India’s IPO market has experienced significant activity and innovation from Diwali 2024 through October 2025, representing a festive increase in capital raising and investor enthusiasm across various sectors. Throughout this timeframe, numerous prominent companies successfully entered the public markets, achieving historic fundraising records, enhancing market diversity, and showcasing strong domestic investor confidence even in the face of global uncertainty.
This increase in IPOs since Diwali 2024 has redefined fundraising standards and created a fresh narrative for market expansion as India welcomes Samvat 2082.
The IPO surge in India from Diwali 2024 to October 2025 illustrates a lively and assured capital market environment, with both investors and companies exhibiting optimism and determination despite international challenges.
October 2025 has been particularly noteworthy, with major players such as Tata Capital, LG Electronics India, and WeWork India making their market debut, and the total funds raised in that month projected to exceed ₹1.5 lakh crore, establishing this Diwali as a significant fundraising season, according to reports.
Noteworthy offerings such as the Tata Capital IPO (up to ₹15,512 crore) emerge as among the largest in the nation, competing with recent milestones achieved by LIC and Hyundai Motor India.
Top Multibagger IPO
Over the course of a year from Diwali 2024 to Diwali 2025, several stocks have emerged as multibaggers, providing substantial returns to investors. Leading this impressive list is Stallion India Fluorochemicals with a remarkable 316% gain, followed by eight others: KRN Heat Exchanger and Refrigeration at 286%, Zinka Logistics Solutions (Black Buck) with 153%, Quality Power Electrical at 135%, Waaree Energies with 133%, Ather Energy at 125%, Diffusion Engineers at 120%, Aditya Infotech at 110%, and Garuda Construction and Engineering at 107%.
| Company Name | Listing Date | Issue Price | Price as on Oct 20 (Rs) | Current gain (%) as on October 20 |
|---|---|---|---|---|
| Stallion India Fluorochemicals | 23 Jan `25 | ₹90 | 374.55 | 316% |
| KRN Heat Exchanger and Refrigeration | 03 Oct `24 | ₹220 | 849.5 | 286% |
| Zinka Logistics Solutions | 22 Nov `24 | ₹273 | 689.9 | 153% |
| Quality Power Electrical | 24 Feb `25 | ₹425 | 998.95 | 135% |
| Waaree Energies | 28 Oct `24 | ₹1,503 | 3505.9 | 133% |
| Ather Energy | 06 May `25 | ₹321 | 722.1 | 125% |
| Diffusion Engineers | 04 Oct `24 | ₹168 | 369.6 | 120% |
| Aditya Infotech | 05 Aug `25 | ₹675 | 1,419.35 | 110% |
| Garuda Construction and Engineering | 15 Oct `24 | ₹95 | 197.5 | 107% |
| Source: BSE, trendlyne |
Key Trends so far
As per Kotak Institutional Equities, the Indian primary market experienced substantial issuances in 2025, following a remarkable year in 2024. In CYTD25, 80 firms accumulated US$14 billion through IPOs, compared to 91 firms that raised US$19 billion in 2024. Over the past few years, offer for sale (OFS) has dominated over new capital in the total IPO issuance.
A growing number of IPOs have shown lackluster listings in CYTD25, with only 15% of firms achieving returns greater than 25% compared to 41% in 2024. Additionally, between 2021 and 2025, nearly 27% of companies debuted below their issue price. Moreover, data indicates that a large number of companies struggled to retain their gains even after a strong listing. At present, 38% of companies are trading beneath their issue price, according to Kotak Institutional Equities.
Road Ahead
India’s IPO market is anticipated to remain strong in FY26, showcasing record fundraising capabilities, high-quality listings, and increased engagement from both institutional and retail investors. Reports indicate that fundraising may surpass ₹1.5 trillion, driven by large-cap IPOs from prominent companies such as Reliance Jio, Tata Capital, and LG Electronics India, along with ongoing activity from fintech, technology, and renewable energy sectors.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
