IPO Frenzy Fizzles: Top 10 debuts that disappointed investors in 2025

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The year 2025 has turned out to be a blockbuster for India’s primary market, with over 90 initial public offerings (IPOs) raising a record Rs 1.5 lakh crore so far. However, despite the strong inflow of capital, most listings have failed to impress investors, with many debuting flat or in the red. A handful of IPOs did see healthy premiums, but the overall listing performance remained subdued compared to the buoyant debut rallies of 2024.

Here’s a look at the top 10 worst-performing IPOs of 2025, many of which have continued to decline post-listing.

Glottis Ltd: Glottis Ltd’s IPO turned out to be the worst performer of 2025. The stock listed at nearly 35 percent below its issue price of Rs 129 per share and has since slumped further, now trading about 45 percent lower. The company, which raised Rs 300 crore through its October issue, had seen moderate demand with a subscription of 2 times. Glottis provides multi-modal integrated logistics solutions across ocean, air and road segments. For FY25, the firm reported a profit of Rs 56.1 crore, up 81.4 percent from Rs 31 crore last year, while revenue surged 89.3 percent to Rs 941.2 crore.

Gem Aromatics: The second-worst performer, Gem Aromatics, made a flat debut in August with just a 2 percent gain but has since fallen around 35 percent below its issue price of Rs 325 per share. The Rs 450-crore issue was oversubscribed 30 times. The company manufactures speciality ingredients, including essential oils and aroma chemicals, used in oral care, cosmetics, nutraceuticals, pharmaceuticals and personal care. In FY25, its revenue rose 11.4 percent to Rs 503.95 crore, while profit grew 6.5 percent to Rs 53.38 crore.

Om Freight Forwarders: The logistics firm saw a rough debut, listing at a 33 percent discount to its issue price of Rs 129. The Rs 122.31-crore IPO was subscribed 3.86 times. The company offers third-party logistics services, including freight forwarding, customs clearance, warehousing and multimodal transportation. It reported a net profit of Rs 21.99 crore on revenue of Rs 494.05 crore in FY25.

BMW Ventures Ltd: BMW Ventures’ Rs 232-crore IPO listed 29 percent below its issue price of Rs 99 and now trades 33 percent lower. Subscribed 1.5 times, the company is involved in the trading and distribution of steel products, tractor engines and PVC pipes. It reported revenue of Rs 2,062 crore in FY25, up 6 percent year-on-year, with net profit rising 10 percent to Rs 32.8 crore.

VMS TMT Ltd: The manufacturer of thermo-mechanically treated bars debuted just 4 percent below its issue price of Rs 99 but now trades more than 32 percent lower. The Ahmedabad-based firm reported revenue of Rs 872.96 crore in FY24 compared to Rs 770.19 crore in FY25, with profit rising to Rs 14.74 crore from Rs 13.47 crore.

Jaro Institute of Technology: The education technology firm’s IPO, priced at Rs 890 a share, listed 16 percent lower and has since declined about 30 percent. The Rs 450-crore issue in September saw a strong 22 times subscription. Jaro Institute offers over 260 higher education and management programs through 36 partner institutions, including IITs, IIMs and global schools. For FY25, it reported a profit of Rs 52 crore on revenue of Rs 252.3 crore, up from Rs 38 crore on Rs 199 crore a year earlier.

Dev Accelerator Ltd: Known for its coworking spaces under the brand DevX, the company’s stock listed with a 5 percent premium but has since dropped 27 percent below its issue price of Rs 61. The Rs 144-crore IPO was subscribed 64 times. For FY25, total income rose 61 percent to Rs 179 crore, while net profit increased to Rs 1.74 crore from Rs 0.43 crore in FY24.

Laxmi Dental Ltd: Laxmi Dental’s IPO, which was among the most subscribed of 2025 at 114 times, debuted at a 28 percent premium in January but has since erased gains and now trades 27 percent below its issue price of Rs 428. The Rs 700-crore issue funded expansion of its six dental manufacturing facilities across India. The company reported revenue growth from Rs 140 crore in FY22 to Rs 240 crore in FY25, with net profit rising to Rs 262 crore.

Arisinfra Solutions: The Rs 500-crore IPO of Arisinfra Solutions debuted at a 21 percent discount to its issue price of Rs 222 and remains down 26 percent. The issue, subscribed 2.3 times, was launched in June. The company operates a B2B platform for procurement of construction materials. For the nine months ended FY25, revenue stood at Rs 546.52 crore against Rs 696.84 crore in FY24, while net profit came in at Rs 6.52 crore compared to a loss of Rs 17.29 crore earlier.

Capital Infra Trust: Closing the list is Capital Infra Trust, which listed flat in January and now trades more than 21 percent below its issue price of Rs 99. The Rs 1,578-crore InvIT, sponsored by Gawar Construction, focuses on road and highway infrastructure assets. The trust reported a consolidated net loss of Rs 73.72 crore in Q1 FY26, compared to a loss of Rs 37.31 crore in the previous quarter, even as revenue rose to Rs 188.69 crore from Rs 159.06 crore.