August 2025 IPO Review: Aditya Infotech, NSDL, and Highway Infra Lead the Pack
August 2025 saw a robust IPO market in India, with 17 listings across various sectors. Aditya Infotech, NSDL, and Highway Infrastructure were among the top performers, while consumer and real estate IPOs faced more scrutiny. The market demonstrated a clear preference for infrastructure and resource-linked companies.
IpoInfrastructureReal EstateConsumerMarket PerformanceReal EstateSep 01, 2025
Among the 17 mainboard IPOs, more than 80% yielded listing gains for investors, although a few experienced tepid responses due to high valuations and associated business risks, analysts reported.
According to Prashanth Tapse, Research Analyst and Senior Vice President of Research at Mehta Equities, in August 2025, India’s mainboard IPO season delivered strong and healthy returns for investors, even as broader markets faced pressure from Trump’s tariff headlines and persistent FII outflows.
Prashanth highlighted that out of 17 mainboard IPOs, over 80% rewarded investors with listing gains, though a few faced muted responses due to stretched valuations and business risks. The overall sentiment remained buoyant, but the listings also underscored that investors are increasingly selective and valuation-conscious, avoiding aggressively priced issues without clear growth visibility.
Despite global volatility, robust domestic liquidity and active retail participation continued to be the key drivers of IPO performance and Tapse expects the same to continue in the coming months.
Further, market experts noted that the IPOs in August demonstrated a clear division: infrastructure and resources drew substantial pricing interest, while consumer technology and REITs sparked caution. The primary market remained strong, but the continuation of post-listing gains will depend on earnings performance in Q2 and the direction of domestic liquidity flows, which are currently at unprecedented levels.
As of Friday, August 30, among the 17 IPOs listed, Aditya Infotech Ltd led the way with an increase of 87.26%, followed by National Securities Depository Ltd (NSDL), which rose by 54.77%, Highway Infrastructure Ltd which saw a gain of 35.84%, and Regaal Resources Ltd which increased by 11.77%. On the other hand, the biggest losers included Laxmi India Finance Ltd, which fell by 17.90%, Gem Aromatics Ltd, down by 15.03%, and Mangal Electrical Industries Ltd, decreasing by 6.01%.
According to Harshal Dasani, Business Head of INVasset PMS, the standout was Highway Infrastructure, which delivered the year’s strongest debut with shares listing at ₹117 on BSE, a staggering 67% premium over its ₹70 issue price. Backed by a robust order book and visibility of execution in the road sector, the stock set the tone for infrastructure as a market darling. Regaal Resources too impressed with a 38–39% premium, listing near ₹141 against its ₹102 issue price, highlighting investor appetite for resource-linked plays.
Further, Dasani explained that among mid-sized industrials, All Time Plastics rewarded subscribers with a 14% premium at ₹314, riding on brand strength in household plastics, though volatility followed post-listing. JSW Cement, in contrast, opted for a measured entry—listing at ~ ₹153, just 4% higher than its ₹147 offer price. Analysts read this as investors pricing in sector demand but also factoring in capacity additions and margin pressures. Shreeji Shipping Global delivered a steady 7–8% premium at ~ ₹271, showcasing the steady appeal of logistics amid India’s trade growth.
Consumer-facing names faced more scrutiny. BlueStone Jewellery & Lifestyle, despite its scale and backing, disappointed with a marginal 1.3% discount at debut, opening at ₹510 versus the ₹517 offer. The muted start reflected stretched valuations and skepticism over profitability timelines for lifestyle-tech hybrids. Patel Retail, however, bucked the trend with a 17–19% premium, listing around ₹300, signaling resilience in value-driven retail formats, according to Harshal.
Smaller entrants such as Mangal Electricals listed marginally below issue at ₹556 versus ₹561, suggesting muted demand despite stable fundamentals. Gem Aromatics, another SME-focused IPO, saw traction in early trades but settled close to issue price, showing sector-specific limits. Finally, Knowledge Realty Trust REIT, India’s largest office real estate vehicle this year, opened modestly at ₹103–104, a 3–4% gain on its ₹100 offer. Its lukewarm reception underscored investor caution toward interest-rate sensitive real estate even as demand for Grade-A offices improves.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
Frequently Asked Questions
What were the top-performing IPOs in August 2025?
The top-performing IPOs in August 2025 included Aditya Infotech Ltd, National Securities Depository Ltd (NSDL), Highway Infrastructure Ltd, and Regaal Resources Ltd. Aditya Infotech led with an 87.26% increase, followed by NSDL with a 54.77% rise, Highway Infrastructure with a 35.84% gain, and Regaal Resources with an 11.77% increase.
Why did some IPOs face tepid responses in August 2025?
Some IPOs faced tepid responses due to high valuations and associated business risks. Analysts noted that investors are becoming increasingly selective and valuation-conscious, avoiding aggressively priced issues without clear growth visibility.
How did consumer-facing IPOs perform in August 2025?
Consumer-facing IPOs faced more scrutiny and generally performed less well compared to infrastructure and resource-linked IPOs. BlueStone Jewellery & Lifestyle, for example, disappointed with a marginal 1.3% discount at debut, while Patel Retail bucked the trend with a 17–19% premium.
What was the performance of Knowledge Realty Trust REIT in August 2025?
Knowledge Realty Trust REIT, India’s largest office real estate vehicle, opened modestly at ₹103–104, a 3–4% gain on its ₹100 offer. Its lukewarm reception underscored investor caution toward interest-rate sensitive real estate, even as demand for Grade-A offices improves.
What factors drove the strong performance of infrastructure IPOs in August 2025?
The strong performance of infrastructure IPOs in August 2025 was driven by robust domestic liquidity, active retail participation, and the visibility of execution in the road sector. Highway Infrastructure, for example, delivered the year’s strongest debut with shares listing at ₹117 on BSE, a 67% premium over its ₹70 issue price.
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