IPOs of ₹40,400 crore hit primary markets in October 2025

6 Nov 2025 , 01:19 PM

IF H1FY26 WAS GRAND; THEN OCTOBER 2025 WAS GRANDER

IPOs in the current fiscal picked up from the second quarter. After H1FY26 saw IPOs worth ₹64,921 Crore, October added another ₹40,404 Crore worth of IPOs. Here are some highlights of the IPO story from the first 7 months of FY26.

• A total of 72 IPOs listed in the 7 months of FY26. Of these, 9 IPOs got listed in Q1FY26 while 46 IPOs listed in Q2FY26. There were 17 IPOs that listed in October 2025.
• Overall, H1FY26 saw ₹64,921 Crore raised across 55 IPOs. In addition, October 2025 saw 17 IPOs raising ₹40,404 Crore. Overall, the first 7 months of FY26 have seen 72 IPOs listed having raised a sum of ₹1,05,325 Crore.
• Out of the 72 IPOs listed in FY26 so far, 45 IPOs are trading above the IPO price, while 27 are trading below the IPO price. However, this can be misleading as most negative returns are from recently listed IPOs.
• The overall investor interest evinced for these 72 IPOs combined stood at 29.3 times, in terms of the overall oversubscription. That is a healthy level of oversubscription, and is indicative of substantial institutional, retail, and HNI appetite in the market.
• Had an investor got allotment of 1 lot in each of these 72 IPOs, their return on investment would have been 17.68%. These are absolute returns, and not annualized. Investing in 1 lot of all the October IPOs would have yielded a handsome 17.2%.

Having seen the macro picture of IPOs in the first 7 months of FY26, let us turn to the ranking of IPOs on various parameters.

FY26 (APR-OCT) IPOS RANKED ON POST-LISTING RETURNS

The table below ranks the IPOs on absolute returns post listing. These returns are irrespective of the time elapsed since the IPO and are purely indicative.

Company	Listing Date	Issue Size	Subscribed	Issue Price	Market Price	Returns
Ather Energy	06-May	2,980.76	1.50	321.00	669.80	108.66%
Aditya Infotech	05-Aug	1,300.00	106.23	675.00	1,325.90	96.43%
Belrise Industries	28-May	2,150.00	43.14	90.00	145.50	61.67%
Jain Resource	01-Oct	1,250.00	16.76	232.00	374.25	61.31%
Prostarm Infosystems	03-Jun	168.00	96.68	105.00	164.01	56.20%
Anlon Healthcare	03-Sep	121.03	7.12	91.00	139.00	52.75%
Smartworks Coworking	17-Jul	582.56	13.92	407.00	609.00	49.63%
EPACK Prefab	01-Oct	504.00	3.14	204.00	301.00	47.55%
GNG Electronics	30-Jul	460.43	150.21	237.00	348.00	46.84%
Urban Company	17-Sep	1,900.24	108.98	103.00	148.45	44.13%
Sambhv Steel Tubes	02-Jul	540.00	30.33	82.00	117.80	43.66%
LG Electronics	14-Oct	11,607.01	54.02	1,140.00	1,634.00	43.33%
GK Energy	26-Sep	464.26	93.58	153.00	213.68	39.66%
Bluestone Jewellery	19-Aug	1,540.65	2.72	517.00	714.40	38.18%
NSDL Ltd	06-Aug	4,010.95	41.02	800.00	1,103.95	37.99%

Data Source: NSE, BSE (Closing Price of 04-Nov)

The above table looks at the top 15 IPOs in FY26 (APR-OCT) based on point-to-point returns. Here are some quick findings from the return rankings of IPOs for FY26 (APR-OCT).

• Out of the 72 IPOs, only 1 IPO doubled since listing (Ather Energy), while 6 IPOs gave over 50% returns and 26 IPOs gave over 20% returns. These are point-to-point returns.
• If you look at the average subscription of the top 15 IPOs by returns, the average subscription was 51.3X, which shows that well-subscribed IPOs have done well.
• If you look at the bottom 15 by post-listing returns, then 6out of these 15 IPOs saw single-digit subscription. However, average subscription of bottom-15 was 47.4X.

Clearly, the level of subscription may not be everything, but a good subscription is generally helpful for a good post-listing performance. Of course, what really matters is how much leeway the pricing leaves on the table for investors.

FY26 (APR-OCT) IPOS RANKED ON SUBSCRIPTION (TIMES)

The table below ranks IPOs on the number of times they got subscribed, irrespective of the size of the IPO. This list pertains to the 72 IPOs of FY26 (APR-OCT).

