Top 5 IPOs of 2025 That Have Maintained Gains After Listing

Mumbai | June 2 –  After a slow start to the year, the IPO market in 2025 is showing early signs of a turnaround. Only 14 companies have made their stock market debut in the first half of 2025, a sharp decline from 31 in the same period last year. However, investor sentiment appears to be recovering, with the BSE IPO index rallying nearly 24% since April 23. While many IPOs failed to impress initially, a few recently listed companies have managed to not only protect their listing gains but also deliver consistent returns. Here’s a look at the top five IPOs of 2025 that continue to trade above their issue price.

Quadrant Future Tek

• The company develops next-generation signalling and train control systems under the Indian Railways’ KAVACH project.
• It raised ₹290 crore through a 100% fresh issue aimed at capital expenditure and working capital.
• Shares listed at ₹360, a 24% premium over the issue price of ₹290.
• The stock hit a 52-week high of ₹744 and currently trades at ₹450.
• Investors who participated in the IPO are still sitting on a 55% gain.

Standard Glass Lining Technology

• The firm manufactures engineering equipment for the pharmaceutical and chemical sectors.
• Its ₹410 crore IPO included a ₹210 crore fresh issue and ₹200 crore OFS.
• Shares debuted at ₹172 on NSE, reflecting a 22.5% listing gain.
• After briefly falling below the issue price in March, the stock recovered.
• It now trades at ₹177 — 25% above its IPO price of ₹140.

Quality Power Electrical Equipment

• The company operates in the power equipment and clean energy segment.
• It raised ₹858 crore, including ₹225 crore via fresh issue and ₹633 crore through OFS.
• The IPO saw a flat listing at ₹430 compared to the issue price of ₹425.
• Gradual interest has built up, pushing the stock to ₹480.
• It is currently up 12.5% from its issue price.

Belrise Industries

• A manufacturer of automotive sheet metal and casting components.
• The IPO was entirely a fresh issue worth ₹2,150 crore, mainly for debt repayment.
• Shares listed at ₹99, 10% higher than the issue price of ₹90.
• While early gains have narrowed, the stock still trades slightly positive at ₹92.
• It has managed to stay above water in a sluggish auto market.

Hexaware Technologies

• A major tech player offering digital and AI-led business solutions.
• The ₹8,750 crore issue was fully an offer for sale, with no fresh capital raised.
• Shares listed at ₹731 on NSE versus the issue price of ₹708.
• The stock has maintained upward momentum and trades at ₹822.
• Investors have earned about 16% returns since listing.

Outlook

While the overall IPO activity in FY25 was subdued, the renewed momentum in Q1 FY26 signals a more optimistic second half. With upcoming IPOs like NSDL, Indogulf Cropsciences, and Sri Lotus Developers on the radar, investor appetite could see a further boost if market conditions remain supportive.