IPOs in May 2025: Listing Gains, GMP & Subscription
Monthly round-up
By IPO GMP Status desk · Updated 28 May 2025 · How we compile these figures
13 IPOs listed in May 2025 — 3 mainboard and 10 SME. The average listing gain was +5.8%, and 9 of 13 listed above their issue price. The best listing was Srigee DLM at +90.0%. The grey market's estimate was met or beaten in 3 of 13.
IPOs listed in May 2025
| IPO | Type | Listed | Issue price | Listing price | Listing gain | Subscribed | GMP estimate |
|---|---|---|---|---|---|---|---|
| Iware Supplychain Services | SME | 6 May | ₹95 | ₹85.05 | −10.5% | 2.96x | ₹97 ✗ |
| Ather Energy | Mainboard | 6 May | ₹321 | ₹328 | +2.2% | 1.50x | ₹335 ✗ |
| Arunaya Organics | SME | 7 May | ₹58 | ₹30.1 | −48.1% | 2.53x | ₹58 ✗ |
| Kenrik Industries | SME | 9 May | ₹25 | ₹25.01 | +0.0% | 2.00x | ₹25 ✓ |
| Manoj Jewellers | SME | 12 May | ₹54 | ₹53.95 | −0.1% | 1.14x | ₹54 ✗ |
| Srigee DLM | SME | 12 May | ₹99 | ₹188.1 | +90.0% | 490.93x | ₹144 ✓ |
| Virtual Galaxy Infotech | SME | 19 May | ₹142 | ₹180 | +26.8% | 231.45x | ₹242 ✗ |
| Integrity Infrabuild Developers | SME | 20 May | ₹100 | ₹100.8 | +0.8% | 2.17x | ₹100 ✓ |
| Accretion Pharmaceuticals | SME | 21 May | ₹101 | ₹79 | −21.8% | 7.67x | ₹101 ✗ |
| Borana Weaves | Mainboard | 27 May | ₹216 | ₹243 | +12.5% | 147.85x | ₹259 ✗ |
| Dar Credit and Capital | SME | 28 May | ₹60 | ₹65.15 | +8.6% | 106.09x | ₹70 ✗ |
| Belrise Industries | Mainboard | 28 May | ₹90 | ₹100 | +11.1% | 43.14x | ₹111 ✗ |
| Unified Data- Tech | SME | 29 May | ₹273 | ₹285 | +4.4% | 91.12x | ₹325 ✗ |
✓ the listing price met or beat the grey market's estimate; ✗ it fell short.
Every listing since the tracker began is on the IPO performance page. GMP is an unofficial estimate, not a promise; see the disclaimer.