Which IPOs created maximum wealth in 2025: Check the issues and their returns

Kolkata: The year 2025 made a record in the IPO market. For one, it took India to the top of the world in terms of IPO volumes, accounting for one-fifth of public issue numbers. In terms of proceeds India came fourth, contributing for about 11% of the total funds raised through this route globally. In a note, Pantomath Capital has stated that "Primary market fundraising in India is equivalent to about 49% of private capital raised, far higher than in developed markets such as the US (about 9%) and Europe (about 13%), where companies rely predominantly on private capital access public markets much later."

As many as 103 mainboard and 270 SME IPOs raised almost Rs 1.93 lakh crore in 2025. But which companies generated the biggest wealth for the investors? The Primary Pulse 2025 of Pantomath Capital crunches data to list it.

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ADITYA INFOTECH

IPO Size: Rs 1,300 cr

Issue price: Rs 675

CMP (Dec last week): Rs 1,554

Gains: 130.18

STALLION INDIA FLUOROCHEMICALS

IPO Size: Rs 199.45 cr

Issue Price: Rs 90

CMP (Dec last week): Rs 206

Gains (%): 128.72

ATHER ENERGY

IPO Size: Rs 2,980.76 cr

Issue Price: Rs 321

CMP (Dec last week): Rs 706

Gains (%): 120.05

BELRISE INDUSTRIES

IPO Size: Rs 2,150 cr

Issue Price: Rs 90

CMP (Dec last week): Rs 168

Gains (%): 87.17

JAIN RESOURCE RECYCLING

IPO Size: Rs 1,250 cr

Issue Price: Rs 232

CMP (Dec last week): Rs 422

Gains (%): 81.83

QUALITY POWER ELECTRICAL EQUIPMENTS

IPO Size: Rs 858.7 cr

Issue Price: Rs 425

CMP (Dec last week): Rs 742.1

Gains (%): 74.61

PROSTARM INFO SYSTEMS

IPO Size: Rs 168 cr

Issue Price: Rs 105

CMP (Dec last week): Rs 179.25

Gains (%): 70.71

MEESHO

IPO Size: Rs 5421 cr

Issue Price: Rs 111

CMP (Dec last week): Rs 187.75

Gains (%): 69.14

BILLIONBRAINS GARAGE VENTURES

IPO Size: Rs 6,632.3 cr

Issue Price: Rs 100

CMP (Dec last week): Rs 160

Gains (%): 60.30

ANAND RATHI SHARE & STOCK BROKERS

IPO Size: Rs 745 cr

Issue Price: Rs 414

CMP (Dec last week): Rs 661

Gains (%): 59.73

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A few things are quite apparent from the above table. The top 10 IPO performers from last year delivered bumper ranging from 60% to 130%, but they weren’t found in any particular bracket of size. The top return generator Aditya Infotech had an IPO size of only Rs 1,300 crore while second placed had an issue size far smaller -- Rs 199.45 crore. The two issues that were bigger than Rs 5,000 crore -- Meesho with Rs 5,421 crore and Billionbrains Garage Ventures with Rs 6,632.3 crore appeared at the eighth and ninth position. There was no correlation between the size of an issue and the wealth it generated.