Abhishek SinhaIn the Indian stock market, oversubscription in IPOs is often seen as a sign of massive demand and investor confidence. But is a sky-high subscription figure really a guarantee of strong post-listing returns?
According to data shared by @SumitResearch on X, several of the most oversubscribed IPOs of 2025 have delivered disappointing performance since listing—raising the question: “क्या IPO ओवरसब्सक्रिप्शन धोखा है?”
Oversubscribed IPOs in 2025 and Their Returns
| IPO Name | Subscription (x) | Return Since Listing |
|---|---|---|
| Highway Infra | 317x | -32% |
| IndoFarm | 228x | -18% |
| Denta Water | 222x | +35% |
| Quadrant | 196x | +8% |
| Stallion | 188x | +91% |
| Standard Glass | 185x | +2% |
| Regaal Resource | 160x | -37% |
| GNG Elec | 150x | -3% |
| Borana Weaves | 148x | -11% |
| Laxmi Dental | 114x | -40% |
Key Insights
- Hype vs. Reality: Despite massive oversubscription (100x+ in many cases), most IPOs have failed to deliver positive returns.
- Mixed Bag: While Stallion (+91%) and Denta Water (+35%) rewarded investors, names like Laxmi Dental (-40%) and Regaal Resource (-37%) wiped out wealth.
- High Risk in Small-Cap IPOs: Many of these belong to small or mid-sized companies, where speculative frenzy often drives subscriptions rather than fundamentals.
- Investor Lesson: Oversubscription is not a guarantee of profits—valuations, business strength, and market timing matter more.
The Takeaway
The 2025 IPO trend shows that investor frenzy can be misleading. For retail investors, chasing oversubscribed IPOs blindly can result in losses. Instead, focusing on fundamentals, sector growth potential, and long-term prospects is the smarter strategy.
Oversubscription might reflect demand, but sustainable wealth is created only when strong businesses back it up.
