BSE IPO Index Slips In 2025 After Years Of Stellar Gains — Check Top Gainers And Losers

After two years of spectacular gains, the BSE Mainboard IPO Index has lost steam in 2025, slipping over 4% so far this year. The reversal follows an extraordinary run when the index surged over 31% last year and gained 41% in 2023, alongside similar returns in 2021 and 2020.

In other words, despite a brief negative year in 2022, the mainboard IPO index has delivered great gains since 2020. But this year marks a period when momentum has meaningfully cooled.

The weak performance in 2025 reflects volatile market conditions, mixed fundamentals of newly listed companies, and subdued listing gains, all of which have tempered investor enthusiasm toward fresh issues.

The BSE IPO index is designed to measure the performance of companies listed at the Mumbai bourse after the completion of their initial public offering (IPO).

A look at recent listings shows a wide dispersion in outcomes: some stocks continue to trade significantly above issue price while others have slipped sharply below their listing levels.

This divergence underscores that selectivity, not frenzy, is defining the IPO market in 2025, even as the pipeline remains active. Despite the headline decline, stock-level moves have been barbelled — with spectacular winners on one side and deep drawdowns on the other.

Ather Energy Ltd. tops the chart with a gain of 135%, followed by:

• Quality Power Electrical Equipments – 91.85%

• Belrise Industries – 84.25%

• Stallion India Fluorochemicals – 75.93%

• Anlon Healthcare – 58.98%

• Epack Prefab Technologies – 54.42%

• Midwest – 51.94%

• Senores Pharmaceuticals – 43.05%

• Anand Rathi Share & Stock Brokers – 41.18%

• Prostarm Info Systems – 40.59%

These stocks highlight that despite the index-level softness, select listings have delivered multibagger returns.

At the other end, several post-IPO stocks have seen steep erosion, with multiple names down over 40–50% from their issue prices. Among the worst performers:

• Laxmi Dental – down 53.07%

• Highway Infrastructure – down 52.78%

• Gem Aromatics – down 47.38%

• VMS TMT – down 46.65%

• Regal Resources – down 46.15%

• DAM Capital Advisors – down 44.95%

• Concord Enviro Systems – down 40.55%

The reversal in 2025 comes after several years of strong market activity, including heavy retail participation, and sharp first-day pops in earlier IPOs. However, rising scrutiny on governance and fundamentals and a number of issues listing below their offer price have contributed to a slowdown.

Multiple recent IPOs now trade well below their listing levels, reflecting fading momentum and profit-taking after years of quick gains.

This moderation signals a shift in the IPO landscape, moving from euphoria to selectivity. Investors are placing a greater focus on earnings delivery, and companies with weak balance sheets may face increased pressure. Additionally, the trend points to a possible tightening of IPO investor appetite, suggesting a more cautious and selective approach in the near term.