Dalal Street witnessed a thrilling debut of six cutting-edge Indian tech companies in 2025, marking a shift from venture capital darlings to public market sensations. The stars of this IPO season: Urban Company, PhysicsWallah, Pine Labs, Lenskart, Ather Energy, and Groww. Their journeys have been both dazzling and rocky, keeping investors on their toes. Urban Company, a home and beauty services platform, made a smashing debut on September 17, listing at Rs 162.25 on NSE against its IPO price of Rs 103. Though it eased to around Rs 144 by November 20, it still shines with a 40.6% gain—a sparkling start! PhysicsWallah, the education platform, burst onto the scene on November 18 at about Rs 145, a neat 33% jump from its Rs 109 IPO price. It kept its charm, closing near Rs 147 two days later, about 35% above launch price. Fintech player Pine Labs opened at Rs 242 on November 14, enjoying a 9.5% premium, but slid slightly to Rs 239.25 by November 20. Not a big crash, but a gentle simmer. Lenskart, the eye-candy of this batch, had a modest start below its Rs 402 issue price but recovered to Rs 416.65 by November 20, edging up 3.6%. Not as fiery as others but steady on its feet. Then comes Ather Energy, the electric two-wheeler marvel. It listed at Rs 328 in May and by November zoomed to Rs 700, electrifying investors with a stunning 118% gain! A true rocket in this sky of IPOs. Groww surprised everyone when it debuted at Rs 193.80, almost double its Rs 100 IPO price. Although it dropped to Rs 156.62 by November 20, the stock still boasts a strong 57% gain. But wait, the party hit a pause recently as key players like Lenskart, Groww, PhysicsWallah, and Pine Labs saw some investor pressure. Khushi Mistry from Bonanza Research said, "New-age stocks like Lenskart, Groww, PhysicsWallah, and Pine Labs are down mainly due to profit booking after strong initial IPO rallies." She added, "Investors are reassessing valuations amid weakening quarterly results and continuing losses in several companies." She also pointed out global worries: "Rising interest rates, geopolitical tensions, and inflation fears have widened the risk-off sentiment." Yet, Mistry calls this dip a "healthy reset," urging investors to focus on real things like profits, margins, and sustainable growth. "The market is becoming more selective with new-age tech valuations in this volatile environment." Experts share their advice too. Shivani Nyati of Swastika Investmart credited PhysicsWallah’s strong start to its "strong brand recall, affordable test-prep offerings, and fast-growing hybrid model." She suggests investors "book partial profits and hold the remaining shares for medium-term growth with SL Rs 130." For Lenskart, Nyati praises its "vertically integrated model, in-house manufacturing, aggressive store expansion, and data-driven supply chain," but warns of "thin company-level margins." Her tip? Hold for medium to long term with a stop-loss near Rs 350, and short-term traders should consider booking profits. Groww draws attention for its "low customer acquisition costs, strong cross-selling, large active user base, and steady asset growth," but elevated valuations and regulatory risks mean investors should hold for medium to long term. Prashanth Tapse of Mehta Equities agrees, urging Groww investors to stay put to enjoy its growth, and advises new buyers to wait for a price drop before entering. This 2025 wave of IPOs shows that India's capital markets are ready to dance with new-age, tech-first companies. As Dalal Street watches eagerly, these firms are no longer just startup darlings but public players expecting to meet the same tough standards as old-economy giants. The stage is set for a thrilling performance ahead. Will investors enjoy the encore? Stay tuned!