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IPO Review: Aditya Infotech, NSDL, among top performing IPOs in August

Posted By: Ajay Rawat Posted On: Sep 01, 2025Share Article
August 2025 marked one of the most active months for India's primary markets, featuring 17 IPO listings across sectors such as consumer, infrastructure, industrials, and real estate. The performances indicated a noticeable split between businesses associated with long-term infrastructure and commodities versus those connected to discretionary consumption and retail, according to experts. These 17 mainboard IPOs have gathered around 21,729 crores.

IPO Review: Aditya Infotech, NSDL, Highway Infra, among top performing IPOs in August. Will the momentum continue?

August 2025 marked one of the most active months for India's primary markets, featuring 17 IPO listings across sectors such as consumer, infrastructure, industrials, and real estate. The performances indicated a noticeable split between businesses associated with long-term infrastructure and commodities versus those connected to discretionary consumption and retail, according to experts. These 17 mainboard IPOs have gathered around 21,729 crores.

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, 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 expect the same to continue in coming months," believes Tapse.

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.

August 2025 - IPO Market Review

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 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.

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