IPOs in February 2025: Listing Gains, GMP & Subscription

20 IPOs listed in February 2025 — 4 mainboard and 16 SME. The average listing gain was +0.6%, and 9 of 20 listed above their issue price. The best listing was Chamunda Electricals at +40.0%. The grey market's estimate was met or beaten in 11 of 20.

IPOs listed in February 2025

IPO	Type	Listed	Issue price	Listing price	Listing gain	Subscribed	GMP estimate
Dr. Agarwal's	Mainboard	5 Feb	₹402	₹392.05	−2.5%	1.49x	₹398 ✗
Malpani Pipes	SME	5 Feb	₹90	₹80	−11.1%	146.93x	₹92 ✗
Chamunda Electricals	SME	11 Feb	₹50	₹70	+40.0%	737.97x	₹70 ✓
Amwill Healthcare	SME	12 Feb	₹111	₹88.85	−19.9%	5.73x	₹111 ✗
Ken Enterprises	SME	12 Feb	₹94	₹85	−9.6%	4.36x	₹99 ✗
Solarium Green	SME	13 Feb	₹191	₹202	+5.8%	8.83x	₹196 ✓
Readymix Construction	SME	13 Feb	₹123	₹123	+0.0%	4.61x	₹123 ✓
Eleganz Interiors	SME	14 Feb	₹130	₹122	−6.2%	30.65x	₹135 ✗
Ajax Engineering	Mainboard	17 Feb	₹629	₹576	−8.4%	6.06x	₹626 ✗
Chandan Healthcare	SME	17 Feb	₹159	₹165.1	+3.8%	7.04x	₹159 ✓
Hexaware Technologies	Mainboard	19 Feb	₹708	₹745.5	+5.3%	2.05x	₹708 ✓
Voler Car	SME	19 Feb	₹90	₹90	+0.0%	13.62x	₹95 ✗
Maxvolt Energy	SME	19 Feb	₹180	₹180	+0.0%	3.23x	₹180 ✓
PS Raj Steels	SME	19 Feb	₹140	₹145	+3.6%	9.82x	₹143 ✓
Shanmuga Hospital	SME	20 Feb	₹54	₹54	+0.0%	2.51x	₹57 ✗
Quality Power	Mainboard	21 Feb	₹425	₹430	+1.2%	1.29x	₹415 ✓
L.K. Mehta Polymers	SME	21 Feb	₹71	₹71.1	+0.1%	44.57x	₹76 ✗
Tejas Cargo	SME	24 Feb	₹168	₹175	+4.2%	1.15x	₹168 ✓
Swasth Foodtech	SME	28 Feb	₹94	₹94	+0.0%	7.83x	₹94 ✓
HP Telecom India	SME	28 Feb	₹108	₹115.05	+6.5%	1.91x	₹108 ✓

✓ the listing price met or beat the grey market's estimate; ✗ it fell short.

← January 2025 · March 2025 →

Every listing since the tracker began is on the IPO performance page. GMP is an unofficial estimate, not a promise; see the disclaimer.