Company	Listing Date	Issue Size	Subscribed	Issue Price	Market Price	Returns
Highway Infrastructure	12-Aug	130.00	316.64	70.00	77.27	10.39%
Regaal Resources	20-Aug	306.00	159.87	102.00	89.00	-12.75%
GNG Electronics	30-Jul	460.43	150.21	237.00	348.00	46.84%
Borana Weaves	27-May	144.89	147.85	216.00	229.90	6.44%
Rubicon Research	16-Oct	1,377.50	109.35	485.00	653.80	34.80%
Urban Company	17-Sep	1,900.24	108.98	103.00	148.45	44.13%
Aditya Infotech	05-Aug	1,300.00	106.23	675.00	1,325.90	96.43%
VMS TMT Ltd	24-Sep	148.50	102.24	99.00	70.09	-29.20%
Prostarm Infosystems	03-Jun	168.00	96.68	105.00	164.01	56.20%
Patel Retail	26-Aug	242.66	95.69	255.00	219.35	-13.98%
GK Energy	26-Sep	464.26	93.58	153.00	213.68	39.66%
Midwest Ltd	24-Oct	451.00	92.36	1,065.00	1,106.50	3.90%
Amanta Healthcare	09-Sep	126.00	82.60	126.00	122.00	-3.17%
Globe Civil Projects	01-Jul	119.00	80.97	71.00	73.85	4.01%
Shanti Gold International	01-Aug	360.11	80.78	199.00	243.50	22.36%

Data Source: NSE, BSE (Closing Price of 04-Nov)

The above table looks at the top 15 IPOs in FY26 (APR-OCT) based on the extent of subscription and here are the quick findings.

• Out of the 72 IPOs in FY26 (APR-OCT), only 1 IPO got more than 300 times subscribed, while 8 IPOs got over 100X subscribed and 30 IPOs got over 50X subscription.
• If you look at the top-15 IPOs by subscription, the average returns were 20.40%. However, this list includes 4 IPOs with negative returns and 3 with single-digit returns.
• What about the subscription list at the bottom? The bottom 15 list has given average returns of 7.79%, with 7 out of 15 giving negative returns.

The moral of the story is that subscription level may not be the only driving force, but it has been an important determinant of post-listing returns. It also depends on how investment bankers value the issue and leave room on the table for investors.

WHICH IPOS GENERATED BEST MARKET CAP ALPHA?

The proof of the pudding lies in the eating and that is where market cap alpha comes in. Returns and subscription can be vulnerable to small size effect. Hence, we look at value addition by the IPO in the market, over and above the IPO funds raised. That is the market cap alpha provided by the IPO. Here are the top 10 IPOs based on market cap alpha.

Company	Listing	issue Size	Subscribed	Issue Price	Returns	Alpha (₹ Cr)
LG Electronics	14-Oct	11,607.01	54.02	1,140.00	43.33%	5,029.70
Ather Energy	06-May	2,980.76	1.50	321.00	108.66%	3,238.91
NSDL Ltd	06-Aug	4,010.95	41.02	800.00	37.99%	1,523.91
Belrise Industries	28-May	2,150.00	43.14	90.00	61.67%	1,325.83
Aditya Infotech	05-Aug	1,300.00	106.23	675.00	96.43%	1,253.59
Urban Company	17-Sep	1,900.24	108.98	103.00	44.13%	838.50
Anthem Biosciences	24-Jul	3,395.00	67.42	570.00	23.16%	786.21
Jain Resource	01-Oct	1,250.00	16.76	232.00	61.31%	766.43
Bluestone Jewellery	19-Aug	1,540.65	2.72	517.00	38.18%	588.25
Rubicon Research	16-Oct	1,377.50	109.35	485.00	34.80%	479.43

Data Source: NSE, BSE (Closing Price of 04-Nov)

In the market cap alpha analysis, the focus is on actual wealth created for more investors in the IPO in the form of excess value created over and above the IPO funds raised. Out of the total alpha creation of ₹18,264 Crore by the 72 IPOs combined in FY26 (APR-OCT), the top 10 in the above list accounted for 85% of the overall alpha created. For IPO investors, their chances of making a profit are much higher if they are invested in these IPOs. After all, these 10 IPOs gave average returns of 57.97%. That is where the real cream lies for the IPO investors, and the good news is that the cream has delivered the goods for investors!