The IPO market thrived in 2025, with 365 offerings raising ₹1.95 trillion and many SME issues seeing subscriptions over 100 times. While some stocks delivered substantial returns, most listings failed to maintain initial gains, exposing the gap between investor optimism and actual performance.
Retail frenzy drives 61 SME IPOs to 100–1,000x subscriptions in 2025; 15 turn multibaggers
