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What is the story about?
Six Indian IPOs out of the near-100 that have come out so far in 2025 had retail quota in excess of the minimum cap of 35% prescribed by market regulator Securities and Exchange Board of India (SEBI). The bigger takeaway is the fact that all six are trading below their IPO price.
According to Prime Database, the IPOs of Highway Infrastructure, BMW Ventures, Om Freight Forwarders, Glottis, VMS TMT, and Patel Retail had an retail shareholder quota in excess of 35%.
An IPO that saw heavy subscription, Highway Infrastructure's ₹130 crore IPO had a retail shareholder quota of 40%.
The three-day issue saw overall subscription of 300 times the total number of shares on offer, where the retail quota was also subscribed 155 times.
However, as of Friday's closing, shares of Highway Infrastructure were down 5% from their issue price of ₹70 per share.
The ₹243 crore IPO had an 45% allocation for retail shareholders. The issue saw an overall subscription of 95.7 times the total number of shares on offer, with the retail portion seeing a subscription of 42 times overall.
As of Friday's closing, the stock was down 8% from its issue price of ₹255 per share.
The issue has had the highest retail quota among all IPOs of 2025, at 75%. The ₹231 crore issue, however, met with a tepid response as the overall subscription was only at 1.5 times the overall issue size.
In fact, the retail portion, which had the highest reservation, did not even reach full subscription, ending at 99% after the three-day bidding process.
As of Friday's close, the shares of BMW Ventures are trading 29% below their issue price of ₹99 per share.
The company had priced its ₹122 crore IPO at ₹135 per share. 47% of the total number of shares on offer were reserved for retail shareholders.
The three-day issue saw tepid response as well, with overall subscription of 3.87 times, while the retail portion was subscribed 2.75 times the shares on offer.
As of Friday's close, shares of Om Freight Forwarders were trading 32% below their IPO price.
40% of the ₹307 crore issue was reserved for retail shareholders. The company had priced the issue at ₹129 per share.
Here too, the issue received a tepid response, barely managing to see full subscription.
The three-day IPO was subscribed 2.05 times, while the retail portion saw 1.42x subscription.
As of November 21, the stock had nearly halved from its IPO price, declining 48%.
The last among the six issues, VMS TMT had reserved 50% of its IPO quota for retail shareholders.
The company had priced its ₹148 crore IPO at ₹99 per share.
However, this one falls into the category of hefty subscriptions but subdued returns.
VMS TMT's IPO was subscribed 102.27 times compared to the total number of shares on offer.
As of Friday's closing, the company's shares were down 36% from their issue price.
According to Prime Database, the IPOs of Highway Infrastructure, BMW Ventures, Om Freight Forwarders, Glottis, VMS TMT, and Patel Retail had an retail shareholder quota in excess of 35%.
Highway Infrastructure
An IPO that saw heavy subscription, Highway Infrastructure's ₹130 crore IPO had a retail shareholder quota of 40%.
The three-day issue saw overall subscription of 300 times the total number of shares on offer, where the retail quota was also subscribed 155 times.
However, as of Friday's closing, shares of Highway Infrastructure were down 5% from their issue price of ₹70 per share.
Patel Retail
The ₹243 crore IPO had an 45% allocation for retail shareholders. The issue saw an overall subscription of 95.7 times the total number of shares on offer, with the retail portion seeing a subscription of 42 times overall.
As of Friday's closing, the stock was down 8% from its issue price of ₹255 per share.
BMW Ventures
The issue has had the highest retail quota among all IPOs of 2025, at 75%. The ₹231 crore issue, however, met with a tepid response as the overall subscription was only at 1.5 times the overall issue size.
In fact, the retail portion, which had the highest reservation, did not even reach full subscription, ending at 99% after the three-day bidding process.
As of Friday's close, the shares of BMW Ventures are trading 29% below their issue price of ₹99 per share.
Om Freight Forwarders
The company had priced its ₹122 crore IPO at ₹135 per share. 47% of the total number of shares on offer were reserved for retail shareholders.
The three-day issue saw tepid response as well, with overall subscription of 3.87 times, while the retail portion was subscribed 2.75 times the shares on offer.
As of Friday's close, shares of Om Freight Forwarders were trading 32% below their IPO price.
Glottis
40% of the ₹307 crore issue was reserved for retail shareholders. The company had priced the issue at ₹129 per share.
Here too, the issue received a tepid response, barely managing to see full subscription.
The three-day IPO was subscribed 2.05 times, while the retail portion saw 1.42x subscription.
As of November 21, the stock had nearly halved from its IPO price, declining 48%.
VMS TMT
The last among the six issues, VMS TMT had reserved 50% of its IPO quota for retail shareholders.
The company had priced its ₹148 crore IPO at ₹99 per share.
However, this one falls into the category of hefty subscriptions but subdued returns.
VMS TMT's IPO was subscribed 102.27 times compared to the total number of shares on offer.
As of Friday's closing, the company's shares were down 36% from their issue price.
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