2024 was a landmark year for IPOs, with record-breaking capital raises that set the stage for an even bigger 2025. India has solidified its position as a major IPO hub, drawing both domestic and international companies into its capital markets. Over the past five years, 851 IPOs have debuted, and experts predict this number could exceed 1,000 within the next two years. The momentum is expected to be three times stronger than what was witnessed in the past half-decade.
How is 2025 shaping up? The year has started on a mixed note. In the first two months, only 11 mainboard IPOs were launched. Is this a sign of India’s IPO fever cooling off, or merely a pause before the next big wave?
Despite this slow start, the IPO action is far from over. Some of the biggest names across industries are gearing up for their market debuts. From telecom and e-commerce disruptors like Jio and Zepto to EV innovators such as Ather Energy and Greaves Electric Mobility, and financial heavyweights like HDB Financial Services, the lineup for 2025 is packed with major offerings.
What are Upcoming IPOs?
Upcoming IPOs refer to companies preparing to go public by offering shares to investors. Before launching, these companies set a price range and obtain approval from SEBI (Securities and Exchange Board of India). To apply for these IPOs, investors need a demat account linked to their bank account. Some notable upcoming IPOs in 2025 include Tata Capital, Ather Energy, and Reliance Jio.
Upcoming IPOs in 2025
Here’s a table summarizing some of the major upcoming IPOs:
| Upcoming IPO 2025 | Bid start |
| Reliance Jio IPO | TBA |
| Tata Capital IPO | TBA |
| HDB Financial Services | TBA |
| PhonePe | TBA |
| Zepto | TBA |
| Hero FinCorp IPO | TBA |
| LG Electronics India IPO | TBA |
| Ather Energy IPO | TBA |
| JSW Cement IPO | TBA |
| NSDL | TBA |
| Greaves Electric Mobility IPO | TBA |
| FabIndia | TBA |
| NSDL | TBA |
| EbixCash IPO | TBA |
| BoAt IPO | TBA |
| Biba Fashions IPO | TBA |
| Go First IPO | TBA |
Detailed Insights into Major Upcoming IPOs
Reliance Jio IPO
Reliance Jio Infocomm Ltd is expected to launch its highly anticipated IPO in Q2 or Q3 of 2025. As the telecom arm of Reliance Industries, it aims to raise ₹40,000 crore through its initial share sale. Reports suggest it could be India’s largest IPO yet, with an estimated valuation of ₹10 lakh crore ($120 billion). However, official details are still awaited.
Tata Capital IPO
Tata Capital, part of the Tata Group’s financial services arm, plans to raise around ₹15,000 crore through its public offering. The IPO may include 23 crore new shares alongside an offer for sale by existing shareholders.
HDB Financial Services IPO
HDB Financial Services is set for a stock market debut in 2025 with plans to raise ₹12,500 crore. The offering includes a fresh issue worth ₹2,500 crore and an offer for sale (OFS) of ₹10,000 crore by existing shareholders.
PhonePe IPO
PhonePe, Walmart-owned digital payments giant, is targeting a $15 billion valuation through its upcoming IPO in 2025. It has already appointed four investment bankers and shifted its headquarters from Singapore to India in preparation.
Zepto IPO
Quick commerce company Zepto plans to raise $800 million–$1 billion through its IPO in 2025. It recently received approval to shift registration back to India and expects to file its Draft Red Herring Prospectus (DRHP) by April.
Hero FinCorp IPO
Hero FinCorp aims to raise ₹3,668 crore through its listing in 2025. Backed by Hero MotoCorp’s strong brand presence in the financial sector, this offering is likely to attract significant investor interest.
LG Electronics India IPO
LG Electronics India plans a massive ₹15,000 crore listing in March 2025. The parent company will sell over 10 crore shares through an Offer for Sale (OFS), marking one of the largest consumer electronics listings in recent years.
Ather Energy IPO
Ather Energy’s upcoming IPO includes a fresh issue worth ₹3,100 crore alongside an OFS of 2.2 crore shares. Backed by Tiger Global and SEBI-approved since December 2024, Ather will be India’s second EV maker to go public after Ola Electric.
JSW Cement IPO
JSW Cement plans a ₹4,000 crore listing this year—₹2,000 crore from new shares and ₹2,000 crore via share sales by existing investors. The funds will be used for expansion and debt reduction.
Conclusion
2025 promises exciting opportunities for investors with several high-profile listings across industries like telecom, finance, e-commerce, EVs, and consumer electronics. However, while IPOs can bring growth potential and diversification benefits, they also carry risks such as market volatility.
To make informed investment decisions:
Research each upcoming IPO thoroughly.
Understand risks versus rewards.
Monitor market trends closely.
A balanced approach tailored to your financial goals can help you navigate this dynamic market effectively!
Disclaimer: No Business Standard Journalist was involved in creation of this content