After a near two-month lull in mainboard IPO activity, May 2025 marked a decisive revival in India's primary market. Investor enthusiasm surged across categories — but not every company that opened for subscription delivered on listing day. Here's a complete breakdown of every major IPO that hit the market in May 2025.

The Month in Numbers

Before diving into individual IPOs, the macro picture tells an important story. May 2025 saw average overall subscription surge to 64 times, with NII (Non-Institutional Investor) participation averaging 93 times and retail averaging 69 times. QIB appetite was particularly strong, driven by select issues like Belrise Industries and Borana Weaves.

This was a sharp reversal from the weak sentiment seen in February 2025, fuelled by smaller issue sizes, grey market optimism, and a recovering secondary market.

IPO #1: Ather Energy — India's First Mainboard IPO of FY26

Sector: Electric Vehicles | Issue Size: ₹2,981 crore
Price Band: ₹304–321 | Listing Date: May 6, 2025
Listing Price: ₹328 (NSE) | Listing Gain: ~2.2%

Ather Energy's IPO was the most-watched offering of the season — the first mainboard issue of FY2025-26 and India's first major pure-play EV IPO. Founded by IIT alumni Tarun Mehta and Swapnil Jain, the Bengaluru-based company had built a loyal following for its premium electric two-wheelers and in-house R&D (273 patents filed, 45 granted as of mid-2024).

The IPO comprised a fresh issue of ₹2,626 crore and an OFS of ₹354.8 crore. Proceeds were earmarked for capacity expansion, R&D investment, and marketing.

What happened? Despite the brand excitement, the listing was underwhelming — a modest 2.18% gain over the issue price. Analysts attributed this to aggressive valuations and investor caution around loss-making EV companies in a volatile rate environment. Subscription itself was muted compared to other May IPOs.

Long-term view: The stock has since recovered strongly. By February 2026, Ather had delivered over 120% returns from its issue price, vindicating investors who held through the weak listing.

Verdict: Weak listing, strong long-term story. Classic "buy-and-hold" IPO for those who believed in the EV thesis.

IPO #2: Belrise Industries — The Month's Star Performer

Sector: Auto Components | Issue Size: ₹2,150 crore (100% fresh issue)
Price Band: ₹85–90 | Listing Date: May 28, 2025
Listing Price: ₹100 (NSE) | Listing Gain: ~11%

If Ather disappointed on listing day, Belrise more than made up for it. This Pune-based automotive component manufacturer — supplying to OEM giants like Hero MotoCorp and Jaguar Land Rover — drew massive institutional interest.

Subscription numbers were extraordinary:

• Overall: 43.14x

• QIB: 112.63x

• NII: 40.58x

• Retail: 4.52x (1 in 4 allotment chance)

The company plans to use IPO proceeds primarily for debt repayment and general corporate purposes, strengthening its balance sheet for EV-ready component expansion.

What happened? Belrise listed at ₹98.50 on BSE and ₹100 on NSE — a clean 11% gain. By February 2026, the stock had delivered over 107% returns from its ₹90 issue price, making it one of 2025's top-performing mainboard IPOs.

Verdict: Strong fundamentals + institutional conviction = rewarding listing and even better long-term returns.

IPO #3: Borana Weaves — The Subscription Sensation

Sector: Textiles (Synthetic Grey Fabric) | Issue Size: ₹144.89 crore
Price Band: ₹205–216 | Listing Date: May 27, 2025
Listing Gain: ~18%

Small in size but massive in demand, Borana Weaves was the talk of the grey market in May. The Surat-based textile manufacturer — incorporated just in 2020 — produces unbleached synthetic grey fabric for further processing and export markets.

The subscription numbers were staggering:

• Overall: ~147x

• QIB: ~87x

• NII: Hugely oversubscribed

The company planned to use proceeds to set up a new manufacturing unit in Surat and fund working capital.

What happened? Borana delivered an impressive 18% listing gain, rewarding the many retail investors who had applied with near-zero allotment probability. The GMP had signalled ~27–28% premium ahead of listing, so the actual gain came in slightly below expectations — but still a strong debut.

Verdict: Best short-term listing gain of the month. High-risk, high-reward SME-style play in a mainboard wrapper.

