IPO boom: Only 3 of 93 listings are multibaggers in 2025 so far; just 7 have gained over 50%

The IPO market in 2025 has been active, featuring major listings and innovative companies across various sectors like fintech and green energy. Notable multibagger IPOs include Aditya Infotech, Stallion India Fluorochemicals, and Ather Energy. Additionally, stocks such as Prostarm Info Systems and Anand Rathi Share Stock have gained over 50%. Out of 93 listings, 57 are currently in profit. However, analysts express concern that many IPOs from 2023 to 2025 have underperformed, leading to investor losses despite increasing retail participation. In contrast, foreign portfolio investors (FPIs) have sold ₹17,502.67 crore worth of stocks in 2025 but continue to invest in the primary market, contributing ₹10,416.62 crore in November and ₹64,709.12 crore throughout the year.

Multibagger IPOs

Aditya Infotech

Aditya Infotech has achieved impressive returns since its IPO, increasing by approximately 155% from its initial offering price, driven by solid business fundamentals and a growing market need for its security products branded as CP Plus.

Aditya Infotech Limited (under the CP Plus brand) made its market debut on August 5, 2025, listing at nearly ₹1,018 per share, which reflects a 50.8% premium over its IPO price range of ₹640–675. As of today, the company's market capitalization is ₹20,143.89 crore. The overall subscription rate for the Aditya Infotech IPO reached 100.69 times the total available shares.

It ranks as the largest Indian-owned firm in the video security and surveillance sector, possessing a 20.2% share of the market by revenue for FY24. Through its ‘CP PLUS’ brand, it provides an extensive array of cutting-edge products and solutions tailored for both enterprise and consumer markets, as well as integrated security systems and Security-as-a-Service, utilizing a distribution network that caters to various industries, including banking, insurance, healthcare, and retail.

Stallion India Fluorochemicals

Stallion India Fluorochemicals has experienced remarkable growth of approximately 130% from its IPO price since its listing in early 2025, owing to strategic capacity expansions and a specialized focus within the fluorochemicals sector that has a favourable growth forecast.

The company's listing price was ₹120.00 per share on January 23, 2025. The stock made its debut on both the BSE and NSE at this price, which represented a 33.33% premium over its issue price of ₹90 per share. The overall subscription rate for Stallion India Fluorochemicals Ltd. during its IPO was 188.4 times the total number of shares available.

Experts indicate that the significant rise in Stallion India Fluorochemicals' share price following its listing has been bolstered by strong demand for fluorochemicals and refrigerants, as well as the company's expansion initiatives, including a capacity project anticipated to launch around mid-2026.

The company specializes in the sale of refrigerant gases, industrial gases, and related products.

Ather Energy

Ather Energy made its market debut on May 6, 2025, with an IPO price set at ₹321 per share. The stock opened at ₹328 on the NSE, reflecting a 2.18% premium, and at ₹326.05 on the BSE, showing a 1.57% premium. Experts believe that Ather Energy's strong performance post-listing can be attributed to its status as a top electric vehicle manufacturer in India, ongoing product launches, and significant market enthusiasm regarding the EV growth trend. The stock has appreciated by approximately 113% since its IPO price.

The firm is active in the Indian market for electric two-wheelers. It creates and enhances electric two-wheelers, battery packs, charging systems, software, and accessories, while also managing the production of battery packs and the assembly of electric two-wheelers internally.