The Indian primary market witnessed an unprecedented surge in 2025, marking it as a landmark year for public listings. Companies from a wide array of sectors made their debut on Dalal Street, aiming to fuel their expansion plans. This frenzy provided a dual benefit: a vital capital-raising platform for businesses and a chance for investors to tap into emerging growth stories, culminating in record-breaking fund mobilization.
Record-Breaking Fundraising and IPO Performance
Data from a Motilal Oswal report reveals the sheer scale of the activity. In 2025, a staggering 365 initial public offerings (IPOs) collectively raised ₹1.95 trillion, eclipsing the previous record of ₹1.90 trillion from 336 IPOs in the calendar year 2024. The breakdown shows that 106 were mainboard listings, which accounted for ₹1.83 trillion of the total, while the remaining 259 were SME IPOs.
However, amidst this flood of new issuances, only a select group delivered extraordinary gains for retail investors who got in early. A deep dive into the data highlights the standout performers in the small and medium enterprise (SME) segment, where several stocks multiplied investor wealth many times over.
Top 10 SME IPOs That Created Massive Wealth
According to analytics from Trendlyne, the following SME IPOs emerged as the biggest wealth creators, posting astronomical gains from their offer prices:
- Anondita Medicare led the pack with a phenomenal 601% return. Listed in early September at ₹145 per share, the stock skyrocketed to ₹1,017. An investor allotted the minimum retail lot of 2,000 shares would have seen an investment grow by approximately ₹20.34 lakh in just four months.
- Tankup Engineers delivered a massive 405% gain, with its share price jumping from the IPO price of ₹140 to ₹708.
- Sacheerome, which entered the market in June, maintained a strong uptrend, closing five of the following six months higher to secure 274% gains above its issue price of ₹102.
- Fabtech Technologies Cleanrooms, after a bumper listing in January, held onto a strong winning trend and was still trading 262.4% higher than its IPO price of ₹85, despite recent pressure.
- Cryogenic OGS, listed in July with a 90% premium, surged 247% above its issue price of ₹47.
Other notable SME gainers included Monolithisch India, Avax Apparels and Ornaments, TechD Cybersecurity, Zelio E-Mobility, and Maxvolt Energy Industries, all trading between 177% and 244.4% above their respective issue prices. Overall, 29 SME stocks, or nearly 11% of the 269 total issues, are currently trading with gains exceeding 100%.
Robust IPO Pipeline Signals Continued Momentum for 2026
The record-setting pace of the Indian IPO market shows no signs of slowing. Information from primedatabase.com indicates a staggering pipeline. Presently, 96 companies that plan to raise about ₹1.25 lakh crore have already received approval from the Securities and Exchange Board of India (SEBI) and are waiting to launch. Furthermore, 106 additional companies, seeking to raise roughly ₹1.40 lakh crore, are awaiting SEBI's nod.
Out of these 202 companies in the queue, only seven are Non-Applicable to Trading Companies (NATCs), aiming to raise around ₹22,500 crore. Pranav Haldea, Managing Director of PRIME Database Group, commented that the coming years could be a golden era for India's IPO market, provided issuers maintain valuation discipline and the secondary market remains stable.
The explosive growth of 2025, characterized by record fundraising and spectacular returns from select SME IPOs, has firmly set the stage for what promises to be another dynamic year for India's primary market in 2026.
