Laxmi Dental to Indo Farm: 14 of 25 most-favoured retail IPOs tumbled up to 48% after listing - Do you own any?

The Indian IPO market has remained surprisingly resilient in 2025, maintaining a strong pace of capital raising despite broader stock market volatility.

Companies across diverse sectors, from technology and finance to renewable energy, have increasingly turned to the IPO route to fund expansion. Even companies that had previously delayed their IPO plans due to tariff concerns have recently joined the rush, making 2025 a banner year for mainboard IPOs.

Notably, investor response has been overwhelmingly positive for most new issues. Even large IPOs, which typically struggle to gain traction, have experienced significant demand, defying expectations.

Retail investors, in particular, have shown considerable enthusiasm for new listings in 2025. Market fluctuations have further encouraged retail participation in the IPO market. That said, the reality is a bit more complicated. a significant portion of these IPOs have not performed well, with approximately half of the most heavily retail-subscribed IPOs now trading below their initial offering prices.

Retail Oversubscription Doesn't Guarantee Gains

Data from Trendlyne reveals that while 25 mainboard IPOs saw retail subscription rates between 30 and 246 times, 14 of these are currently trading below their issue prices. This has led to losses and disappointment for retail investors who aggressively pursued these popular IPOs.

For example, the Dev Accelerator IPO was subscribed 164.7 times by retail investors, but the stock's value has since declined by 31% since its September listing.

Laxmi Dental, which launched its IPO in January and saw a retail subscription of 76 times, has followed a similar pattern. The stock closed lower in seven of the last ten months, losing nearly 40% of its initial value.

VMS TMT, another popular choice among retail investors with a subscription rate of 48 times, has dropped 48% below its IPO price. Similarly, Highway Infrastructure and Indo Farm Equipment, with retail subscriptions of 155.6 and 104 times respectively, are currently trading 17.3% and 12.2% below their initial prices.

Success Stories

Not all retail-driven IPOs have resulted in losses. Stallion India Fluorochemicals Ltd, with a retail subscription of 97 times, is currently trading 137% above its issue price. Aditya Infotech, which saw its retail segment subscribed 51 times, has also delivered strong returns, with the stock trading 125.3% higher than its IPO price.

Other stocks like Prostarm Info Systems, Rubicon Research, Urban Company, Aequs, Anlon Healthcare, and GNG Electronics are also trading between 20% and 67% above their respective IPO prices.

Performance Overview

Nearly half of the 102 mainboard IPOs listed in 2025 are trading below their issue prices, with losses reaching up to 55%. This highlights the inconsistent performance of IPOs and the need for careful stock selection.

Among the worst performers, Gem Aromatics is trading at a 55% discount to its IPO price. Glottis, VMS TMT, Arisinfra Solutions, BMW Ventures, Laxmi Dental, Jaro Institute of Technology, and Mangal Electrical Industries have all fallen between 35% and 54% from their issue prices.

Even some large IPOs, such as JSW Cement and Vikram Solar, are trading 20% below their IPO prices.

In contrast, 52 companies are trading positively. Stallion India Fluorochemicals is a leading example, with shares trading 137% above the IPO price.

Aditya Infotech has also provided strong returns, trading 125% higher than its IPO price, while Ather Energy and Meesho trade 125.4% and 94% above their respective IPO prices.

Other notable gainers include Belrise Industries, Prostarm Info Systems, Anlon Healthcare, Quality Power Electrical, Jain Resource Recycling, Epack Prefab Technologies, and Anand Rathi Share Stock, currently up between 50% and 96%. LG Electronics, one of the year's largest IPOs, is trading 36% above its issue price.

*Disclaimer: This article is for informational purposes only and should not be considered investment advice. Consult with a qualified financial advisor before making any investment decisions.*