Top 10 IPO By Subscription 2025 (Main-board IPO)

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Initial Public offer (IPO) of good companies with a strong management and financial track record finds large numbers of buyers in the primary market resulting in higher subscriptions. The higher demand of the IPO Shares is good for both those looking for listing day gains as well as long-term bets.

The below report provides the list of the most successful IPOs in a calendar year by their subscription.

Qualified Institutional Buyers (QIB): Financial Institutions, Banks, FIIs and Mutual Funds who are registered with SEBI are called QIBs. QIBs are mostly representatives of small investors who invest through mutual funds, ULIP schemes of insurance companies and pension schemes.
Non Institutional Investors (NII): Individual investors, NRIs, companies, trusts, etc who bid for more than Rs 2 lakhs are known as Non-institutional bidders or NII. They need not register with SEBI like QIIs.
Retail Individual Investors (RII): In this category, retail investors can apply up to Rs 2,00,000 in an IPO. NRIs who apply with less than Rs 2,00,000 are also considered as the RII category.

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Top 10 IPO in India 2025

Company Name	Issue Size (Rs Cr)	QIB (x)	NII (x)	Retail (x)	Employee (x)	Others (x)	Total (x)
Indo Farm Equipment Limited	260.15	242.40	501.75	101.79			227.67
Denta Water and Infra Solutions Limited	220.50	236.94	507.07	90.38			221.54
Quadrant Future Tek Limited	290.00	139.77	268.03	256.46			195.96
Stallion India Fluorochemicals Limited	199.45	172.93	422.35	96.81			188.32
Standard Glass Lining Technology Limited	410.05	327.76	275.21	65.71			185.48
Laxmi Dental Limited	698.06	110.38	147.69	75.10			114.14
Capital Infra Trust	1,578.00	0.93				5.08	2.80
Dr. Agarwal’s Health Care Limited	3,027.26	4.41	0.39	0.42	0.26	0.51	1.49
Ajax Engineering Limited	1,269.35	1.54	1.61	0.68	1.96		1.13
Hexaware Technologies Limited	8,750.00	0.00	0.01	0.03	0.07		0.02