Closed IPOs 2025
371 mainboard & sme IPOs in 2025: 0 open for bidding, 0 upcoming and 371 closed. In 2025, 223 of 361 listed IPOs opened above the issue price , led by Indobell Insulation IPO at +90.0%.
Last updated
- IPOs in 2025
- 371
- 106 Mainboard · 265 SME
- Funds raised
- ₹2,04,943 Cr
- Total issue size
- Listed in profit
- 62%
- 223 of 361 listings
- Avg. listing gain
- +10.6%
- Median +3.3%
- Avg. subscription
- 73.47x
- Across all categories
IPO list
| Company | Dates | Price band | Issue size | Subs. | GMP / Listing | Status |
|---|---|---|---|---|---|---|
| Srigee DLM IPO SME BSE | – | ₹94–99 | ₹16.98 Cr | 456.80x | +90.0% | Listed |
| Manoj Jewellers IPO SME BSE | – | ₹54 | ₹16.20 Cr | 1.19x | -0.1% | Listed |
| Arunaya Organics IPO SME NSE | – | ₹55–58 | ₹33.99 Cr | 2.58x | -48.1% | Listed |
| Kenrik Industries IPO SME BSE | – | ₹25 | ₹8.75 Cr | 2.05x | +0.0% | Listed |
| Ather Energy IPO Mainboard NSE,BSE | – | ₹304–321 | ₹2,980.76 Cr | 1.43x | +2.2% | Listed |
| Iware Supplychain Services IPO SME NSE | – | ₹95 | ₹27.13 Cr | 3.02x | -10.5% | Listed |
| Tankup Engineers IPO SME NSE | – | ₹133–140 | ₹19.53 Cr | 124.75x | +25.0% | Listed |
| Infonative Solutions IPO SME BSE | – | ₹75–79 | ₹24.71 Cr | 4.35x | -20.0% | Listed |
| Spinaroo Commercial IPO SME BSE | – | ₹51 | ₹10.17 Cr | 1.57x | +3.6% | Listed |
| Retaggio Industries IPO SME BSE | – | ₹25 | ₹15.50 Cr | 1.86x | +0.4% | Listed |
| Identixweb IPO SME BSE | – | ₹51–54 | ₹16.63 Cr | 26.23x | +1.9% | Listed |
| Shri Ahimsa Naturals IPO SME NSE | – | ₹113–119 | ₹73.81 Cr | 62.78x | +17.7% | Listed |
| ATC Energies IPO SME NSE | – | ₹112–118 | ₹63.76 Cr | 1.68x | -9.3% | Listed |
| Desco Infratech IPO SME BSE | – | ₹147–150 | ₹30.75 Cr | 77.74x | +6.7% | Listed |
| Rapid Fleet IPO SME NSE | – | ₹183–192 | ₹43.87 Cr | 1.97x | +1.6% | Listed |
| Active Infrastructures IPO SME NSE | – | ₹178–181 | ₹77.83 Cr | 1.11x | 0.0% | Listed |
| Grand Continent Hotels IPO SME NSE | – | ₹107–113 | ₹74.46 Cr | 1.87x | -0.1% | Listed |
| Paradeep Parivahan IPO SME BSE | – | ₹93–98 | ₹44.86 Cr | 1.64x | -20.0% | Listed |
| Divine Hira Jewellers IPO SME NSE | – | ₹90 | ₹31.84 Cr | 3.96x | 0.0% | Listed |
| Super Iron Foundry IPO SME BSE | – | ₹108 | ₹68.05 Cr | 1.62x | -0.1% | Listed |
| PDP Shipping IPO SME BSE | – | ₹135 | ₹12.65 Cr | 1.06x | -19.8% | Listed |
| NAPS Global India IPO SME BSE | – | ₹90 | ₹11.88 Cr | 1.24x | +20.0% | Listed |
| Balaji Phosphates IPO SME NSE | – | ₹66–70 | ₹50.11 Cr | 1.42x | +7.1% | Listed |
| Shreenath Paper IPO SME BSE | – | ₹44 | ₹23.36 Cr | 1.91x | -20.0% | Listed |
| Nukleus Office Solutions IPO SME BSE | – | ₹234 | ₹31.70 Cr | 1.34x | -20.0% | Listed |
GMP / Listing shows the grey market premium (as % of the upper price band) until listing, then the listing-day gain.
IPO activity, last 12 months
347 IPOs opened in the last 12 months. The busiest month was September 2026 with 86 issues.
How 2025 IPOs listed
Listing-day gain for 361 IPOs that listed in 2025. The weakest debut was Arunaya Organics IPO at -48.1%.
| Below −10% | 57 | 16% |
|---|---|---|
| −10% to 0 | 49 | 14% |
| 0 to 10% | 128 | 35% |
| 10 to 50% | 92 | 25% |
| Above 50% | 35 | 10% |
Listing gain = listing-day open price vs upper price band.
Browse IPOs by year
IPO list: FAQs
- How many IPOs are listed on IPO Master?
- IPO Master tracks 371 Mainboard and SME IPOs, including 0 open for bidding and 0 upcoming. Each IPO has its own page with price band, lot size, subscription, GMP, allotment and listing details.
- How many IPOs have come in 2025?
- 371 IPOs have opened in 2025 so far (106 Mainboard and 265 SME), raising about ₹2,04,942.88 Cr. Of the 361 that have listed, 223 listed above the issue price.
- What is the difference between Mainboard and SME IPOs?
- Mainboard IPOs list on the main NSE and BSE platforms and allow retail applications from one lot (about ₹15,000). SME IPOs list on NSE Emerge or BSE SME, are smaller issues, and need a minimum application of more than ₹2 lakh for individual investors. SME IPOs tend to be more volatile on listing.
- What do the IPO statuses mean?
- Upcoming IPOs have announced dates but have not opened. Open (ongoing) IPOs are accepting bids. Closed IPOs have finished bidding and are awaiting allotment or listing. Listed IPOs are trading on the exchange.
- How is the listing gain calculated?
- Listing gain is the difference between the listing-day opening price and the upper end of the price band, as a percentage of the upper price band.
IPO details are compiled from offer documents and NSE/BSE data. GMP is an unofficial indicator. For information only; not investment advice.