Top 5 Worst Performing IPOs of 2025

Top 5 Worst Performing IPOs of 2025: The year 2025 was a record-breaking year for the Indian primary market, with over 100 mainboard IPOs and hundreds of SME listings raising unprecedented capital. However, the sheer volume of issues eventually stretched market liquidity, leading to a “reality check” for many investors. By the end of the year, nearly half of the 2025 debutants were trading below their issue prices.

While mega-IPOs like LG Electronics India and ICICI Prudential AMC held their ground, smaller and mid-sized issues suffered the most due to aggressive pricing and tepid post-listing growth.

The following are the top 5 worst-performing IPOs of 2025 in India, based on their decline from the Issue Price to the Current Market Price (as of late December 2025/early January 2026).

1. Logiciel Solutions (SME)

Issue Price: ₹193
Current Price: ~₹56
Performance: -71% Logiciel Solutions holds the dubious title of the worst performer of the year. Despite the general tech optimism, this SME issue faced immediate selling pressure post-listing. Investors were deterred by concerns over its narrow client base and high valuations relative to its small scale, leading to a persistent downward spiral that wiped out over two-thirds of its value.

2. Shri Kanha Stainless (SME)

Issue Price: ₹90
Current Price: ~₹28
Performance: -69% Operating in the highly cyclical and margin-pressed steel sector, Shri Kanha Stainless struggled from day one. While it saw moderate interest during the bidding phase, the lack of institutional backing and a global slump in metal demand saw the stock crash nearly 70% below its offer price within months of listing.

3. Shipwaves Online (SME)

Issue Price: ₹12
Current Price: ~₹4.31
Performance: -64% The logistics-tech sector saw a massive influx of companies in 2025, leading to “sector fatigue.” Shipwaves Online, which aimed to digitize ocean freight, fell victim to intense competition and a failure to meet its ambitious revenue targets. The stock became a “penny stock” shortly after listing, losing over 60% of its issue price.

4. Glottis Ltd (Mainboard)

Issue Price: ₹129
Current Price: ~₹55
Performance: -57% Glottis was arguably the biggest disappointment among the mainboard listings. Despite being a multi-modal integrated logistics provider—a sector that usually attracts interest—the IPO suffered from a poor debut (listing at a 35% discount). Weak quarterly results following the IPO further eroded investor confidence, making it the worst-performing non-SME stock of the year.

5. Gem Aromatics (Mainboard/SME)

Issue Price: ₹325
Current Price: ~₹160
Performance: -51% Gem Aromatics, a manufacturer of specialty chemicals and essential oils, entered the market with significant hype and was oversubscribed 30 times. However, once the listing-day euphoria settled, the stock faced a “valuation correction.” High raw material costs and narrowing margins led to a steady exit by retail and HNI investors, leaving the stock nearly halved.

Summary Table : Top 5 Worst Performing IPOs of 2025:

Company Name	Issue Price (₹)	Current Price (₹)	% Change
Logiciel Solutions	193	56	-71%
Shri Kanha Stainless	90	28	-69%
Shipwaves Online	12	4.31	-64%
Glottis Ltd	129	55	-57%
Gem Aromatics	325	160	-51%

Key Takeaway :

The 2025 IPO landscape proved that over-subscription is not a guarantee of performance. Many of these companies saw their retail quotas oversubscribed multiple times, only for the price to collapse due to institutional disinterest and unsustainable valuations.

Disclaimer: Investments in Capital Market/Share Prices are subject to market fluctuations and are dependent on several factors. These predictions are based on the current market conditions and the future market expectations. Investors are advised to take into consideration all these factors before making any investment in Capital Market. This article should not be treated as Investment advisory and is for general Guidance & Educational purpose only. We keep revising our share price targets based on the latest information available with us. Please keep visiting our website regularly to keep yourself updated. News4You does not offer investment advice and does not encourage any action based on its content.

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