India’s IPO market experienced significant activity and innovation from Diwali 2024 to October 2025, representing a festive surge in capital raising and investor enthusiasm across various sectors. During this period, numerous prominent companies successfully entered the public markets, achieved historic fundraising records, improved market diversity and demonstrated strong local investor confidence, even in the face of global uncertainty. This surge in IPOs since Diwali 2024 has redefined fundraising standards and created a fresh story for market expansion as India welcomes Samvat 2082. The IPO boom in India from Diwali 2024 to October 2025 illustrates a vibrant and assured capital market environment, with both investors and companies showing optimism and determination despite international challenges and determination. October 2025 was particularly noteworthy, with major players like Tata Capital, LG Electronics India and WeWork India making their market debuts, and the total funds raised in that month expected to cross ₹1.5 lakh crore, establishing this Diwali as a key fundraising season, according to reports. Notable offerings such as the Tata Capital IPO (up to ₹15,512 crore) emerge as one of the largest in the country, rivaling recent milestones achieved by LIC and Hyundai Motor India. Top Multibagger IPO Over the course of a year from Diwali 2024 to Diwali 2025, several stocks emerged as multibagger, providing substantial returns to investors. Leading this impressive list is Stallion India Fluorochemicals with a remarkable 316% increase, followed by eight others: KRN Heat Exchanger and Refrigeration at 286%, Zinka Logistics Solutions (Black Buck) at 153%, Quality Power Electrical at 135%, Waaree Energy at 133% 1, D2 Engines at 133%, D2. 120%, Aditya Infotech at 110%, and Garuda Construction and Engineering at 107%. Company Name Listing Date Issue Price Price as on 20 Oct (Rs) Current Profit (%) as on 20 Oct Stallion India Fluorochemicals 23 Jan `25 ₹90 374.55 316% KRN Heat Exchanger and Refrigeration 03 Oct `24 ₹% 5 246 226 Nov. `24 ₹273 689.9 153% Quality Power Electric 24 Feb. `25 ₹425,998.95 135% Waaree Energies 28 Oct `24 ₹1,503,3505.9 133% Ather Energy 06 May `25 ₹321,722.1 125% Diffusion Engineers 04 Oct `16% 3 Oct `148% 3.Oct. Aditya Infotech Aug 05 `25 ₹675 1,419.35 110% Garuda Construction and Engineering Oct 15 `24 ₹95 197.5 107% Source: BSE, trend lines Key trends so far As per Kotak Institutional Equities, the Indian primary market saw significant issuance in 2025, following a remarkable year in 2024. 91 firms raising US$19 billion in 2024 collected. Over the past few years, offer for sale (OFS) has dominated over new capital in the total IPO issuance. A growing number of IPOs showed poor listings in CYTD25, with only 15% of companies achieving returns of more than 25% compared to 41% in 2024. Additionally, between 2021 and 2025, nearly 27% of companies debuted below their issue price. Moreover, data suggests that a large number of companies have struggled to maintain their profits even after a strong listing. Currently, 38% of companies are trading below their issue price, according to Kotak Institutional Equities. Road Ahead India’s IPO market is expected to remain strong in FY26, with record fundraising capabilities, high-quality listings and increased engagement from both institutional and retail investors. Reports suggest fundraising could exceed R1.5 trillion, driven by large-cap IPOs from prominent companies such as Reliance Jio, Tata Capital and LG Electronics India, along with ongoing activity from fintech, technology and renewable energy sectors. Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Multibagger IPO: Waaree Energies, Aditya Infotech among nine IPOs returns over 300% since last Samvat
