SEBI retains the retail investor quota at 35 percent in IPOs primarily to ensure meaningful participation of small investors and protect their interests. Although SEBI had earlier proposed reducing this quota to 25 percent for large IPOs (above Rs. 5,000 crore) to address subscription challenges and to increase institutional investor allocation for demand stability, the feedback from market participants urged SEBI to keep the retail quota unchanged.
Out of nearly 215 IPOs launched in 2025, six issues allocated more than the SEBI-mandated minimum 35 percent quota to retail investors. Interestingly, all six of these IPOs are currently trading below their issue price.
Listed below are the six IPOs with retail quotas more than 35 percent:
Highway Infrastructure Limited
With a market cap of Rs. 478.38 crores, the stock closed in the red at Rs. 66.70 on NSE, falling by around 1.55 percent on Friday. However, as of Friday’s closing, shares of Highway Infrastructure were down 4.71 percent from their issue price of Rs. 70 per share.
The company entered the public markets through its IPO on 12th August 2025, with an issue size of Rs. 130 crores and had a retail shareholder quota of 40 percent.
Highway Infrastructure Limited is an infrastructure development and management company engaged in the business of tollway collection, EPC infrastructure and real estate business.
Glottis Limited
With a market cap of Rs. 608.47 crores, the stock closed in the red at Rs. 65.85 on NSE, rising by around 1.30 percent on Friday. However, as of Friday’s closing, shares of Glottis Limited were down 48.95 percent from their issue price of Rs. 129 per share.
The company entered the public markets through its IPO on 7th October 2025, with an issue size of Rs. 307 crores and had a retail shareholder quota of 40 percent.
Glottis Limited is a logistics solutions company engaged in the business of offering comprehensive transportation services through ocean, air, and road logistics.
Patel Retail Limited
With a market cap of Rs. 861.40 crores, the stock closed in the red at Rs. 257.90 on NSE, rising by around 1 percent on Friday. However, as of Friday’s closing, shares of Patel Retail were up 1.13 percent from their issue price of Rs. 255 per share.
The company entered the public markets through its IPO on 26th August 2025, with an issue size of around Rs. 243 crores and had a retail shareholder quota of 45 percent.
Incorporated in 2008, Patel Retail Limited is engaged in the retail and non-retail businesses.
Om Freight Forwarders Limited
With a market cap of Rs. 320.93 crores, the stock closed in the green at Rs. 95.30 on NSE, rising by around 7.38 percent on Friday. However, as of Friday’s closing, shares of Om Freight Forwarders were down 29.4 percent from their issue price of Rs. 135 per share.
The company entered the public markets through its IPO on 8th October 2025, with an issue size of Rs. 122.3 crores and had a retail shareholder quota of 47 percent.
Om Freight Forwarders is engaged in a third-generation logistics company based in Mumbai, India.
VMS TMT Limited
With a market cap of Rs. 304.14 crores, the stock closed in the red at Rs. 61.28 on NSE, rising by around 1.81 percent on Friday. However, as of Friday’s closing, shares of VMS TMT were down 38.1 percent from their issue price of Rs. 99 per share.
The company entered the public markets through its IPO on 24th September 2025, with an issue size of Rs. 148.5 crores and had a retail shareholder quota of 50 percent.
VMS TMT Limited is primarily engaged in the business of manufacturing thermo mechanically treated (TMT) bars.
BMW Ventures Limited
With a market cap of Rs. 564.51 crores, the stock closed in the green at Rs. 65.10 on NSE, rising by around 0.11 percent on Friday. However, as of Friday’s closing, shares of BMW Ventures were down 34.24 percent from their issue price of Rs. 99 per share.
The company entered the public markets through its IPO on 1st October 2025, with an issue size of around Rs. 231.66 crores and had the highest retail quota among all IPOs of 2025, at 75 percent.
BMW Ventures Limited is primarily engaged in the business of trading/distribution of steel products, tractor engines and spare parts, manufacturing of PVC pipes and roll forming, and the fabrication of pre-engineered buildings (PEB) and steel girders.
Written by Shivani Singh
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