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2024 was a remarkable year for IPOs, with record-breaking capital raises that set the stage for an even stronger 2025. India has emerged as a key player in the IPO market, attracting both domestic and global companies. Over the last 5 years, 851 IPOs have hit the stock exchanges, and experts believe this number could exceed 1,000 in the next 2 years. The momentum is expected to be nearly 3 times stronger than in the past half-decade.
But how is 2025 shaping up so far? The year has started on a mixed note. In the first two months ( January – February), only 11 mainboard IPOs have been launched. Is India’s IPO boom slowing down, or is the market gearing up for the next big wave?
IPO buzz is far from over! Several big names across different industries are preparing to go public. From telecom and e-commerce players like Jio and Zepto to EV brands such as Ather and Greaves Electric Mobility and financial giant HDB Financial Services, the 2025 IPO lineup looks promising.
Could 2025 be another record breaking year for IPOs? In this article, we’ll highlight some of the major mainboard upcoming IPOs expected in 2025. But first, let’s quickly understand what an upcoming IPO means.
What are Upcoming IPOs?
Upcoming IPOs are companies planning to go public by offering their shares to investors. Before launching, companies set a price range and seek approval from SEBI or Securities and Exchange Board of India. IPOs scheduled to hit the market in the coming weeks or months are referred to as upcoming IPOs. In 2025, some anticipated IPOs include Tata Capital, Ather Energy and Reliance Jio. These are just a few names let’s explore all the upcoming IPOs in 2025 with detailed insights.
Upcoming IPO In 2025
Here are some of the most awaited IPOs set to launch in 2025.
| Upcoming IPO 2025 | Bid start |
|---|---|
|
Tata Capital IPO |
TBA |
|
HDB Financial Services |
TBA |
|
Reliance Jio IPO |
TBA |
|
NSDL |
TBA |
|
PhonePe |
TBA |
|
Zepto |
TBA |
|
BoAt |
TBA |
|
Hero FinCorp |
TBA |
|
LG Electronics India |
TBA |
|
Ather Energy |
TBA |
|
JSW Cement |
TBA |
|
Go First |
TBA |
|
Greaves Electric Mobility |
TBA |
|
FabIndia |
TBA |
|
EbixCash |
TBA |
|
Biba Fashions |
TBA |
|
OYO |
TBA |
|
Navi Technologies |
TBA |
|
LAVA |
TBA |
|
Car Dekho |
TBA |
|
Snapdeal |
TBA |
Let’s take a closer look at some companies preparing to enter the capital market in 2025.
- Tata Capital IPO
Tata Capital, the financial services subsidiary of the Tata Group, is gearing up for an IPO. The company’s board has given the green light for the public offering, which could include 23 crore fresh shares along with a stake sale by existing shareholders. The IPO size is estimated to be around ₹15,000 crore.
- HDB Financial Services IPO
HDB Financial Services, the NBFC arm of HDFC Bank, is preparing for its stock market debut in 2025. The company aims to raise ₹12,500 crore through its IPO, which includes a fresh issue of ₹2,500 crore and an offer for sale (OFS) of ₹10,000 crore by existing shareholders. HDB submitted its draft papers to SEBI in November last year, and the listing is expected to be the largest NBFC IPO in India.
- Reliance Jio IPO
Reliance Jio Infocomm Ltd is gearing up for its much awaited IPO, expected to take place in the second or third quarter of 2025. As the telecom arm of Reliance Industries and a subsidiary of Jio Platforms, the company plans to raise around ₹40,000 crore through this public offering. If the reports are true, this could be India’s largest IPO after Hyundai India’s listing last year, with an estimated valuation of nearly ₹10 lakh crore ($120 billion). However, Reliance has yet to officially confirm the details or the launch timeline.
- NSDL IPO
National Securities Depository Ltd (NSDL), a leading depository firm, is preparing to launch its much awaited ₹3,000 crore IPO by next month, as per reports.
An official mentioned that NSDL still needs a few more approvals apart from the existing draft red herring prospectus (DRHP). One of these approvals has a deadline approaching soon.
- PhonePe IPO
PhonePe, backed by Walmart is gearing up for its IPO in 2025 with a targeted valuation of $15 billion. To oversee the process, the company has brought on board four investment bankers. In preparation for the listing, PhonePe has relocated its headquarters from Singapore to India. This year also marks the company’s 10th anniversary.
- Zepto IPO
Zepto, a quick commerce company is gearing up for its IPO in 2025, aiming to raise between ₹7,000 crore and ₹8,800 crore ($800 million–$1 billion). The company is likely to file its Draft Red Herring Prospectus (DRHP) with SEBI by April. In a recent development, Zepto received approval to move its registration back to India.
- boAT IPO
Homegrown wearable and audio brand boAt is gearing up for its IPO, with plans to raise around ₹2,000 crore, as per media reports. To facilitate the process, the company appointed several bankers including ICICI Securities, Goldman Sachs and Nomura, in November last year.
- Hero FinCorp IPO
Hero FinCorp, the financial arm of Hero MotoCor is preparing for its IPO in 2025, with plans to raise approximately ₹3,668.13 crore. Backed by one of India’s top automotive brands, the company’s strong presence in the financial sector is likely to draw investor attention.
- LG Electronics India IPO
LG Electronics India, the Indian subsidiary of the South Korean conglomerate is gearing up for a ₹15,000 crore IPO in March 2025. The company submitted its draft papers to SEBI in December 2024. This will be one of the largest consumer electronics IPOs in recent years. The offering will be an offer for sale (OFS), with the Korean parent company selling 10.18 crore shares, meaning no fresh shares will be issued.
- Ather Energy IPO
Ather Energy, a leading electric two wheeler manufacturer is set to go public this year. The company, backed by Tiger Global, secured SEBI’s approval in December 2024. Its IPO is expected to include a fresh share issue worth ₹3,100 crore along with an OFS of 2.2 crore shares. Ather specializes in electric two wheelers, battery packs and charging infrastructure. It will be the second EV company in India to go public after Ola Electric, which had its IPO in August. More details on the IPO are awaited.
- JSW Cement IPO
JSW Cement is gearing up for a ₹4,000 crore IPO this year, with ₹2,000 crore coming from fresh shares and the rest through stake sales by existing investors. SEBI gave its approval in January. The company plans to utilize the funds for expansion and reducing debt. JSW cement IPO will be the largest IPO in the cement sector since Nuvoco Vistas’ ₹5,000 crore issue in 2021.
Final Word
2025 presents exciting opportunities for investors but staying informed and cautious is key. While IPOs can offer growth and diversification, they also come with risks such as market fluctuations.
To make smart investment decisions, research upcoming IPOs, understand the risks and rewards and keep an eye on market trends. A balanced approach aligned with your goals and risk tolerance will help you invest wisely.
Happy investing and thank you for reading!
Disclaimer:
This website content is only for educational purposes, not investment advice. Before making any investment, it’s important to do your own research and be fully informed. Investing in the stock market includes risks, and you should carefully read the Risk Disclosure documents before proceeding. Please remember that past performance doesn’t guarantee future results, and due to market fluctuations, your investment goals may not always be achieved.
