 crore as of May 2025
- In FY25, 77.14% of revenue came from the tollway collection segment
2. Urban Company – 57% Listing Gain
Urban Company, India's leading home services platform, made a stellar debut on September 17, 2025, listing at ₹162.25 on NSE—a 57.5% premium over its ₹103 issue price. The stock closed the day at ₹169, marking a 64% gain from the issue price.
Key Success Factors:
- The ₹1,900 crore IPO was oversubscribed 103.63 times
- Strong institutional backing with ₹854 crore raised from anchor investors including Government Pension Fund Global, Fidelity, and major Indian mutual funds
- Leadership in organized home-services segment with scalable technology-driven model
- Expanding international footprint and diversified service offerings
3. Aditya Infotech – 50% Listing Gain
Aditya Infotech (CP Plus brand) delivered impressive 50.8% listing gains on August 5, 2025, opening at ₹1,018 on BSE and ₹1,015 on NSE against the issue price of ₹675.
Key Success Factors:
- The ₹1,300 crore IPO was oversubscribed 106.23 times, led by QIBs at 140.5 times
- India's largest provider of video surveillance solutions with presence in 550+ cities
- Network of 1,000+ distributors and 2,100+ system integrators
- FY25 net profit of ₹351 crore showed 205% YoY growth
- Strong positioning in AI-powered surveillance and smart home IoT segment
4. LG Electronics India – 50% Listing Gain
LG Electronics India set a D-Street record on October 14, 2025, listing at ₹1,710—a 50% premium over its ₹1,140 issue price. This was one of the most anticipated IPOs of 2025.
Key Success Factors:
- The ₹4,380 crore IPO was oversubscribed 54.02 times, with QIBs subscribing 166.5 times
- Household brand name with decades of market presence
- Revenue of ₹24,366 crore in FY25 (14.1% growth) and net profit of ₹2,203 crore (46% increase)
- Strong fundamentals with 37% ROE and zero debt
- Post-listing market cap reached nearly $13 billion, exceeding parent company's valuation
5. GNG Electronics – 49% Listing Gain
GNG Electronics listed on July 30, 2025, at ₹355 on NSE—a 49.78% premium over the ₹237 issue price. The company specializes in refurbishing laptops and desktops.
Key Success Factors:
- Oversubscribed 150.21 times, with QIBs subscribing 266.21 times
- Largest refurbisher of laptops and desktops in India and globally
- Microsoft authorized refurbisher with operations in 38 countries
- FY25 revenue of ₹1,411 crore with improving EBITDA margins from 4.60% to 4.89%
- Strong ROE of 30.40% in FY25
6. Regaal Resources – 38% Listing Gain
Regaal Resources made its debut on August 20, 2025, listing at ₹141 on NSE—a 38.24% premium over the ₹102 issue price. Investors earned ₹5616 profit per lot.
Key Success Factors:
- The ₹306 crore IPO was oversubscribed 159.87 times, with NIIs subscribing 356.72 times
- Leader in maize-based specialty products with 750 tonnes daily crushing capacity
- Revenue grew 53% in FY25 and PAT increased 115% compared to previous year
- Strong operational efficiency and improving margins
7. Sambhav Steel Tubes – 34% Listing Gain
Sambhav Steel Tubes listed on July 2, 2025, at ₹110—a 34.15% premium over the ₹82 issue price. The Chhattisgarh-based ERW steel pipe manufacturer exceeded grey market expectations.
Key Success Factors:
- The ₹540 crore IPO was oversubscribed 28.46 times, with QIBs subscribing 62.32 times
- Distribution network spanning 15 states
- Strong order book and established relationships with government clients
8. Stallion India Flurochemicals – 33% Listing Gain
Stallion India Flurochemicals debuted on January 23, 2025, at ₹120 on both NSE and BSE—a 33% premium over the ₹90 issue price.
Key Success Factors:
- Oversubscribed 188.38 times, with NIIs subscribing 422.35 times
- Niche player in refrigerants and industrial gases with 10% market share
- Strong presence in fluorochemicals industry serving diverse sectors
9. PhysicsWallah – 33% Listing Gain
PhysicsWallah, the edtech giant, listed on November 18, 2025, at ₹145 on NSE—a 33.03% premium over the ₹109 issue price. The stock closed higher at ₹156.40 on debut day.
Key Success Factors:
- The ₹3,480 crore IPO raised substantial capital through fresh issue and OFS
- Strong brand recognition in affordable test preparation segment
- Listing performance far exceeded grey market premium expectations of 13%
- Renewed interest in edtech sector after earlier setbacks
10. Tenneco Clean Air – 27% Listing Gain
Tenneco Clean Air made a strong debut on November 19, 2025, listing at ₹505 on NSE—a 27.20% premium over the ₹397 issue price. Investors earned ₹3996 per lot.
Key Success Factors:
- The ₹3,600 crore OFS was oversubscribed 61.79 times, with QIBs subscribing 174.78 times
- Market leadership with 57% share in clean air solutions for commercial vehicles and 68% for off-highway vehicles
- Strong OEM partnerships and global heritage as part of US-based Tenneco Group
- Positioned to benefit from tightening emission norms and premiumization trends
What Determines IPO Listing Success? Key Factors to Consider
1. Subscription Levels and Demand
High oversubscription indicates strong investor confidence and typically leads to better listing performance. However, the relationship isn't always linear—some moderately subscribed IPOs outperform heavily oversubscribed ones over time.
