IPO Market Springs Back to Life in Early FY26

The Initial Public Offering (IPO) market in India is showing signs of strong recovery in the first quarter of the financial year 2026, after a quieter period in the previous two quarters (Q3 and Q4 FY25). This renewed interest is evident in the benchmark BSE IPO index, which has rallied by almost 24% from its lows since April 23, indicating growing confidence in recently listed companies. 

While the 2025 IPO season began on a slower note with only 14 companies listed so far, compared to nearly 30 companies in the first five months of 2024, the strong performance of some new listings suggests a positive shift. 

Here are five of the top-performing IPOs of 2025 that have successfully held onto their listing gains: 

Belrise Industries 

Belrise Industries, a manufacturer of automotive steel metal and casting parts, raised ₹2,150 crore through an entirely fresh issue, primarily to repay borrowings. The shares listed with a 10% premium from their issue price of ₹90. While they have given up most of those initial gains, they are currently trading at ₹92 apiece. 

Quadrant Future Tek 

This company is a key player in developing advanced train control and signaling systems for Indian Railways' "KAVACH Project." Their ₹290 crore IPO, entirely a fresh issue, aimed to fund capital expenses for electronic interlocking systems and working capital needs. The shares debuted on the NSE at ₹360, a 24% jump from the issue price of ₹290.  

Quadrant Future Tek share price soared to a 52-week high of ₹744 and are currently trading at ₹450, showing a healthy 55% gain from the issue price. 

Standard Glass Lining Technology 

As a manufacturer of engineering equipment for the pharmaceutical and chemical industries in India, Standard Glass Lining Technology offers complete solutions from design to installation. Their ₹410 crore IPO included both new shares and an offer for sale from existing owners.  

The shares listed with a good 22.5% premium at ₹172 on NSE and ₹176 on BSE. After a brief dip below the issue price in March 2025, the share prices have bounced back and are currently trading 25% higher at ₹177 on the NSE. 

Hexaware Technologies 

A leading Indian technology company specialising in digital business and Artificial Intelligence solutions, Hexaware Technologies raised a significant ₹8,750 crore through its IPO, which was entirely an offer for sale. The shares had a modest listing, gaining 3.2% to ₹731 on NSE and ₹745 on BSE. However, Hexaware Technologies share price have since climbed further and are currently trading 16% above their issue price of ₹708. 

Quality Power Electrical Equipment 

This company, involved in energy transition equipment and power technologies, raised ₹858 crore through its IPO, a mix of fresh issue and offer for sale. Despite a quiet listing at ₹430 on the NSE against an issue price of ₹425, the shares have seen steady gains. They are currently trading 12.5% higher than the issue price at ₹480 on the NSE. 

Read more:  Coal India to File Draft Papers for 2 Subsidiaries’ IPO Soon

Conclusion 

The strong performance of these recent IPOs in Q1 FY26, alongside the rally in the BSE IPO index, indicates a positive shift in investor sentiment towards new listings after a subdued period. This could signal a more vibrant IPO market in the coming months. 
 
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.