IPOs of 2025

376 Indian IPOs listed in 2025 — 105 on the mainboard and 271 on the SME platform, raising ₹1,75,820 crore. The average listing gain was +11.6% (median +4.6%), and 64% closed above their issue price. The strongest debut was AIRFLOA RAIL TECHNOLOGY LIMITED (+99.5%); the weakest was Arunaya Organics Limited (-45.5%).