Key Insight: IPOs with 50+ times oversubscription, particularly from QIBs and NIIs, generally show stronger listing gains.
2. Company Fundamentals and Financials
Strong revenue growth, improving profitability, healthy return ratios (ROE, ROCE), and manageable debt levels are critical success factors.
What to Check:
- Year-on-year revenue and profit growth trends
- Operating margins and cash flow visibility
- Debt-to-equity ratios and balance sheet strength
- Market position and competitive advantages
3. Market Sentiment and Timing
Market conditions during listing significantly impact performance. Bull markets typically deliver higher listing gains, while volatile markets can lead to subdued debuts.
4. Grey Market Premium (GMP)
GMP provides an unofficial indicator of expected listing price but should not be the sole decision factor. It reflects sentiment and demand in unofficial markets before listing.
Important Note: GMP can be manipulated and is not always accurate. Use it as one of multiple decision inputs, not the primary criterion.
5. Valuation Metrics
Compare the IPO's P/E, P/B, and EV/EBITDA ratios with listed peers in the same industry. Aggressively valued IPOs tend to underperform post-listing.
How to Apply for IPOs in India: Step-by-Step Guide
Prerequisites:
- Demat account linked to your PAN card
- Trading account (for selling shares post-listing)
- Bank account with UPI or ASBA facility
- Must be an Indian citizen
Application Process:
Method 1: Via UPI (Most Popular for Retail Investors)
- Log in to your Demat account or broker's app
- Navigate to the IPO section
- Select the IPO you want to apply for
- Enter bid details (lot size and price—use "cut-off" if unsure)
- Enter your UPI ID for fund blocking
- Submit and approve the mandate on your UPI app
Method 2: Via ASBA (Net Banking)
- Log in to your bank's net banking portal
- Go to ASBA/IPO section
- Select the IPO and enter bid details
- Funds will be blocked in your account until allotment
Investment Limits:
- Retail investors: Up to ₹2 lakh per IPO
- HNI/NII: Above ₹2 lakh (Small NII) and ₹10 lakh+ (Big NII)
Quick Guide to Apply for IPO with IPO Ji
Apply for IPOs online easily with the IPO Ji app. Download the app, register with your PAN and Demat account, add your UPI ID, and explore the latest IPOs in India. Select your desired IPO, enter bid details, approve the UPI mandate, and track your application status—everything is seamless and secure on IPO Ji.
Allotment Process:
For oversubscribed IPOs, retail allotment is done through a computerized lottery system. This means your chances depend on luck rather than timing or bid price when demand exceeds supply.
Best Practices for IPO Investing: Expert Tips
Do Your Research:
- Read the Red Herring Prospectus (RHP) thoroughly
- Analyze financial statements for at least 3 years
- Compare valuations with listed peers
- Check use of proceeds—prefer IPOs funding growth rather than promoter exits
- Assess management quality and track record
Strategic Approach:
- Apply at cut-off price if uncertain about bidding price
- Approve UPI mandates early—avoid last-minute timeouts
- Don't rely solely on GMP—it's unregulated and can mislead
- For long-term investing, focus on fundamentals over listing pop
- Book partial profits at listing if gains exceed 30-40%, hold rest with stop-loss
Understanding IPO Market Trends in 2025
The Indian IPO market in 2025 has been extraordinarily strong, with 90 IPOs raising ₹1.51 trillion (up to November 13), approaching 2024's full-year total of ₹1.59 trillion.
Key Observations:
- 44% of IPOs since 2000 have delivered meaningful listing gains (above 10%)
- Average subscription for IPOs with 10-25% gains: 45-50 times
- Average subscription for IPOs with 25%+ gains: Over 100 times
- Higher subscription = slimmer odds of allotment due to lottery system
Investor Behavior:
- 54% of allotted IPO shares are sold within the first week
- Retail investors exit only 23.3% of shares when returns are negative—showing loss aversion
- Growing retail participation driven by simplified ASBA/UPI process and compressed IPO timelines
Making Smart IPO Investment Decisions
The best-performing IPOs of 2025—led by Highway Infrastructure (64%), Urban Company (57%), Aditya Infotech (50%), and LG Electronics (50%)—demonstrate that substantial listing gains are achievable with the right combination of strong fundamentals, market timing, and investor demand.
However, successful IPO investing requires more than chasing listing gains. Focus on:
- Thorough fundamental analysis of business model, financials, and growth prospects
- Valuation discipline—compare with peers and avoid overpriced offerings
- Understanding your investment horizon—short-term listing gains vs. long-term value creation
- Risk management—diversify and don't over-invest in any single IPOPatient capital deployment—be selective rather than applying to every IPO
Remember: While listing gains can be exciting, sustainable wealth creation comes from investing in quality businesses at reasonable valuations. Use platforms like IPO Ji to stay updated on upcoming IPOs, track subscription status, analyze GMP trends, and make data-driven investment decisions.
Start Your IPO Investment Journey with IPO Ji
IPO Ji provides comprehensive IPO analysis, real-time subscription data, GMP tracking, and expert recommendations to help both first-time and experienced investors navigate India's dynamic IPO market. Whether you're targeting listing gains or building long-term wealth, informed decisions start with reliable information.
