2025 has not been a good year for every IPO investor. While some newly listed companies managed to create wealth, others have disappointed, wiping out a chunk of investors’ capital with steep declines of up to 35 percent.
So far in 2025, the Indian Mainboard IPO segment has witnessed 49 listings. Out of these, 34 debuted in the green, rewarding investors instantly. But not all stories had a happy start; 8 IPOs listed below their issue price, and several have continued to bleed even after listing.
As new IPOs continue to attract attention, it’s also important to look at the ones that did not perform well. In this article, we list 4 IPOs of 2025 that have given negative returns so far this year and turned into the worst performers.
Here are a few new listed stocks that have delivered a negative return of up to 35 percent
Arisinfra Solutions Limited
Arisinfra Solutions Limited was listed on the BSE and NSE on June 25, 2025, with an IPO size of Rs. 499.60 crores. The IPO was an entirely fresh issue of 2.25 crore shares. Arisinfra Solutions had an IPO with an issue price of Rs. 222. It was listed at a price of Rs. 205, which is 7.66 percent lower than the issue price.
Since its listing date, the stock has delivered a negative return of 34.73 percent. With a market capitalization of Rs. 1,174.39 crore, the shares of Arisinfra Solutions Limited were currently trading at Rs. 144.90 per equity share.
Coming into financial highlights, Arisinfra Solutions Limited’s revenue has increased from Rs. 697 crore in FY24 to Rs. 768 crore in FY25, which has grown by 10.19 percent. The net profit has converted from negative to positive, from a net loss of Rs. 17 crore in FY24 to a net profit of Rs. 6 crore in FY25.
ArisInfra Solutions Limited was founded in 2021 and is a B2B tech-driven platform for construction materials. It simplifies procurement and finance management, offering steel, cement, and concrete products while serving over 2,000 customers across 963 pin codes with digital, end-to-end solutions.
Laxmi Dental Limited
Laxmi Dental Limited was listed on the BSE and NSE on January 20, 2025, with an IPO size of Rs. 698.06 crores. The IPO was a combination of a fresh issue of Rs. 138 crores and an offer for sale of Rs. 560.06 crores. Laxmi Dental had an IPO with an issue price of Rs. 428. It was listed at a price of Rs. 542, which is 26.64 percent higher than the issue price.
Since its listing date, the stock has delivered a negative return of 18.22 percent. With a market capitalization of Rs. 1,923.68 crore, the shares of Laxmi Dental Limited were currently trading at Rs. 350 per equity share.
Coming into financial highlights, Laxmi Dental Limited’s revenue has increased from Rs. 194 crore in FY24 to Rs. 239 crore in FY25, which has grown by 23.20 percent. The net profit has also grown by 28 percent from Rs. 25 crore in FY24 to Rs. 32 crore in FY25.
Laxmi Dental Limited was founded in 2004 and is an integrated dental products company offering crowns, bridges, clear aligners, thermoforming sheets, and pediatric dental items. With six manufacturing units, it serves over 22,000 clinics in 320 cities and exports to more than 90 countries.
Laxmi India Finance Limited
Laxmi India Finance Limited was listed on the BSE and NSE on August 5, 2025, with an IPO size of Rs. 254.26 crores. The IPO was a combination of a fresh issue of Rs. 165.17 crores and an offer for sale of Rs. 89.09 crores. Laxmi India Finance had an IPO with an issue price of Rs. 158. It was listed at a price of Rs. 137.52, which is 12.96 percent lower than the issue price.
Since its listing date, the stock has delivered a negative return of 13 percent. With a market capitalization of Rs. 735.67 crore, the shares of Laxmi India Finance Limited were currently trading at Rs. 140.75 per equity share.
Coming into financial highlights, Laxmi India Finance Limited’s revenue has increased from Rs. 173 crore in FY24 to Rs. 246 crore in FY25, which has grown by 42.20 percent. The net profit has also grown by 63.64 percent from Rs. 22 crore in FY24 to Rs. 36 crore in FY25.
Laxmi India Finance Limited was established in 1996 and is a Non-Banking Financial Company (NBFC) providing MSME, vehicle, and construction loans. Focused on supporting small businesses and entrepreneurs, most of its MSME loans qualify as Priority Sector Lending, boosting financial inclusion.
Indiqube Spaces Limited
Indiqube Spaces Limited was listed on the BSE and NSE on July 30, 2025, with an IPO size of Rs. 700.15 crores. The IPO was a combination of a fresh issue of Rs. 650.15 crores and an offer for sale of Rs. 50 crores.Indiqube Spaces had an IPO with an issue price of Rs. 237. It was listed at a price of Rs. 216, which is 8.86 percent lower than the issue price.
Since its listing date, the stock has delivered a negative return of 4.16 percent. With a market capitalization of Rs. 4,770.41 crore, the shares of Indiqube Spaces Limited were currently trading at Rs. 227.15 per equity share.
Coming into financial highlights, Indiqube Spaces Limited’s revenue has increased from Rs. 831 crore in FY24 to Rs. 1,059 crore in FY25, which has grown by 27.44 percent. The net loss has reduced from Rs. 342 crore in FY24 to Rs. 140 crore in FY25.
Indiqube Spaces Limited was founded in 2015 and offers managed, tech-enabled, and sustainable office solutions. With 115 centres across 15 cities, it provides modern plug-and-play workspaces, transforming traditional offices for corporates and startups through interiors, amenities, and long-term scalable models.
Written By – Nikhil Naik
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