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Representative image | Photo Credit: porcorex
Mainboard IPOs in June 2025 garnered strong investor traction, especially the largest NBFC issue HDB Financial Services, Oswal Pumps, Ellenbarrie Industrial Gases and ArisInfra Solutions.
A total of eight mainboard IPOs raised ₹17,688 crore, the highest monthly fundraising in six months. Simultaneously, 30 SME IPOs to mobilise around ₹1,329 crore, a nine-month high for the segment.
“This resurgence follows a tepid first half of 2025, driven by improved market stability, easing geopolitical risks, and SEBI’s regulatory timelines that pushed companies to fast-track their listings,” Gaurav Garg of Lemonn Markets desk, said.
Market experts suggest that the current listing trends reveal a bifurcated yet promising landscape. Tarun Singh, MD and Founder, Highbrow Securities, said, mainboard IPOs continue to demonstrate relative stability, with anchor investor participation and institutional interest providing a cushion against extreme volatility. “While not all listings have delivered outsized gains, the absence of major debacles suggests prudent pricing by investment bankers and issuers.”
Amid this robust IPO pipeline, market volatility seems to have impacted listing returns earlier this month. Listing outcomes were a mix of solid gains and some steeper dips. Shares of Schloss Bangalore, Aegis Vopak, Prostarm Info Systems and Scoda Tubes debuted on bourses in the first week. Here follows two IPOs that delivered mixed listing returns in the mid of this month.
Lets dive deep
Backed by solid financials and strong subscriptions possibly driven by bullish GMP, this IPO was a standout. The stock debuted on bourses at nearly 3 per cent premium on June 20, 2025, against the issue price of ₹614. The ₹1,387.34-crore IPO was a combination of a fresh issue of shares valued at ₹890 crore and an offer-for-sale (OFS) of 81 lakh shares worth ₹497.34 crore at the upper end of the price band, by promoter Vivek Gupta.
The IPO received 34.42 times subscription on the closing day (June 17, 2025) and had a price band of ₹584-614 per share.
Shares of ArisInfra Solutions debuted on June 25, 2025, at about 8 per cent discount despite the decent anchor backing and strong demand in retail and NIIs segment. The ₹500 crore IPO was booked 2.65 times at close on June 20, 2025, and the price band was fixed at ₹210-222 per share.
These IPOs, concluding today, June 26, 2025, have witnessed varied investor sentiment.
The ₹852-crore Ellenbarrie Industrial Gases IPO, which obtained strong anchor interest and solid institutional confidence, secured 22.19 times subscription so far. The IPO, at a price band of ₹380-400 per share, was a combination of a fresh issue of shares worth ₹400 crore and an offer for sale (OFS) of 1.13 crore shares valued at ₹452.53 crore at the upper end of the price band by promoters - Padam Kumar Agarwala and Varun Agarwal.
Kalpataru IPO was oversubscribed (2.26 times) on closing day. The IPO aimed to raise up to ₹1,590 crore via fresh issue of equity shares with no OFS component. The price band was fixed at ₹387-414 per share.
Globe Civil Projects IPO, in contrast, chaired the leaderboard, mirroring investors’ traction for industrial and infra plays, was oversubscribed on the second day of bidding itself. It garnered nearly 86.04 times of subscription so far on closing day.The 199-crore IPO, entirely a fresh issue, has a price a price band of ₹67-71 per share.
HDFC Bank-backed ₹12,500 crore IPO of HDB Financial Services was fully subscribed on day 2, driven by NIIs. Meanwhile, the GMP softened to 7 per cent.
The biggest NBFC issue, concluding tomorrow, June 27, 2025, is a combination of a fresh issue of equity shares worth ₹2,500 crore and an offer for sale (OFS) of ₹10,000 crore by the promoter. The price band fixed at ₹700-740 per share.
The ₹540 crore IPO demonstrated balanced IPO demand, led by NII segment. The IPO was a mix of fresh issue of equity shares valued at ₹440 crore and an OFS worth ₹100 crore by promoters, with a price band of ₹77-82. The issue was fully subscribed at the time of writing.
The ₹200-crore Indogulf Cropsciences IPO opened for public subscription today, June 26, 2025, and concludes on June 30, 2025. The IPO, with price band of ₹105-111 per share, is a combination of a fresh issue of equity shares worth ₹160 crore and an offer for sale of up to 36.03 lakh shares by promoters Om Prakash Aggarwal (HUF) and Sanjay Aggarwal (HUF). Brokerages have largely issued subscribe ratings due to long-run potential.
Looking ahead, much-awaited IPOs of NSDL and NSE would attract strong investor interest.
On the SME front, shares of Sacheerome, Eppeltone Engineers, Patil Automation, Monolithisch India, Ganga Bath Fittings, Patil Automation, Influx Healthtech and Samay Project Services made robust listings with healthy investors’ interest. Meanwhile, Aten Paper & Foam, Jainik Power and Cables and 3B Films listed at discounts.
According to Tarun Singh, MD and Founder, Highbrow Securities, the segment reflects both liquidity constraints of smaller issuers and retail investor exuberance chasing momentum.
Abram Food, Icon Facilitators, AJC Jewel Manufacturers and Shri Hare-Krishna Sponge Iron IPOs of issue size ranging between ₹13-29 crore will conclude today. Supertech EV, Rama Telecom and Suntech Infra Solutions - issue size of ₹25-44 crore - concludes on June 27, 2025.
Valencia India, Moving Media Entertainment, Ace Alpha Tech and Pro FX Tech opened for subscription on June 26 and concludes on June 30, 2025.
Adcounty Media India and Neetu Yoshi IPO are scheduled to open for subscription on June 27, 2025. The IPOs of Marc Loire, Pushpa Jewellers, Cedaar Textile and Vandan Foods IPO and Silky Overseas will open for subscription on June 30, 2025.
So far, Abram Food and Supertech EV have led the chart with increased investor enthusiasm. Brokerages believe that the EV sector morale and retail repose could further lift Supertech EV. Other IPOs at moderate levels might show late-stage rallies. Counting the postivies, SMEs’ attractive valuations might trigger healthy retail uptake in the coming days.
Lemonn Markets desk analyst highlighted that even amid new SEBI rules that doubled the minimum investment in SME IPOs from ₹1 lakh to ₹2 lakh (effective March 2025), retail investor enthusiasm remained strong
The surge in retail participation in SME IPOs is undeniable, yet this enthusiasm demands nuanced examination, said, Singh of Highbrow Securities. On one hand, the allure is understandable: lower ticket sizes make these offerings accessible, while the perceived “affordable multibagger potential” — fuelled by past successes and comparisons with mainboard opportunities — has captured the imagination of retail investors.
“The reality presents a more sobering picture, nearly 50 per cent of SME stocks trade below their issue price six months post-listing (NSE Emerge data), underscoring the liquidity risks inherent in this segment.
“The duality between speculative retail fervor and disciplined institutional selectivity reflects India’s evolving market maturity, where the recognition is growing that SME investing, while promising, demands specialised due diligence and a tempered, strategic approach,” Singh added.
The strong performance in June sets a constructive outlook for the rest of 2025. “While the absorption of over ₹19,000 crore in capital this month could pose short-term liquidity challenges in secondary markets, the success of key IPOs has preserved positive sentiment,” Gaurav Garg explained.
Published on June 26, 2025
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