May 2025 IPO Performance: Top Gainers, Losers, Listing Gains & Stock Returns Explained
Wondering how May 2025 IPOs performed after listing? From Ather Energy to Borana Weaves, get a quick look at listing gains, stock returns, and subscription stats. Powered by IPO Ji, your go-to source for IPO insights in India.
An Increase of Activity in India’s Primary Market
May 2025 saw the beginning of a resurgence in India’s primary market because many high-profile IPOs were launched. A lot of investors became interested in these topics and this was seen from the high rates of subscription, especially from retail and non-institutional investors.
This remains the main question: Did these companies meet the goals investors had when they joined the stock market? This report covers the entire journey of Ather Energy, Belrise Industries, Schloss Bangalore and other big IPOs from when they listed to their performance at the time of writing.
📊 IPO Performance Snapshot: Post-Listing Metrics (as of June 6, 2025)
🔍 In-Depth Analysis of Top May 2025 IPOs
1. Ather Energy IPO Review: A Mixed Bag for Investors
- IPO Issue Price: ₹321
- Current Market Price (CMP): ₹308
- Listing Day Loss: -5.7%
- Subscription Rate: 1.5x
- Return Since Listing: -4.0%
Despite being a leading electric vehicle company in India, Ather Energy’s IPO didn’t meet expectations. It struggled with poor subscription and a weak listing, largely due to high valuations and investor caution around EV stocks. However, its long-term prospects remain strong, with capital earmarked for a new manufacturing facility, R&D, and brand building.
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2. Belrise Industries IPO: A Quiet Performer with Strong OEM Ties
- Listing Day Gain: +8.1%
- Subscription Rate: 43.1x
- Return Since Listing: +9.2%
Belrise Industries surprised the market with a strong debut. Backed by long-standing partnerships with OEMs like Hero MotoCorp and Jaguar Land Rover, the company attracted healthy investor interest. The funds raised are being used for debt repayment and business expansion.
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3. Borana Weaves IPO: High Subscription, Strong Listing Gains
- Subscription Rate: 147.9x (highest in May)
- Listing Day Gain: +18%
- Return Since Listing: +7.3%
With its roots in grey synthetic fabric manufacturing, Borana Weaves had the most oversubscribed IPO of the month. The company’s aggressive expansion plans in Surat boosted investor confidence.
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4. Schloss Bangalore: Flat Debut Despite Luxury Tag
- CMP: ₹433 vs ₹435 (Issue Price)
- Subscription: 4.7x
- Return: -0.4%
Operating premium properties under The Leela brand, Schloss Bangalore’s luxury tag didn’t translate into post-listing success. Investors may be wary due to its high valuation and the cyclical nature of the hospitality industry.
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5. Prostarm Info Systems: Power Play with a Punch
- Listing Day Gain: +20.1%
- Return Since Listing: +7.5%
- Subscription: 96.7x
In the booming energy storage sector, Prostarm Info Systems offers compelling long-term potential. With demand rising for lithium-ion solutions and UPS systems, its IPO reflected both strong fundamentals and sectoral tailwinds.
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6. Scoda Tubes: Steady Growth in Industrial Segment
- CMP: ₹153 vs ₹140 IPO Price
- Subscription: 57.4x
- Return: +9.3%
Scoda Tubes caters to industrial steel pipe demand, a sector that has witnessed stable growth. Its strong listing and subsequent rise showcase healthy investor sentiment in industrial manufacturing.
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7. Aegis Vopak Terminals: Strategic Storage Play
- CMP: ₹256
- Listing Day Gain: +2.9%
- Return Since Listing: +8.9%
Operating critical tank storage infrastructure, Aegis Vopak Terminals is a strategic investment in the oil & gas and chemicals logistics value chain. The IPO helped raise funds for capital expansion, including a cryogenic LPG terminal.
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💡What May 2025 IPOs Tell Us About the Market
- Investor Sentiment Is Selective: IPOs with niche sectors or solid fundamentals (e.g., Borana Weaves, Prostarm) outperformed those with high valuations or weaker narratives (e.g., Ather Energy, Schloss Bangalore).
- Oversubscription ≠ Guaranteed Returns: While subscription levels provide a snapshot of investor interest, post-listing performance still depends on broader market dynamics.
- Sector Focus Matters: Energy, textiles, and industrial segments saw greater investor traction than hospitality or capital-intensive EV plays.
📌 Should You Invest in Upcoming IPOs?
The May 2025 IPO performance reflects a cautious yet opportunity-rich primary market. Investors are advised to look beyond just subscription numbers and focus on company fundamentals, sectoral outlook, and long-term potential.
For upcoming IPOs in June and July 2025, keep an eye on market sentiment, anchor investor interest, and post-issue use of funds.
