The IPO market in 2025 has shown significant activity, highlighted by major listings and a robust array of innovative companies in sectors such as fintech, digital platforms, green energy, and consumer goods. Among the 93 listings that have occurred thus far in the mainboard sector, three IPOs—Aditya Infotech (about 155%), Stallion India Fluorochemicals (130%), and Ather Energy (113%)—have notably become 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.
In light of the prevailing trend, analysts suggest that only a few IPOs from 2023 to 2025 have provided lasting returns; most are either stagnant or below their initial listing prices. There is a high level of investor interest; however, uncertainty remains regarding the future direction of the markets. Although retail involvement is increasing, most participants are experiencing losses.
The investment trends of foreign portfolio investors (FPIs) present a starkly different scenario on Dalal Street. Although FPIs have been substantial sellers in the Indian stock market throughout 2025, they remain drawn to opportunities in the primary market.
As of November, FPI sales have totaled ₹17,502.67 crore, 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 Limited (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 range of ₹640–675. As of today, the company’s market capitalization 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, utilizing 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 specialized focus within the fluorochemicals sector that has a favourable growth forecast.
The company’s listing price was ₹120.00 per share on January 23, 2025. The stock made its debut on both the BSE and NSE at this price, 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 specializes 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.
The firm is active in the Indian market for electric two-wheelers. 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.
