The second half of CY2025 kicked off with the announcement of Q1FY26 corporate earnings and heightened market activity. July, in particular, proved to be action-packed, as markets turned volatile amid ongoing tariff wars, SEBI’s crackdown on Jane Street, and developments around the India-UK Free Trade Agreement.
Despite these challenges, the sentiment was buoyant in the IPO market. In July alone, 10 mainboard IPOs were launched, collectively raising ₹22,641.81 crore as of July 29, 2025.
Out of these 10 IPOs, 8 have posted positive returns, with standout performers like Sambhv Steel Tubes, Anthem Biosciences, Ellenbarrie Industrial Gases, and Crizac making investors smile. However, Kalpataru Ltd and Indogulf Cropscience Ltd. ended below their issue prices. Bumper listings were seen in Ellenbarrie Industrial Gases, Globe Civil Projects, and Anthem Biosciences, grabbing the spotlight for their strong debut gains.
| Company Name | Listed On | Issue Price | Listing Day Close | Listing Day Gain | Current Price | Profit/Loss |
| Sambhv Steel Tubes Ltd | Wed, Jul 2, 2025 | ₹82 | ₹97.59 | 19.01% | 131.21 | 60.07% |
| Ellenbarrie Industrial Gases Ltd | Tue, Jul 1, 2025 | ₹400 | ₹534.6 | 33.65% | 564.6 | 41.94% |
| Anthem Biosciences Ltd | Mon, Jul 21, 2025 | ₹570 | ₹730.35 | 28.13% | 755.9 | 32.54% |
| Crizac Ltd | Wed, Jul 9, 2025 | ₹245 | ₹307.63 | 25.56% | 313.89 | 28.22% |
| Globe Civil Projects Ltd | Tue, Jul 1, 2025 | ₹71 | ₹94.46 | 33.04% | 83.73 | 17.72% |
| Travel Food Services Ltd | Mon, Jul 14, 2025 | ₹1100 | ₹1074.8 | -2.29% | 1118.5 | 1.66% |
| HDB Financial Services Ltd | Wed, Jul 2, 2025 | ₹740 | ₹840.95 | 13.64% | 750.6 | 1.45% |
| Smartworks Coworking Spaces Ltd | Thu, Jul 17, 2025 | ₹407 | ₹445.05 | 9.35% | 410.6 | 0.98% |
| Kalpataru Ltd | Tue, Jul 1, 2025 | ₹414 | ₹432.95 | 4.58% | 408.85 | -1.05% |
| Indogulf Cropsciences Ltd | Thu, Jul 3, 2025 | ₹111 | ₹110.35 | -0.59% | 105.96 | -4.50% |
Here is the list of the top three performing IPOs for the month of July:
Sambhv Steel Tubes Limited, incorporated in 2017, manufactures electric resistance welded (ERW) steel pipes and structural tubes in India. Its production facility is strategically located in Sarora (Tilda), Raipur, Chhattisgarh, benefiting from proximity to rich mineral resources. The company sources iron ore from a Navratna PSU and coal from a Maharatna PSU, with coal mines just 250 km from its plant-one of Asia's largest. As of December 31, 2024, Sambhv Steel has established a distribution network across 15 Indian states and one union territory, with a strong presence in key industrial regions such as Chhattisgarh, Maharashtra, Gujarat, and Haryana. Its sales team includes 23 professionals.
The IPO of Sambhv Steel Tubes drew robust investor interest, being subscribed 30.33 times. Retail investors subscribed 8.56 times, while the QIB and NII categories saw even higher demand at 66.36 times and 33.88 times, respectively. The proceeds from the issue are intended to prepay or repay borrowings amounting to ₹390 crore, with the rest earmarked for general corporate purposes. The company's strategic raw material sourcing and growing national footprint support its position in the competitive steel pipes and tubes industry.
Sambhv Steel Tubes made a solid debut on the stock exchange, listing at ₹97.59, a 19% premium over its issue price of ₹82. This strong listing beat grey market expectations and set a positive tone for investors.
