Top SME vs Mainboard IPO of 2025: Here’s who gained the most from issue price

The initial public offerings in 2025 attracted substantial investor attention in the mainboard as well as the SME IPO segments. In the mainboard section, refrigerant and industrial gases manufacturer Stallion India Fluorochemicals has been the top performer and has offered the highest returns compared to its issue price.

On the SME front, mobility and storage solutions provider Tankup Engineers has emerged as a highlight. The company drew strong subscription and has delivered robust returns since its listing.

In this article, we take a look at how much these companies have gained from their issue prices, their financials and other details.

Stallion India Fluorochemicals IPO

The initial share sale was subscribed 188.38 times, with bids for 2,92,22,89,425 shares as against 1,55,12,978 shares offered.

Mumbai-based Stallion India Fluorochemicals is in the business of selling refrigerant and industrial gases and related products. Its primary business consists of debulking, blending and processing of refrigerant and industrial gases, and selling of pre-filled cans and small cylinders/containers.

The company posted a 1,242.35% increase in its net profit to ₹11.41 crore in the September quarter of the financial year 2025-26, compared to ₹85 lakh in the corresponding period of the previous fiscal year.

The revenue from operations increased 56.24% to ₹105.56 crore in Q2 FY26 as against ₹67.56 crore a year back.

Tankup Engineers IPO

Tankup Engineers IPO was solely a fresh issuance of 13.95 lakh shares worth ₹19.53 crore without an OFS component.

The initial public offer was subscribed 124.67 times, with non-institutional investors (NIIs) leading the bidding with 437.62 times subscription. The part kept aside for retail investors was booked 46.51 times. Qualified institutional buyers (QIBs) subscribed their portion 43.65 times.

Tankup Engineers provides custom vehicle superstructures and mobile storage solutions for sectors like defence, petroleum, aviation and infrastructure. Its product portfolio includes water sprinklers, mobile refuellers and service vans.

The profit after tax rose 2.03% to ₹2.03 crore in H1 FY26 as against ₹52 lakh in the year-ago period. Its revenue from operations surged 220.74% to ₹21.65 crore in the six months ended September 2025 compared to ₹6.75 crore in the same period of the previous fiscal year.