91 mainboard IPOs in 2024, 67 so far in 2025 — 5 key things to know before you dive into the IPO wave

As many as 67 mainboard IPOs have been listed so far in 2025, with about three months left before the end of the year, according to the official Chittorgarh website. The total amount raised through these listings is ₹82,514 crore. In a parallel comparison, 2024 was also a blockbuster year, with 91 mainboard IPOs hitting the equity markets. The total money racked in by these IPOs was a mammoth ₹1,59,784 crore.

While the pace of IPO issuance continues to remain strong in 2025, the overall funding size has moderated a bit compared to last year's exemplary numbers. Juniper Hotels, GPT Healthcare, Exicom Tele-Systems, and Stanley Lifestyles were some of the most subscribed mainboard IPOs of 2024 and 2025.

Juniper Hotels, GPT Healthcare, Exicom Tele-Systems, and Stanley Lifestyles had their IPOs in 2024, with significant demand and oversubscription. For example, Stanley Lifestyles was subscribed to nearly 97 times and GPT Healthcare by over 8.52 times, showcasing intense competitive and consistent demand in the IPO market.

On similar lines, in 2025, we witnessed immense admiration for new IPOs. Urban Company led with a massive 108.98 times subscription. Similarly, Aditya Infotech IPO was subscribed 106.23 times. HDB Financial Services, another extremely sought-after issue, was subscribed 17.65 times. These are just a few examples of admired issues; even institutions took an active role in them.

Continuing with the same flow, in 2023, much buzz revolved around Tata Technologies, JSW Infrastructure, DOMS Industries, Netweb Technologies, and IKIO Lighting. Tata Technologies, for example, was oversubscribed 69.43 times, and DOMS Industries was subscribed 99.34 times.

These IPOs gained headlines not only because of the massive competition for securing allotments and oversubscription but also because of the hype around the listing gains garnered by them due to consistent investor demand. This makes it vital for new investors to understand what an IPO is and the associated intricacies to make better investment decisions.

What is an IPO?

An Initial Public Offering (IPO) is the process through which a private company offers its shares to the public and gets listed on a stock exchange. This process of offering shares helps the company raise fresh capital for expansion and provides investors with an opportunity to participate in the company’s future growth.

Although IPOs can be exciting, as they can sometimes help retail investors make quick returns, they demand careful due diligence rather than blind enthusiasm. Understanding promoter integrity, a company's basic business model, profits and losses, and total debt are essential elements to consider before investing in any IPO.

5 key things to know before you invest in IPOs

1. Don’t follow the crowd: Popular IPOs may naturally attract huge oversubscription, but a herd mentality may drive demand beyond justified valuations. Before investing in any IPO, focus on evaluating business fundamentals such as moats, leadership team, promoter integrity, etc and never fall for thrill and frenzy.
2. Grey Market Premium (GMP) isn’t gospel truth: Several investors chase IPOs only on the basis of their grey market signals and tips on social media platforms. Be clear: GMP is unofficial, highly speculative, and generally unreliable. Treat it as a ‘sentimental’ factor and not an absolute guarantee.
3. Oversubscription doesn’t equal guaranteed returns: Even the most admired, sought-after and oversubscribed IPO can disappoint on listing or in the long-term return generation segment if the fundamental business is weak and lacks any solid moat and decisive edge over peers.
4. Listing pop is a myth for everyone: There are IPOs that list with a hefty premium, several list flat or below their issue prices. That is why only betting for short-term listing gains as a strategy can backfire.
5. Think long term, not just hype: The well-known principles of investing, laid out by investing legends such as Warren Buffett, Charlie Munger, Peter Lynch, and Carl Icahn, underscore the significance of looking at stocks as businesses. Focus should be on investing in businesses with solid financial track records, scalable business models, decisive moats over competitors, and strong governance standards.

Therefore, it is imperative for retail investors to look at stocks as businesses and not as trading instruments. Viewing them as businesses with real growth potential risks and industry challenges helps investors make wiser and more sustainable investment decisions rather than chasing speculation-based returns and bull market waves.

Disclaimer: This article is for informational purposes only and should not be treated as financial advice. IPO investments are subject to market risks, and investors are advised to evaluate company fundamentals, issue documents, and seek expert guidance before investing.