The IPO market in 2025 has seen significant activity, highlighted by the share sales from a robust array of innovative companies in sectors such as fintech, digital platforms, green energy, and consumer goods.
Among the 93 IPOs that have listed on the mainboard, three IPOs—Aditya Infotech (about 155%), Stallion India Fluorochemicals (130%), and Ather Energy (113%)—have notably turned multibaggers.
A few stocks that could potentially become multibaggers in the future and have already appreciated by more than 50% include Prostarm Info Systems, Billionbrains Garage Ventures (Groww), Anand Rathi Share Stock, Anlon Healthcare, Belrise Industries, Quality Power Electrical, and Jain Resource Recycling.
Of the 93 listings, 57 stocks are currently trading with gains despite a range-bound market this year.
In light of the prevailing trend, analysts suggest that only a few IPOs from 2023 to 2025 have provided lasting returns; most have either been stagnant or traded below their initial listing prices. While retail investors’ interest remains high, uncertainty regarding the future direction of the markets is an overhang.
The foreign portfolio investors (FPIs), too, despite being substantial sellers in the Indian stock market throughout 2025, remain drawn to opportunities in the primary market.
FPI sales totalled ₹17,502.67 crore in November so far, pushing the cumulative selloff for the year to ₹211,703.67 crore. Nevertheless, the ongoing trend of FPIs participating in the primary market is strong, with investments reaching ₹10,416.62 crore this month and ₹64,709.12 crore in 2025.
Multibagger IPOs
Aditya Infotech
Aditya Infotech has achieved impressive returns since its IPO, increasing by approximately 155% from its initial offering price, driven by solid business fundamentals and a growing market need for its security products branded as CP Plus.
Aditya Infotech (under the CP Plus brand) made its market debut on August 5, 2025, listing at nearly ₹1,018 per share, which reflects a 50.8% premium over its IPO price of ₹675. As of today, the company’s market capitalisation is ₹20,143.89 crore. The overall subscription rate for the Aditya Infotech IPO reached 100.69 times the total available shares.
It ranks as the largest Indian-owned firm in the video security and surveillance sector, possessing a 20.2% share of the market by revenue for FY24. Through its ‘CP PLUS’ brand, it provides an extensive array of cutting-edge products and solutions tailored for both enterprise and consumer markets, as well as integrated security systems and Security-as-a-Service, utilising a distribution network that caters to various industries, including banking, insurance, healthcare, and retail.
Stallion India Fluorochemicals
Stallion India Fluorochemicals has experienced remarkable growth of approximately 130% from its IPO price since its listing in early 2025, owing to strategic capacity expansions and a specialised focus within the fluorochemicals sector that has a favourable growth forecast.
The company’s listing price was ₹120 per share on January 23, 2025, which represented a 33.33% premium over its issue price of ₹90 per share. The overall subscription rate for Stallion India Fluorochemicals Ltd. during its IPO was 188.4 times the total number of shares available.
Experts indicate that the significant rise in Stallion India Fluorochemicals’ share price following its listing has been bolstered by strong demand for fluorochemicals and refrigerants, as well as the company’s expansion initiatives, including a capacity project anticipated to launch around mid-2026.
The company specialises in the sale of refrigerant gases, industrial gases, and related products.
Ather Energy
Ather Energy made its market debut on May 6, 2025, with an IPO price set at ₹321 per share. The stock opened at ₹328 on the NSE, reflecting a 2.18% premium, and at ₹326.05 on the BSE, showing a 1.57% premium. Experts believe that Ather Energy’s strong performance post-listing can be attributed to its status as a top electric vehicle manufacturer in India, ongoing product launches, and significant market enthusiasm regarding the EV growth trend. The stock has appreciated by approximately 113% since its IPO price.
It creates and enhances electric two-wheelers, battery packs, charging systems, software, and accessories, while also managing the production of battery packs and the assembly of electric two-wheelers internally.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