The company backed this up with strong financials, posting a return on equity (ROE) of 25.42% and a return on capital employed (ROCE) of 17.66%, highlighting efficient capital use and profitability.
Post-listing, the momentum continued with an impressive Q1 performance (June 2025), where net profit jumped 45.15% and net sales rose 34.20% year-on-year. This strong operational performance boosted investor confidence and drove the stock price higher in the weeks following the listing.
Ellenbarrie Industrial Gases Ltd, a Kolkata-based company established in 1973, is a key player in the production and supply of industrial, medical, and speciality gases across India. It serves a wide range of industries through bulk supply via cryogenic tankers, gas cylinders for packaged customers, and on-site gas solutions. The company also provides project engineering services for air separation units and supplies critical medical gas equipment and pipeline systems to healthcare facilities. Its product range includes oxygen, nitrogen, argon, helium, hydrogen, LPG, and medical gases, among others.
Post listing, Ellenbarrie’s IPO received a solid response, with total subscription at 22.19 times. While retail investors showed modest interest with a 2.14 times subscription, strong demand came from institutional investors-QIBs subscribed 64.23 times and NIIs 15.21 times. The IPO proceeds are being used primarily for repaying debt and setting up a 220 TPD air separation unit at Uluberia, which is expected to boost production capacity and support future growth. With growing demand for industrial and medical gases in India, the company is well-positioned to strengthen its market share.
Listed on July 1, 2025, at ₹534.6 with a 33.65% premium to its issue price of ₹400-the stock saw continued momentum, delivering a 41.91% return by month-end. Investors were drawn to the company’s clear growth and deleveraging strategy. From the ₹400 crore raised, ₹210 crore is earmarked for debt repayment, significantly improving the balance sheet (pre-issue debt/equity stood at 0.32). The remaining funds are being used for setting up a 220TPD air separation unit at Uluberia-II, targeted for completion by October 2025. This expansion is expected to boost future revenues, and the market has responded positively to both the growth and financial prudence.
Anthem Biosciences, founded in 2006, is a contract research, development, and manufacturing organization (CRDMO) that offers end-to-end services in drug discovery, development, and manufacturing. The company focuses on fermentation-based active pharmaceutical ingredients (APIs) such as enzymes, peptides, probiotics, biosimilars, and nutritional actives. As of September 2024, Anthem was involved in 196 projects across various stages, including discovery, early and late development, and commercial manufacturing. With a global customer base of over 550 companies across more than 44 countries-including the U.S., Europe, and Japan-the company serves a wide range of clients from emerging biotech startups to large pharmaceutical firms. It also holds eight patents and has 24 pending patent applications for various innovative processes.
Anthem Biosciences’ IPO received strong investor demand and was listed following robust subscription figures. The issue was subscribed 67.42 times overall, with retail investors subscribing 5.98 times, non-institutional investors 44.70 times, and qualified institutional buyers leading the way at 192.80 times. Notably, the company did not receive any proceeds from the IPO; all proceeds went to selling shareholders. The company's workforce includes around 600 professionals across multiple scientific disciplines, supporting its research-driven growth and global operations.
Anthem operates in the fast-growing CRDMO (Contract Research, Development, and Manufacturing) segment, which is seeing strong demand worldwide as pharmaceutical and biotech companies increasingly outsource their R&D and manufacturing needs. This structural trend, supported by factors like an ageing population, rising chronic diseases, and higher global R&D spending, has made companies like Anthem highly attractive. The IPO witnessed robust oversubscription, a clear sign of strong investor confidence, which often leads to solid listing gains. Additionally, Anthem’s return on capital employed (RoCE) of 26% in FY25 reflects efficient use of capital and strong profitability, further fueling positive sentiment around the stock.
Despite market volatility, July’s IPO market delivered solid gains, with 8 out of 10 listings in the green. Sambhv Steel led the pack with a 60% return, followed by Ellenbarrie Gases and Anthem Biosciences. Strong investor demand and robust financials drove momentum across top performers.
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