Highway Infrastructure, Indo Farm Equipment, Denta Water and more: Top 10 most subscribed IPOs of 2025

The IPO market in 2025 saw a strong investor interest, with many initial public offerings securing a robust subscription from investor categories, including retail, non-institutional and qualified institutional buyers segments.

The ₹130 crore initial share sale of Highway Infrastructure, an infrastructure development and management company, was the most-subscribed issue of 2025, with a 300.61 times subscription. It is followed by Indo Farm Equipment, Denta Water and Infra Solutions, Stallion India Fluorochemicals, Quadrant Future Tek and Standard Glass Lining Technology, among others.

Most subscribed IPOs of 2025: Check top 10 list

Highway Infrastructure IPO

Highway Infrastructure IPO was subscribed 300.61 times, with bids for 4,82,27,63,700 shares against 1,60,43,046 shares on offer, as per the consolidated data on the NSE. The qualified institutional buyers' (QIBs) quota was booked 420.57 times, while the non-institutional investors (NIIs) subscribed their portion 447.32 times. The part reserved for retail individual investors (RIIs) was subscribed 155.58 times.

The ₹130 crore IPO was a mix of a fresh issue of ₹97.52 crore and an offer for sale (OFS) of ₹32.48 crore. The company is involved in tollway collection, EPC (engineering, procurement and construction) projects and real estate development.

Indo Farm Equipment IPO

Indo Farm Equipment IPO got subscribed 229.68 times, with bids for 1,94,53,89,519 shares compared to 84,70,000 shares on offer. Among the investor categores, QIBs part was booked 242.40 times, NIIs portion was subscribed 503.83 times, and the retail investors' quota saw 104.92 times subscription.

The ₹260.15 crore initial share sale was a mix of new shares worth ₹184.90 crore and an offer for sale of ₹75.25 crore. The company makes tractors, pick and carry cranes and other harvesting equipment.

Denta Water & Infra Solutions IPO

Denta Water & Infra Solutions' ₹220.50 crore IPO was entirely a fresh issuance of 0.75 crore shares. The issue was subscribed 221.68 times, with investors applying for 1,16,38,18,100 shares against 52,50,000 shares on offer. The portion for QIBs received 236.94 times subscription, while the quota for NIIs was subscribed 507.27 times. The category for RIIs received 90.56 times subscription.

The company is involved in designing, installing and commissioning water management infrastructure projects. It holds a specialisation in groundwater recharge projects.