Best-performing Indian mainboard IPO of each year since 2021

India’s primary markets have been buzzing. Since 2021, 200+ companies have tapped the mainboard, raising over ₹3.5 lakh crore. With so many listings, which ones created the most wealth after debut, not just on day one?

Below are the top mainboard IPOs for each calendar issue year from 2021 through YTD 2025, ranked by cumulative share price return from IPO issue price to the close on 18 Jul 2025 (IST). These are post-listing price moves, not listing-day gains.

1. Kaynes Technology (Year 2022) – Current return of 897%.
2. IRFC (Year 2021) – Current return of 415%.
3. IREDA (Year 2023) – Current return of 392%.
4. KRN Heat Exchanger (Year 2024) – Current return of 286%.
5. Quality Power Equipment (Year 2025) – Current return of 108%.

(Older IPOs naturally have had more time to compound; compare across years with that context.)

An IPO is the first time a private company sells its shares to the public, offering a chance to invest in its growth story from day one.

With so many new companies joining the market, it can be tough to keep track of which ones are coming up and how they perform after listing. Using a simple tool with a clean IPO Dashboard, like the one on Finology Ticker, can be very helpful for staying updated.

Let’s look at the single best-performing IPO from each year between 2021 and 2025

 1. IRFC: Year 2021

(Source: Finology Ticker IPO Page) 

• What it does: IRFC is the financing arm of Indian Railways. It raises funds to support railway infrastructure by leasing assets to Indian Railways on long-term contracts.
• IPO Price: The IPO was launched at ₹26 per share and listed in January 2021.
• Performance: The stock has delivered a return of 415% from its issue price, due to its monopoly in financing Indian Railways, along with government backing and secure long-term contracts. 

2. Kaynes Technology: Year 2022

(Source: Finology Ticker IPO Page) 

• What it does: It builds the electronic parts for electric cars, medical devices, and smart factory machines.
• IPO Price: The company shares were first sold at ₹587 each.
• Performance: This IPO has been a massive success, growing by an incredible 897%. Performance was driven by its prime position in India’s electronics manufacturing surge, powered by government PLI schemes and the global ‘China+1’ supply chain diversification trend.

3. Indian Renewable Energy Development Agency (IREDA): Year 2023

(Source: Finology Ticker IPO Page)

• What it does: This is a government company that lends money to businesses to help them build solar, wind, and other green energy projects.
• IPO Price: It came out with an issue price of just ₹32 per share. 
• Performance: The stock has jumped by over 392%. As India moves towards clean energy, IREDA is playing a very important role.

4. KRN Heat Exchanger and Refrigeration: Year 2024

(Source: Finology Ticker IPO Page)

• What it does: It makes big cooling systems, like giant refrigerators, for factories and large computer centers (data centers).
• IPO Price: The shares were first offered at ₹220.
• Performance: It has already provided a return of over 286%. The company has capitalised on the explosive growth of data centers in India, which require massive, specialised cooling systems, along with rising demand from broad industrial expansion.

5. Quality Power Electrical Equipments: Year 2025

(Source: Finology Ticker IPO Page)

• What it does: This company makes important equipment that helps move electricity safely from power plants to our homes and businesses.
• IPO Price: It was launched at a price of ₹425 per share.
• Performance: In a short time, the stock has already gained around 108%. It directly benefited from India’s massive capital expenditure on power infrastructure, including grid modernisation to reduce energy loss and connect new renewable energy projects

A Smart Approach to IPOs

Seeing these big numbers can be exciting, but it’s important to be careful with IPOs. Pranjal Kamra, the founder of Finology, often says that one should not apply for an IPO without doing proper research.

He suggests that before investing, check the company’s DRHP: Are the funds for business growth or just to repay debt? Assess if the valuation is fair by comparing its P/E ratio to listed peers.

When tracking subscription, focus on demand from QIBs (Qualified Institutional Buyers), as this “smart money” is a stronger signal than retail frenzy. (You can find this subscription data for any ongoing IPO on the Finology Ticker website.) 

Finally, decide your goal beforehand: are you a long-term investor or just seeking a listing-day gain? This clarity is crucial for making an informed decision. 

Final Thoughts

The common thread connecting these winners is their direct alignment with India’s core growth stories – railways, electronics, and green energy, propelling them to an average return of over 400%. 

While this showcases the immense potential of early investing, remember that past performance is no guarantee of future results. Use these names not as a buy list, but as case studies in what the market rewards: clear growth runways and strong policy alignment. 

While staying informed on upcoming IPOs with a reliable tool like Finology Ticker is key, it’s the diligent research into these fundamentals that truly drives success.

Finology is a SEBI-registered investment advisor firm with registration number: INA000012218.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.