IPO Tracker 2025: Listing Gains & Loss of All Mainboard IPOs

The IPO market in 2025 has delivered a mixed but highly active listing environment, with clear separation between strong performers and value destroyers on listing day. Based on the listing-day closing prices compared to issue prices, investor outcomes have ranged from exceptional gains to sharp losses, highlighting the importance of pricing discipline and market sentiment.

On the positive side, several IPOs rewarded investors handsomely on debut. Highway Infrastructure Ltd. emerged as the top performer of the year with a listing gain of around 72.5%, making it the best-performing IPO of 2025. Other notable gainers included Urban Co. Ltd. with nearly 62% listing gains, Meesho Ltd. with over 53%, and PhysicsWallah Ltd., which delivered a strong 42%+ return on listing day. These listings reflected strong demand, credible business models, and favourable market conditions at the time of listing.

However, the data also shows that not all IPOs lived up to expectations. Several companies listed at a discount, resulting in immediate losses for investors. Glottis Ltd. recorded one of the steepest listing losses of the year at around -35%, followed by Om Freight Forwarders Ltd. with a decline of over -33%. A number of other IPOs also listed below issue price, indicating aggressive pricing or weak secondary market demand.

Overall, the 2025 IPO landscape highlights an important trend. Quality IPOs with strong fundamentals and reasonable valuations continued to attract premiums, while overpriced or low-conviction issues struggled on debut. The wide dispersion in listing gains and losses reinforces that IPO investing is not risk-free and requires careful evaluation rather than blind participation.

Investors should view listing-day performance as a short-term indicator, not a measure of long-term business potential. While strong listings reflect demand and sentiment, sustainable returns depend on execution, growth, and profitability in the years ahead.

This IPO Tracker 2025 helps investors quickly compare listing day performance across all IPOs listed during the year.