Multibagger IPOs: Waaree Energies, Aditya Infotech Among Top Gainers Since Diwali 2024
India's IPO market shines since Diwali 2024 with Waaree Energies, Aditya Infotech, and Stallion India delivering over 300% returns. FY26 outlook remains strong.
Multibagger IPOs: Waaree Energies, Aditya Infotech Among Top Gainers Since Diwali 2024
Multibagger IPOs: Waaree Energies, Aditya Infotech Among Top Gainers Since Diwali 2024
India's IPO market has been on a roll since Diwali 2024, witnessing historic fundraising and surging investor enthusiasm. Major companies such as Tata Capital, LG Electronics India, and WeWork India made their market debut, with overall funds raised projected to exceed ₹1.5 lakh crore in October 2025 alone.
These IPOs have not only set new fundraising benchmarks but also produced multibagger returns for savvy investors, reaffirming confidence in the Indian capital markets as the nation enters Samvat 2082.
Top Multibagger IPOs Since Diwali 2024
Company | Listing Date | Issue Price (₹) | Price as on Oct 20 (₹) | Gain (%) |
---|---|---|---|---|
Stallion India Fluorochemicals | 23 Jan 2025 | 90 | 374.55 | 316% |
KRN Heat Exchanger & Refrigeration | 03 Oct 2024 | 220 | 849.5 | 286% |
Zinka Logistics Solutions (Black Buck) | 22 Nov 2024 | 273 | 689.9 | 153% |
Quality Power Electrical | 24 Feb 2025 | 425 | 998.95 | 135% |
Waaree Energies | 28 Oct 2024 | 1,503 | 3,505.9 | 133% |
Ather Energy | 06 May 2025 | 321 | 722.1 | 125% |
Diffusion Engineers | 04 Oct 2024 | 168 | 369.6 | 120% |
Aditya Infotech | 05 Aug 2025 | 675 | 1,419.35 | 110% |
Garuda Construction & Engineering | 15 Oct 2024 | 95 | 197.5 | 107% |
Source: BSE, Trendlyne
Key Trends and Insights
According to Kotak Institutional Equities, the Indian primary market in 2025 has seen significant activity, with 80 firms raising US$14 billion compared to 91 firms that raised US$19 billion in 2024. Offer-for-sale (OFS) dominated new capital in total IPO issuance.
However, market performance remains mixed: only 15% of firms achieved returns greater than 25% in 2025, down from 41% in 2024, and 38% are trading below their issue price, highlighting challenges in sustaining initial gains.
Looking Ahead: FY26 IPO Outlook
India's IPO market is expected to remain strong in FY26, with continued record fundraising and high-quality listings. Prominent upcoming IPOs from Reliance Jio, Tata Capital, and LG Electronics India are projected to drive fundraising beyond ₹1.5 trillion, with fintech, tech, and renewable energy sectors leading the charge.