IPOs in March 2025: Listing Gains, GMP & Subscription
Monthly round-up
By IPO GMP Status desk · Updated 28 March 2025 · How we compile these figures
5 IPOs listed in March 2025 — 0 mainboard and 5 SME. The average listing gain was −5.9%, and 2 of 5 listed above their issue price. The best listing was NAPS Global India at +20.0%. The grey market's estimate was met or beaten in 2 of 5.
IPOs listed in March 2025
| IPO | Type | Listed | Issue price | Listing price | Listing gain | Subscribed | GMP estimate |
|---|---|---|---|---|---|---|---|
| Beezaasan Explotech | SME | 3 Mar | ₹175 | ₹146 | −16.6% | 5.43x | ₹176 ✗ |
| Nukleus Office Solutions | SME | 4 Mar | ₹234 | ₹187.2 | −20.0% | 1.29x | ₹234 ✗ |
| Shreenath Paper | SME | 5 Mar | ₹44 | ₹35.2 | −20.0% | 1.85x | ₹44 ✗ |
| Balaji Phosphates | SME | 7 Mar | ₹70 | ₹75 | +7.1% | 1.21x | ₹70 ✓ |
| NAPS Global India | SME | 11 Mar | ₹90 | ₹108 | +20.0% | 1.19x | ₹90 ✓ |
✓ the listing price met or beat the grey market's estimate; ✗ it fell short.
← February 2025 · April 2025 →
Every listing since the tracker began is on the IPO performance page. GMP is an unofficial estimate, not a promise; see the disclaimer.