Since 2022, the Indian stock market has seen 252 Initial Public Offerings (IPOs) on the BSE and 259 on the NSE, many of which have delivered strong returns for investors. Between 2022 and 2025, several companies have stood out by generating triple-digit gains since their listing.
During the same period, the S&P BSE IPO Index surged over 139% in five years, outperforming the benchmark Sensex, which delivered 107% returns.
Here’s a detailed look at the top IPOs and how their stocks have performed.
Here are the top 20 stocks that have delivered the highest gains since listing between 2022 and 2025
Kaynes Technology India was listed on November 22, 2022, at a price of ₹689.95 per share. Since then, the company has delivered a staggering 921.89% return, with its current price at ₹7,050.5. The company has emerged as the highest gainer since its IPO in the 2022 to 2025 period.
The company has been on consistent growth since the last 5 years, with revenue growth of 95% CAGR and net profit growth of 90%. The company’s order book surged to over ₹7,401 crore in June 2025 from ₹2,266 crore in December 2022. Meanwhile, EBITDA margins have steadily expanded, reaching 16.8% in Q1 FY26.
Since its listing on May 20, 2022, at ₹561.75 per share, Prudent Corporate Advisory has surged to ₹2,546.3, yielding a return of 353.28%. Prudent’s strong growth in Assets Under Management (AUM) and client base has been a key driver of its stock performance both before and after listing.
Between 2015 and 2025, Prudent’s overall AUM grew at a CAGR of 34% versus the industry’s 20%, while its equity AUM expanded at 40% CAGR compared with the industry’s 26%. The company’s client base surged from 2.08 lakh in March 2015 to 19.28 lakh by March 2025.
Paradeep Phosphates, the 2nd largest private sector phosphatic company, listed on May 27, 2022, at ₹43.90 per share, has delivered 342.94% returns, Paradeep share price currently trades at ₹194.45 per share.
The stock’s strong performance has been driven by record revenue and profit growth—Q1 FY26 revenue rose 57.8% YoY with net profit surging nearly 4,600% YoY—alongside production capacity expansions from 1.2 to 3 MMTPA, government policy support boosting fertiliser demand, rising FII interest from 4.39% to nearly 14%, and backward integration and new projects in phosphoric and sulphuric acid enhancing profitability and reducing import dependency.
With a listing price of ₹910.4 per share on July 27, 2023, Netweb Technologies share price has appreciated to ₹3,585, generating a 293.78% return. Netweb Technologies’ stock price has been driven by strong growth in AI and high-performance computing, anchored by large sovereign and commercial orders—including a ₹1,734 crore IndiaAI Mission project and a ₹450 crore AI facility deployment.
The company's revenue has seen multi-fold growth in the last 5 years, AI system sales surged with a 91% CAGR, and Private Cloud and Hyperconverged Infrastructure surged with over 103% CAGR, and operating margins remain healthy. A strong ₹4,142 crore order pipeline, zero debt, and a focus on high-demand sectors like AI, private cloud, and enterprise computing have underpinned investor confidence.
Venus Pipes & Tubes was listed on May 24, 2022, at ₹354.35 per share. Venus Pipes & Tubes' share price has reached ₹1,287.4 per share, offering a 263.31% gain. Since listing, Venus Pipes & Tubes’ share price has been driven by strong profit and revenue growth, with a five-year CAGR of 40% and revenues rising from ₹309 crore in FY2022 to ₹959 crore in FY2025.
Expansion of seamless pipe and fittings capacity, supportive industry conditions like anti-dumping duties, efficient management with robust ROCE and low debt, rising institutional interest(DIIs), and a diversified export base have collectively fueled positive stock performance.
| Sr. No. | Company Name | Listed On | Listing Day Price | Current Price | Returns Since Listing |
| 6 | Inox Green Energy Services Ltd. | Wed, Nov 23, 2022 | ₹ 59.10 | 207.9 | 251.78% |
| 7 | Ethos Ltd. | Mon, May 30, 2022 | ₹ 803.10 | 2587.9 | 222.24% |
| 8 | Global Health Ltd. | Wed, Nov 16, 2022 | ₹ 415.30 | 1314.5 | 216.52% |
| 9 | Rainbow Children's Medicare Ltd. | Tue, May 10, 2022 | ₹ 450.20 | 1340.5 | 197.76% |
| 10 | KFin Technologies Ltd. | Thu, Dec 29, 2022 | ₹ 363.85 | 1062.4 | 191.99% |
| 11 | Quality Power Electrical Equipments Ltd. | Mon, Feb 24, 2025 | ₹ 387.90 | 1057.3 | 172.57% |
| 12 | eMudhra Ltd. | Wed, Jun 1, 2022 | ₹ 257.90 | 665.4 | 158.01% |
| 13 | Syrma SGS Technology Ltd. | Fri, Aug 26, 2022 | ₹ 310.50 | 794.95 | 156.02% |
| 14 | Avalon Technologies Ltd. | Tue, Apr 18, 2023 | ₹ 397.95 | 1010.6 | 153.95% |
| 15 | Yatharth Hospital & Trauma Care Services Ltd. | Mon, Aug 7, 2023 | ₹ 300 | 750 | 150.00% |
| 16 | Indian Renewable Energy Development Agency Ltd. | Wed, Nov 29, 2023 | ₹ 60 | 148.78 | 147.97% |
| 17 | Zinka Logistics Solutions Ltd. | Fri, Nov 22, 2024 | ₹ 260.20 | 633.3 | 143.39% |
| 18 | SRM Contractors Ltd. | Wed, Apr 3, 2024 | ₹ 226 | 543.7 | 140.58% |
| 19 | Signatureglobal (India) Ltd. | Wed, Sep 27, 2023 | ₹ 458.55 | 1084.5 | 136.51% |
| 20 | Azad Engineering Ltd. | Thu, Dec 28, 2023 | ₹ 677.50 | 1595.1 | 135.44% |
Note: Current Price as of September 30, 2025.
The strong post-listing performance of these companies highlights how few IPOs between 2022 and 2025 have created significant wealth for investors. Sectors like technology, infrastructure, healthcare, renewable energy, and specialty manufacturing have been key drivers of this rally, supported by strong earnings growth, industry tailwinds, and expanding order books.
Disclaimer: This article is for informational purposes only and does not constitute investment advice; please consult a financial advisor before making investment decisions.
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