IPO Boom Continues: 24 stocks make market debut in January so far; 87% of IPOs garner over 100 times bids
The IPO trend remains robust in 2025, driven by strong retail investor interest and a shift from FPIs to the primary market. 24 companies debuted on Dalal Street this month, with notable subscription rates. An additional five companies are scheduled to list this month.
Indian Stock Market: Building on the momentum over the last two calendar years, where a record of companies went public, the IPO trend extended into this year as well, with 24 companies having already made their debuts on Dalal Street. An additional five companies are scheduled to list this month, bringing the total number of new listings to 29, according to the latest Trendlyne data.
Of the 24, 18 fall under the SME category, showcasing a significant presence of smaller enterprises entering the market. The remaining six, including companies like Stallion India Fluorochemicals, Quadrant Future Tek, and Indo Farm Equipment, represent listings from the mainline category.
The issues have been receiving a strong response from investors, resulting in a stellar opening on Dalal Street. Apart from strong enthusiasm from retail investors, the shift in focus from foreign portfolio investors (FPIs) to the primary market, driven by elevated valuations in the secondary market, has also been contributing to strong demand for the new issues.
Amid these favourable conditions, more companies are turning to financial markets for fundraising, aiming to capitalise on investor interest and avoid the challenges of a high-interest-rate environment both domestically and internationally.
87% of IPOs record over 100x subscription rates
Notably, five out of six mainboard IPOs received subscription rates exceeding 100 times. The SME category saw even greater interest, with 16 out of 18 issues achieving subscription rates of over 100 times.
Fabtech Technologies Cleanrooms led the pack, with a remarkable 688 times bids this month, highlighting the continued strong interest from retail investors who are keen to participate in companies at their early growth stages and eager for high returns.
In the past year, it has become increasingly uncommon for an SME IPO to remain unsubscribed in the retail category.
Overall, 21 out of 24 IPOs recorded subscription rates exceeding 100 times. In terms of top performers, Fabtech Technologies Cleanrooms led the pack, currently trading at ₹289 per share, a whopping 240% higher than its IPO price of ₹85.
Following closely are Indobell Insulation, Sat Kartar Shopping, Akanksha Power, and Kabra Jewels, all trading with gains ranging from 85% to 189% compared to their respective issue prices.
However, not all IPOs performed well in the secondary market. Five stocks are currently trading below their issue prices, with Davin Sons Retail emerging as the weakest performer. It is trading 40.2% below its issue price of ₹55 at ₹32.9 per share.
24 IPOs raise over ₹4,200 crore
24 companies have collectively raised ₹4,243 crore from investors in January so far, as per the Trendlyne. Looking back, CY24 was a blockbuster year for the Indian primary market, with ₹1.8 trillion raised through more than 332 IPOs, an all-time high that surpassed the previous record of ₹1.3 trillion set in CY21 and far higher than CY23's total of ₹576 billion.
During CY24, 81 of the 332 IPOs were through the mainboard, while 236 IPOs through the SME segment. The capital raised through SME IPOs amounted to ₹92 billion, compared to ₹49 billion in 2023. Notably, the contribution of SMEs to the total IPOs was low at 5.3% in CY24, compared to 8.6% in CY23.
This record number of listings has propelled India to achieve a historic milestone by securing the top position globally in terms of IPO volume for the first time. India surpassed both the US and Europe, with nearly double the number of IPOs listed compared to the US and two-and-a-half times more than Europe.
In addition, the IPO mania has significantly expanded the investor base, with registered demat accounts in India now standing at 17.9 crore, according to the recent data.
Disclaimer: We advise investors to check with certified experts before taking any investment decisions.
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