IPO #4: Schloss Bangalore (Leela Hotels) — Brand Premium, Flat Listing

Sector: Luxury Hospitality | Issue Size: ₹3,500 crore
Price Band: ₹413–435 | Open/Close: May 26–28, 2025
Listing Date: June 2, 2025 | Listing Price: ₹406 (NSE)
Listing Performance: -6.7% (Discount)

The IPO everyone was talking about — Schloss Bangalore, the parent company of The Leela Palaces, Hotels & Resorts, finally made its stock market debut. India's only institutionally-owned pure-play luxury hospitality company operates 13 hotels with 3,553 keys across Delhi, Bengaluru, Chennai, Jaipur, Udaipur, and more.

The IPO included ₹2,500 crore as a fresh issue (for debt repayment) and ₹1,000 crore as OFS. Anchor investors poured in ₹1,575 crore.

Subscription was moderate:

• Overall: 4.5x

• QIB: 7.82x (only category with strong demand)

• NII: 1.08x

• Retail: 0.87x (undersubscribed!)

What happened? Leela debuted at ₹406 on NSE — a 6.67% discount to the issue price of ₹435. The stock quickly recovered during the session, trading as high as ₹439, before closing near ₹434 — essentially flat. The weak retail participation reflected pricing concerns; at ₹435/share, many investors felt there was limited upside built in.

Verdict: Premium brand, fair long-term play, but the IPO was priced for perfection. Analysts described it as "fairly priced" rather than a value buy. Suited for long-term portfolio holders, not listing-day traders.

IPO #5: Aegis Vopak Terminals — Quiet Debut, Solid Business

Sector: Terminal Logistics & Tank Storage | Issue Size: ₹2,800 crore
Price Band: ₹235/share | Open/Close: May 26–28, 2025
Listing Date: June 2, 2025
Listing Price: ₹220 (NSE) | Listing Performance: -6.4%, recovered to +3%

A joint venture between Aegis Logistics (India) and Royal Vopak (Netherlands), Aegis Vopak Terminals operates critical liquid bulk storage infrastructure across India's ports.

Subscription:

• Overall: 2.09x

• QIB: 3.47x

• NII & Retail: Undersubscribed

What happened? The stock listed at ₹220 — a 6.38% discount — but quickly bounced, hitting the 10% upper circuit at ₹242 within the first session. The day closed at ₹242, representing a 3% gain over the issue price. A classic case of a weak open but a fundamentally strong business finding its footing fast.

Verdict: Infrastructure-backed, utility-like business with steady cash flows. The weak retail demand was more about unfamiliarity with the terminal logistics sector than business quality.

IPO #6: Scoda Tubes — The Quiet One

Sector: Stainless Steel Tubes & Pipes | Issue Size: ₹220 crore (100% fresh issue)
Price Band: ₹130–140 | Open/Close: May 28–30, 2025
Listing Date: June 4, 2025 | Listing Price: ₹140 (flat)**

Gujarat-based Scoda Tubes manufactures stainless steel seamless and welded pipes and tubes — niche industrial products with steady demand from oil & gas, pharma, and infrastructure sectors.

The IPO was fully subscribed within hours of opening on Day 1, with QIBs at 1.4x. Proceeds were earmarked for capacity expansion and working capital.

What happened? Scoda listed exactly at its issue price of ₹140 — neither a gain nor a loss. A flat listing in a choppy market was considered a decent outcome, though it disappointed investors who had hoped for a listing pop given the full Day 1 subscription.

Verdict: Niche industrial play. Flat listing reflects accurate pricing. A long-term bet on India's infrastructure and manufacturing theme.

Key Themes from May 2025 IPOs

1. The Market Was Selective, Not Euphoric

Unlike the blanket enthusiasm of 2023–24, May 2025 investors applied discipline. Issues perceived as aggressively priced (Leela Hotels, Aegis Vopak) saw weak retail participation, while reasonably priced issues with strong OEM relationships (Belrise) and high-growth stories (Borana Weaves) saw explosive subscription.

2. Smaller Issues, Bigger Subscription

Borana Weaves (₹144 crore) drew 147x subscription; Belrise (₹2,150 crore) drew 43x. Meanwhile, Schloss Bangalore (₹3,500 crore) barely crossed 4.5x. The market was rewarding smaller, more digestible issues with stronger growth visibility.

