This study examines the relationship between subscription ratio and IPO listing performance in the Indian mainboard market for 2025. The study investigates the impact of investor demand on first-day returns using a sample of mainboard initial public offerings. The findings reveal a positive relationship, demonstrating that IPOs with higher subscription levels generally achieve better listing performance. The study also shows how subscription categories and issue size affect IPO results, with larger and more subscribed offers generally doing better. These insights contribute to understanding the demand-driven determinants of IPO performance and offer practical implications for investors, issuers, and market regulators.