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From Diwali 2024 to Diwali 2025, several IPOs have turned into multibaggers, delivering stellar returns for investors
IPOs
India’s IPO market has witnessed a period of remarkable momentum and innovation from Diwali 2024 through October 2025, reflecting a festive surge in capital raising and investor enthusiasm across multiple sectors. Over this period, several prominent companies successfully went public, setting fundraising records, broadening market participation, and underscoring strong domestic investor confidence despite global headwinds.
The post-Diwali 2024 IPO wave has reshaped India’s capital-raising landscape, redefining benchmarks for fundraising and signalling a new phase of expansion as the country enters Samvat 2082. The robust IPO activity highlights a confident and resilient market, with both issuers and investors demonstrating optimism amid evolving global conditions.
October 2025 has been a standout month for India’s primary market, with marquee listings such as Tata Capital, LG Electronics India, and WeWork India marking their debut. The month’s cumulative fundraising is projected to exceed Rs 1.5 lakh crore, making this festive period one of the most significant for capital markets, according to reports. Among these, the Tata Capital IPO, valued at up to Rs 15,512 crore, ranks among India’s largest offerings, comparable to landmark listings by LIC and Hyundai Motor India.
Top Multibagger IPOs
From Diwali 2024 to Diwali 2025, several IPOs have turned into multibaggers, delivering stellar returns for investors. Leading this impressive list is Stallion India Fluorochemicals with a remarkable 316% gain, followed by eight others: KRN Heat Exchanger and Refrigeration at 286%, Zinka Logistics Solutions (Black Buck) with 153%, Quality Power Electrical at 135%, Waaree Energies with 133%, Ather Energy at 125%, Diffusion Engineers at 120%, Aditya Infotech at 110%, and Garuda Construction and Engineering at 107%.
| Company Name | Listing Date | Issue Price (₹) | Price as on Oct 20 (₹) | Current Gain (%) as on Oct 20 |
|---|---|---|---|---|
| Stallion India Fluorochemicals | 23 Jan ‘25 | 90 | 374.55 | 316% |
| KRN Heat Exchanger and Refrigeration | 03 Oct ‘24 | 220 | 849.50 | 286% |
| Zinka Logistics Solutions | 22 Nov ‘24 | 273 | 689.90 | 153% |
| Quality Power Electrical | 24 Feb ‘25 | 425 | 998.95 | 135% |
| Waaree Energies | 28 Oct ‘24 | 1,503 | 3,505.90 | 133% |
| Ather Energy | 06 May ‘25 | 321 | 722.10 | 125% |
| Diffusion Engineers | 04 Oct ‘24 | 168 | 369.60 | 120% |
| Aditya Infotech | 05 Aug ‘25 | 675 | 1,419.35 | 110% |
| Garuda Construction and Engineering | 15 Oct ‘24 | 95 | 197.50 | 107% |
Source: BSE, Trendlyne
Key Trends So Far
According to Kotak Institutional Equities, the Indian primary market maintained strong momentum in 2025 following a robust 2024. In CYTD25, 80 companies raised approximately US$14 billion through IPOs, compared to 91 companies that mobilized US$19 billion in 2024. Over recent years, Offer for Sale (OFS) issuances have continued to dominate fresh capital raises in overall IPO activity.
However, performance divergence is evident — only 15% of IPOs in 2025 delivered returns above 25%, compared with 41% in 2024. Between 2021 and 2025, nearly 27% of companies listed below their issue price, and as of now, 38% of IPOs are trading below their listing value, indicating post-listing pressure despite strong debuts.
The Road Ahead
Analysts expect India’s IPO market to stay buoyant in FY26, supported by record fundraising pipelines, robust institutional participation, and sustained retail investor interest. Fundraising is projected to surpass Rs 1.5 trillion, led by large-cap issues from Reliance Jio, Tata Capital, and LG Electronics India, alongside continued momentum in fintech, technology, and renewable energy listings.
Overall, as Samvat 2082 begins, India’s IPO ecosystem stands on solid footing — a blend of investor confidence, high-quality offerings, and expanding sectoral participation that could propel markets into their next growth phase.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
October 21, 2025, 16:17 IST
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