Highway Infrastructure, Indo Farm Equipment, Denta Water and more: Top 10 most subscribed IPOs of 2025

The initial public offering (IPO) arena in 2025 witnessed significant investor enthusiasm, with numerous companies achieving substantial subscription levels across various investor categories, including retail investors, non-institutional investors (NIIs), and qualified institutional buyers (QIBs).

Leading the pack was Highway Infrastructure, an infrastructure development and management firm, whose ₹130 crore IPO was oversubscribed by an impressive 300.61 times. Following closely behind were Indo Farm Equipment and Denta Water & Infra Solutions, among others like Stallion India Fluorochemicals, Quadrant Future Tek and Standard Glass Lining Technology.

**Top IPOs of 2025 by Subscription Rate**

• Highway Infrastructure IPO:** This IPO saw an overwhelming response, with subscriptions reaching 300.61 times the offered amount. Bids were placed for 4,82,27,63,700 shares against the 1,60,43,046 shares available, according to NSE data. The QIB portion was subscribed 420.57 times, the NII portion 447.32 times, and the retail investor (RII) portion 155.58 times. The IPO consisted of a fresh issue of ₹97.52 crore and an offer for sale (OFS) of ₹32.48 crore. The company's operations span tollway collection, engineering, procurement, and construction (EPC) projects, and real estate development.
• Indo Farm Equipment IPO:** The IPO of Indo Farm Equipment was subscribed 229.68 times. Investors bid for 1,94,53,89,519 shares, far exceeding the 84,70,000 shares on offer. The QIB portion was subscribed 242.40 times, the NII portion 503.83 times, and the retail investor portion 104.92 times. This ₹260.15 crore IPO comprised a fresh issue of shares worth ₹184.90 crore and an OFS of ₹75.25 crore. The company manufactures tractors, pick and carry cranes, and other harvesting machinery.
• Denta Water & Infra Solutions IPO:** Denta Water and Infra Solutions' ₹220.50 crore IPO, entirely a fresh issue of 0.75 crore shares, was subscribed 221.68 times. Applications were submitted for 1,16,38,18,100 shares, significantly more than the 52,50,000 shares available. The QIB portion saw 236.94 times subscription, the NII portion 507.27 times, and the RII portion 90.56 times. The company specializes in designing, installing, and commissioning water management infrastructure projects, with a focus on groundwater recharge projects.