Waaree Energies to Vishal Mega Mart: 10 IPOs that doubled investors' wealth since listing

India's primary market is experiencing a record-breaking boom. The initial public offerings (IPOs) saw an unparalleled surge as 46 IPOs hit the market in the previous quarter alone. In the first half of the current fiscal year (FY26), 55 companies raised around ₹64,920 crore.

Investor participation (both retail and institutional) remained strong during this period. One of the standout IPOs was that of LG Electronics India, which saw overall subscription of 54.02 times with bids worth ₹4.39 lakh crore against an issue size of ₹11,607.01 crore. The qualified institutional buyers (QIBs) portion of the LG Electronics IPO was booked 166.51 times, receiving bids for over 338 crore shares worth ₹3.85 lakh crore against 2.03 shares on offer, leading to the highest bidding till date.

Record-breaking subscription creates a lot of buzz around the companies, but does it translate into high returns for the investors post listing? Let's find out

*IPOs listed since October 2024

KRN Heat Exchanger & Refrigeration

KRN Heat Exchanger is witnessing strong stock performance, driven by the rising demand in India's HVAC industry, which is expected to grow from $7.8 bn in 2021 to $27.4 bn in 2030. The company is growing fast and is expanding its capacity from 3 acres to 18 acres, with full production expected by FY29 and a revenue target of ₹2,000 crore. Its wholly owned subsidiary was granted ₹141.72 crore incentive under the Make in India scheme (PLI) to help boost its productivity and profits. Recently, KRN acquired Sphere Refrigeration’s bus air-conditioning business, which will help it grow in the transport cooling market.

Waaree Energies

Waaree Energies captured headlines by surpassing its IPO subscription record and delivering strong gains. The company’s cutting-edge manufacturing and impressive order pipeline created strong post-listing momentum. In Q2FY26, the company reported a 132% YoY surge in net profit to ₹843 crore, with revenue rising by 69.7% to ₹6,066 crore, and a strong order book of around 24GW that stood at ₹47,000 crore. Notably, in the US, it secured 2.23 GW of new orders in Q4FY25. India's solar market is expected to expand at around 16% through 2029, which provides an opportunity for the company to consolidate its market leadership. Investor confidence is maintained by its strong growth and leadership in India's solar industry, as signalled by its market capitalisation surpassing ₹1 lakh crore.

Vishal Mega Mart

Vishal Mega Mart (VMM) continues to attract investors, backed by robust demand trends and a resilient business model. India’s retail market is valued at ₹76 trillion in CY23 and is expected to grow to ₹116–124 trillion by CY28, led by a 20% annual growth in organised retail and a 32% growth in Tier-2 and smaller cities. VMM benefits greatly from this trend since it serves the aspirational retail segment, which accounts for 90–95% of the market. With 71 stores across Tier I–III cities, it is one of India's top three offline-first diversified retailers and is positioned to benefit from the increasing demand for affordable retail.

Stallion India Fluorochemicals

Stallion India Fluorochemicals, witnessed its stock surging over 300% from its issue price. The company is set to gain from a growing Indian fluorochemicals market, valued at $622 million in 2022 and is expected to expand at a 10.2% CAGR from 2024 to 2029. Stallion is well-positioned to tap into high-growth markets due to the company's broad product portfolio and first-mover benefit in the HFO segment due to its association with Honeywell. The company received land allotment by RIICO, Rajasthan, to establish a R-32 refrigerant gas plant with an investment of ₹1,200 million. It is also adding capacity with a 7,200 MTPA facility in Mambattu, Andhra Pradesh, and upgrades at its Khalapur facility.

Ather Energy

Ather Energy has been one of the best-performing auto stocks this year, standing in 3rd position in the electric two-wheeler market, with 17% market share as of September 2025. This strong performance is driven by growing investor confidence towards the EV industry and increased demand for electric two-wheelers. It achieved a milestone by rolling out its 500,000th vehicle from its Hosur plant. Also, the introduction of the Rizta family scooter in 2024 has been a strong support in expanding to its larger customer base. The company is also focusing on Tier 2 and 3 cities in addition to metro markets and expanding in Middle and North India.

Aditya Infotech

Aditya Infotech’s IPO made a strong debut, listing over 50% above its issue price at ₹1,085. This rise is due to its unique business proposition, which has positioned Aditya Infotech as India’s largest player in the security and video surveillance market, serving both consumer and commercial segments through a pan-India sales, distribution, and service network. The company has advanced manufacturing and R&D capabilities, and recently, it announced plans to expand its global footprint by incorporating a wholly owned subsidiary in Taiwan, by setting up a R&D facility, to enhance its capabilities in the sector.

In conclusion

The strength of India's thriving primary market is demonstrated by the remarkable post-listing performance of IPOs such as Stallion India Fluorochemicals, KRN Heat Exchanger, Waaree Energies, and Ather Energy. Several listings have delivered returns of over 100%, backed by strong sectoral tailwinds, upbeat fundamentals, and strategic expansions, boosting investor confidence and highlighting the Indian IPO market’s capacity to reward growth-oriented companies.