January IPOs Unpacked: A Thorough Review of the Month's Market Movers

The first month of the year marked an energetic beginning to the IPO market, giving investors a lot of opportunities to gain from high growth potential. While January witnessed good debuts and some shocking laggards besides record subscription volumes, it undoubtedly was one of the most electrifying months for primary market players. Let's take a deeper look into the key highlights of January's IPO landscape and figure out which of the companies did the most magic.

Best IPO of January: Quadrant Future Tek

The star performer of the month was Quadrant Future Tek, which delivered an outstanding +27.5% listing gain. As a technology-driven company, Quadrant Future Tek drew the attraction of investors as they are seeking innovation and sound financials. The high demand and benign market conditions helped it move past its issue price, well rewarding the investors who had invested in the offering.

Worst Performing IPO of January: Indo Farm Equipment Limited

Indo Farm Equipment Limited was not one of the poorly performing IPOs of the month, considering conventional parameters, but it has the lowest listing gain among major IPOs at

+19.07%. Despite a lot of interest during the subscription period, its post-listing performance had been more moderate. Lesser listing gains than expected could be the reason for valuation concerns or market conditions on the listing day.

Top Performing IPOs of January (By Listing Gains)

Quadrant Future Tek had a phenomenal start in January with some fantastic listings. Here are some of the top-performing IPOs that gave listing gains:

Quadrant Future Tek: 27.59% listing gain

Stallion India Fluoro: 33.33% listing gain

Indo Farm Equipment Limited: 19.07% listing gain

Laxmi Dental: 26.64% listing gain

Standard Glass Lining: 22.86% listing gain

This listing gain shows that investors were highly focused on the businesses having strong fundamentals and growth potential. The returns suggest high investor confidence in these companies and favorable market conditions at the time of listing.

Most Demanded IPOs of January (Based on Subscription Numbers)

There were visible signs of investor enthusiasm in IPO subscription data as well. Some IPOs were oversubscribed by spectacular multiples, giving a clear signal of the thirst for the offer among retail as well as institutional investors. Some of the highest subscribed IPOs in January were as follows.

Indo Farm Equipment Limited: 227.57x times subscription

Denta Water and Infra: 221.52x times subscription

Stallion India Fluoro: 188.37x times subscription

Quadrant Future Tek: 185.53x times subscription

Standard Glass Lining: 182.57x times subscription

Laxmi Dental: 114.26x times subscription

The huge demand for these IPOs indicates that investors saw promising business models and potential for good post-listing performance. Such high oversubscription levels also point to the liquidity and interest in the primary market.

Biggest IPOs by Issue Size

While listing gains and subscription numbers give an idea of investor sentiments, the size of an IPO may indicate the scale and ambition of a company. The biggest IPOs of January by issue size were:

Dr. Agarwal's Healthcare – ₹3,020 crore issue size

Capital Infra Trust – ₹1,500 crore issue size

Laxmi Dental – ₹698.1 crore issue size

Standard Glass Lining – ₹410 crore issue size

Quadrant Future Tek – ₹290 crore issue size

The top issue of ₹3,000+ crore by the company, Dr. Agarwal's Healthcare, indicated it was the biggest IPO of the month. The strong participation from the institutions and the public indicated the company's business strategy and growth prospects in the future.

It was a rollercoaster ride for the IPO market in January with stellar performers, unexpected underperformers, and records going in subscriptions. While it emerged as the biggest winner, Indo Farm Equipment Limited saw moderate gains despite huge demand. While Dr. Agarwal's Healthcare set the benchmark higher with a large issue size.

Given that 2025 has started so hopefully, investors are all the more enthusiastic about what could happen through February IPOs. Will we see bigger listings, thus more profits? Stay tuned with IPO Ji for the latest updates on the IPO.