Meesho to Ather Energy: Only 4 IPOs emerge multibaggers in a record year for primary market. Do you own any?

IPO review 2025: The year 2025 has been a record-breaking one for the Indian primary market, even as the secondary market has continued to languish. Over 100 initial public offerings (IPOs) have been launched this year, with companies from renewable energy, healthcare, financial and new-age tech space tapping the primary market to raise funds.

Meesho, Tata Capital, HDB Financial Services, Ather Energy, Urban Company, Groww, NSDL, ICICI Prudential and BlueStone Jewellery have been some of the marquee names to tap the IPO market for fundraising.

While the IPO pipeline remained strong, the same cannot be said about the returns. Out of 106 IPOs launched this year, raising an all-time high of ₹1.8 lakh crore, 53 offers — which is half of the total issues launched — are currently trading in the red, resulting in losses for IPO investors.

Multibagger IPOs of 2025

Meanwhile, the 53 companies that make up the other half, only four have managed to eke out gains of over 100% or emerged as multibagger stocks. Among these, two are new-age stocks: Meesho and Ather Energy. Meanwhile, the other two are Stallion India Fluorochemicals and Aditya Infotech.

1. Stallion India Fluorochemicals

Stallion India Fluorochemicals, engaged in refrigerants and specialty gases, had posted 40% listing day gains, with the stock settling at ₹126 apiece as against its IPO price of ₹90 per share.

Meanwhile, as of the last close of ₹214.35 per share, Stallion India Fluorochemicals' share price is 138% above its offer price, emerging as the best-performing IPO of 2025 so far. Stallion India Fluorochemicals IPO had opened in the month of January.

2. Aditya Infotech

The ₹1,300 crore Aditya Infotech IPO, which came in July this year, was priced at ₹675 per share. Its shares had given a whopping 60% return on the listing day as it settled at ₹ ₹1082.65 apiece. Meanwhile, over its current price of ₹1526.30, Aditya Infotech share price has jumped 125.6%.

Aditya Infotech manufactures and provides video security and surveillance products, solutions and services under the brand name 'CP Plus'.

3. Meesho

The third and the newly minted multibagger Meesho has given IPO investors a 112% return over its offer price of ₹111. The e-commerce company's stock had a solid debut, with IPO investors recording a 53% return on listing day earlier this month.

Meesho's IPO was open between December 3-5, garnering a whopping 81.76 times bids. The stupendous rally in Meesho shares has also made its co-founder and CEO Vidit Aatrey a billionaire.

4. Ather Energy

Manufacturer of electric two-wheelers Ather Energy has also seen a stupendous rally in its shares. Ather Energy IPO, launched in April this year, has offered a notable return to its investors of 106.29% despite ending 6% lower on its listing day, according to data from Chittorgarh.com.

Belrise Industries, Jain Resource Recycling, Prostarm Info Systems, Quality Power Electrical Equipment and Anton Healthcare also emerged as other solid performers this year, offering 47-73% gains over their offer prices.

On the flip side, Glottis, Gem Aromatics, VMS TMT, Arisinfra Solutions and BMW Ventures have emerged as the biggest laggards, shedding 41-55%.

Disclaimer: This story is for educational purposes only. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.