3. QIBs Lead, Retail Follows — But Not Blindly

QIB subscription was a reliable signal. Where QIBs were enthusiastic (Belrise at 112x, Borana at 87x), retail eventually followed in the grey market. Where QIBs were moderate, retail was even more cautious.

4. Listing Day ≠ Long-Term Story

Ather Energy's 2% listing gain has become a 120%+ return within 9 months. Belrise's 11% listing was just the beginning of a 107%+ journey. May 2025 rewarded patient investors more than day-traders.

5. Pricing Is Everything

The month's underperformers — Leela Hotels, Aegis Vopak, Scoda Tubes — weren't bad businesses. They were fairly to aggressively priced, leaving little on the table for listing gains. Belrise and Borana Weaves priced conservatively and were rewarded with both subscription and listing performance.

May 2025 IPO Scorecard

Long-term returns as of Feb 2026 where available

May 2025 was a month of contrasts — explosive subscription for the right stories, indifference toward premium-priced large issues, and ultimately, strong rewards for investors who trusted fundamentals over hype. The revival of the IPO market after a two-month hiatus was real, but so was the investor maturity that came with it.

For anyone tracking the IPO space, May 2025 is a masterclass in reading between the lines: GMP tells you sentiment, QIB subscription tells you conviction, and pricing tells you everything else.

This article is for informational and educational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Please consult a SEBI-registered financial advisor before investing.

Where Are They Now? Current Status (May 2026)

One year on from listing — here's how every May 2025 IPO is trading today:

Approximate prices as of mid-to-late May 2026

Key Takeaways — One Year Later

Ather Energy: The Biggest Surprise What looked like a dull 2.2% listing has become a nearly 3x return in 12 months. The stock crossed ₹946 in early May 2026 and has a 52-week high of ₹971. Ather's Rizta scooter crossed 3 lakh units sold, and losses narrowed sharply — from ₹197 crore in Q1 FY26 to just ₹84 crore by Q3 FY26. The EV thesis played out exactly as long-term investors hoped.

Belrise Industries: Steady Compounder From ₹90 to over ₹216 — a 140% return in a year. The company declared a dividend in July 2025, reported 21% profit growth in Q3 FY26, and is pursuing an acquisition of a UK aerospace firm (Chester Hall Precision Engineering). Its post-IPO debt repayment gave it a cleaner balance sheet and better earnings quality.

Borana Weaves: Small Cap, Big Returns The tiny textile maker from Surat quietly delivered 61% returns. Net profit jumped 112% YoY in Q2 FY26 and 63% in Q3 FY26. The company is doubling loom capacity to 2,000 by 2028 and commissioned a 3.5 MW rooftop solar project ahead of schedule. A genuine growth story in the making.

Schloss Bangalore (Leela Hotels): Stuck Near Issue Price Now rebranded as Leela Palaces Hotels & Resorts Ltd (NSE: LEEA) after a name change in September 2025, the stock trades around ₹423 — still below the ₹435 IPO price. However, analysts are bullish: 14 out of 14 analysts rate it a Strong Buy with an average target of ₹554. The company now owns 14 operational hotels and has an expanding asset-light pipeline including properties in Dubai, Sikkim, and Jaisalmer.

Aegis Vopak: Below Issue Price The biggest disappointment of the group. After hitting a 52-week high of ₹302, the stock has corrected sharply to around ₹203 — a 14% loss from the IPO price. The infrastructure business is fundamentally sound (net profit jumped 62% in Q3 FY26), but the high PE (130x+) and slow growth expectations have weighed on the stock.

Scoda Tubes: Going Nowhere Fast Essentially flat — listed at ₹140, currently at ~₹146, just 4% above the issue price. The stock hit a high of ₹230 before pulling back. Revenues growing at 21% YoY and profits rising steadily, but the market hasn't re-rated the stock yet. A patient long-term bet on India's industrial capex cycle.

The Final Verdict on May 2025 IPOs

If you had applied to all six May 2025 IPOs and held every allotment to today, your blended return would be approximately +61% — comfortably beating the broader indices over the same period. The lesson: even in a mixed batch of IPOs, holding quality names through weak listings pays off. Ather and Belrise alone more than compensated for the underperformers.

The IPO game is rarely won on listing day. It's won by choosing the right businesses and giving them time.

All current prices are approximate and as of May 2026. Past performance is not indicative of future results. This is not investment advice.