These Six Indian IPOs Launched in 2025 Are Trading Below Their IPO Price

Six of the nearly 100 IPOs launched in 2025 set retail shareholder quotas above the minimum 35% limit mandated by the Securities and Exchange Board of India (SEBI). According to news reports, these IPOs, Highway Infrastructure, BMW Ventures, Om Freight Forwarders, Glottis, VMS TMT, and Patel Retail. All these IPOs allocated a larger share to retail investors.

Highway Infrastructure

Highway Infrastructure’s ₹130 crore IPO reserved 40% for retail investors. The issue drew massive interest, with total subscription reaching 300 times the shares on offer. Retail applications alone were 155 times the quota. Despite the strong demand, the stock has slipped 5% below its issue price of ₹70 as of November 25, 2025.

Patel Retail

Patel Retail set aside 45% of its ₹243 crore IPO for retail buyers. The issue saw an impressive overall subscription of 95.7 times, while the retail category was subscribed to 42 times. The stock, however, closed ~8% lower than its issue price of ₹255.

BMW Ventures

BMW Ventures offered the highest retail quota of the year, a steep 75% for its ₹231 crore IPO. But the response was muted: total subscription was only 1.5 times, and even the retail portion failed to fully subscribe, ending at 99%. By November 21 close, the shares were trading 29% below their issue price of ₹99.

Om Freight Forwarders

Om Freight Forwarders priced its ₹122 crore IPO at ₹135 per share and allocated 47% to retail investors. The issue received mild interest, with total subscription at 3.87 times, and the retail portion subscribed 2.75 times. The stock has since fallen sharply, ending 32% below its IPO price.

Glottis

Glottis earmarked 40% of its ₹307 crore offering for retail participants, pricing the IPO at ₹129 per share. Demand remained subdued, with overall subscription at just 2.05 times and retail at 1.42 times. As of November 21, the stock had plunged 48% from its issue price.

Also Read: Upcoming IPOs This Week (Nov 24–28): SSMD Agrotech & More Hit the Market

VMS TMT

VMS TMT reserved half of its ₹148 crore IPO for retail investors, a significant 50% allocation. Though the issue saw robust demand with a remarkable 102.27x subscription, post-listing performance has disappointed. By Friday’s close, the stock was down 36% from its issue price of ₹99.

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