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 |
|---|---|---|---|---|---|---|
| K K Silk Mills IPO SME BSE · Trading | – | ₹36–38 | ₹29 Cr | 5.71x | -15.8% | Listed |
| Mother Nutri Foods IPO SME BSE | – | ₹111–117 | ₹39.59 Cr | 16.03x | +1.2% | Listed |
| SSMD Agrotech India IPO SME BSE · Trading | – | ₹114–121 | ₹34.09 Cr | 1.77x | -39.7% | Listed |
| Sudeep Pharma IPO Mainboard BSE,NSE | – | ₹563–593 | ₹895 Cr | 93.72x | +23.1% | Listed |
| Gallard Steel IPO SME BSE · Infrastructure | – | ₹142–150 | ₹37.50 Cr | 375.62x | +48.7% | Listed |
| Excelsoft Technologies IPO Mainboard BSE,NSE · Information Technology | – | ₹114–120 | ₹500 Cr | 43.19x | +12.5% | Listed |
| Capillary Technologies IPO Mainboard BSE,NSE · Information Technology | – | ₹549–577 | ₹878 Cr | 52.95x | -0.9% | Listed |
| Fujiyama Power Systems IPO Mainboard BSE,NSE · Power and Energy | – | ₹216–228 | ₹228 Cr | 2.14x | -3.5% | Listed |
| Tenneco Clean Air IPO Mainboard BSE,NSE · Trading | – | ₹378–397 | ₹3,600 Cr | 58.83x | +27.2% | Listed |
| PhysicsWallah IPO Mainboard BSE,NSE | – | ₹103–109 | ₹3,480 Cr | 1.81x | +33.0% | Listed |
| Workmates Core2Cloud IPO SME BSE · Information Technology | – | ₹200–204 | ₹69.84 Cr | 131.60x | +90.0% | Listed |
| Emmvee Photovoltaic IPO Mainboard BSE,NSE · Power and Energy | – | ₹206–217 | ₹2,900 Cr | 0.97x | 0.0% | Listed |
| Mahamaya Lifesciences IPO SME BSE · Agriculture | – | ₹108–114 | ₹70.44 Cr | 1.71x | +1.8% | Listed |
| Shining Tools IPO SME BSE | – | ₹114 | ₹17.10 Cr | 1.20x | -8.8% | Listed |
| Pine Labs IPO Mainboard BSE,NSE · Finance | – | ₹210–221 | ₹3,899.91 Cr | 2.46x | +9.5% | Listed |
| Curis Lifesciences IPO SME NSE | – | ₹120–128 | ₹27.52 Cr | 74.47x | +14.1% | Listed |
| Finbud Financial IPO SME NSE | – | ₹140–142 | ₹71.68 Cr | 4.55x | +10.6% | Listed |
| Groww IPO Mainboard BSE,NSE · Information Technology | – | ₹95–100 | ₹6,632.30 Cr | 17.60x | +12.0% | Listed |
| Shreeji Global FMCG IPO SME NSE | – | ₹120–125 | ₹85 Cr | 44.35x | -20.0% | Listed |
| Lenskart Solutions IPO Mainboard BSE,NSE | – | ₹382–402 | ₹7,278 Cr | 28.26x | -1.7% | Listed |
| Studds Accessories IPO Mainboard BSE,NSE | – | ₹557–585 | ₹455.49 Cr | 73.25x | -3.4% | Listed |
| Safecure IPO SME BSE | – | ₹102 | ₹30.60 Cr | 1.87x | -20.0% | Listed |
| Orkla India IPO Mainboard BSE,NSE | – | ₹695–730 | ₹1,667.54 Cr | 48.73x | +2.8% | Listed |
| Game Changers Texfab IPO SME BSE | – | ₹96–102 | ₹54.84 Cr | 1.23x | +2.1% | Listed |
| Jayesh Logistics IPO SME NSE | – | ₹116–122 | ₹28.64 Cr | 70.34x | -1.6% | 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.