Top 5 IPOs of 2025 that have maintained post-listing gains

IPOs are back in action in Q1 of FY26 after a sluggish previous two quarters of Q3 and Q4 FY25. The benchmark BSE IPO index has also shown strong gains since April 23 by rallying nearly 24% from the lows, which indicates renewed interest in the recently listed companies. The 2025 IPO season started on a muted note with 14 companies getting listed on the bourses to date. On the other hand, 2024 saw nearly 30 companies getting listed in the first five months of 2024.

Quadrant Future Tek

The company is engaged in developing next-generation train control and signalling systems for Indian Railways’ KAVACH Project. The company’s ₹290 crore public issue was entirely a fresh issue of 1 crore shares with an objective of capital expenditure for the development of electronic interlocking systems, funding long-term working capital requirements and more. The shares of the company got listed at ₹360 apiece at a 24% premium to the issue price of ₹290 apiece on the NSE. The shares of Quandrant Future Tek's share price hit a 52-week high of ₹744 and currently trade at ₹450 apiece, up by 55% from the issue price.

Standard Glass Lining Technology

Standard Glass Lining Technology is an engineering equipment manufacturer for the Pharmaceutical and chemical sectors in India. The company provides turnkey solutions, including design, engineering, assembly, installation and standard operating procedures for the pharmaceutical and chemical sectors. The Standard Glass Lining Technology IPO was a combined issue of total ₹410 crore, which comprised, fresh issue of ₹210 crore and an offer for sale from existing promoters for the worth of ₹200 crore. The company’s shares got listed at a 22.5% premium at ₹172 apiece on the NSE and ₹176 apiece on the BSE. The shares have been back in gains from the issue price after correcting briefly below the issue price in March 2025. The shares currently trade 25% higher than the issue price at ₹177 apiece on the NSE.

Hexaware Technologies

The company is one of India’s leading technology players and is engaged in providing digital business and Artificial Intelligence-related solutions. The company raised ₹8,750 crore through the public issue with an entire offer for sale portion. The shares got listed at a premium of 3.2% at ₹731 on the NSE and ₹745 at the BSE. The shares are currently trading 16% higher than the issue price of ₹708 apiece.

Quality Power Electrical Equipment

The public issue of Quality Power raised ₹858 crore by a combination of a fresh issue and an offer for sale component. The company raised ₹225 crore from a fresh issue and ₹633 crore from an offer for sale. The shares got a muted listing at ₹430 apiece on the NSE against the issue price of ₹425 apiece. The company is engaged in the business of energy transition equipment and power technologies. The shares currently trade 12.5% higher from the issue price at ₹480 apiece on the NSE on Monday afternoon.

Belrise Industries

The public issue of Belrise Industries was an entirely fresh issue of ₹2,150 crore with an objective of repayment of borrowings worth ₹1,681 crore. The company is engaged manufacturing of Automotive steel metal and casting parts. The shares of the company got listed at a premium of 10% from the issue price of ₹90. Currently, the shares traded at ₹92 apiece, giving up the majority of the gains from the listing.