Upcoming IPOs in 2025: IPO Wave Hit In 2025

Introduction

If you thought the Indian IPO market had peaked, think again. The year 2025 is shaping up to be a blockbuster for investors, with some of the country’s biggest startups and legacy giants ready to go public. From Reliance Jio’s mega listing to new-age digital brands like Zepto and Groww, this isn’t just an IPO list—it’s a revolution in Upcoming IPOs.

In this blog, we do a deep dive into the most anticipated Upcoming IPOs of 2025, covering everything from estimated issue sizes, business models, sectors, and why each of these companies matters. Whether you’re an experienced investor or just starting out, keeping an eye on Upcoming IPOs can help you spot the next big opportunity early.

Get ready as we break down the hottest Upcoming IPOs that could redefine India’s stock market in 2025 and beyond.

Why 2025 is Crucial for IPO Markets

There are three main reasons why 2025 is seeing this IPO frenzy:

• Liquidity resurgence: After a muted 2023-24, retail and institutional capital is flowing back into equities.
• Tech startup maturity: Many unicorns are now profitable or close to it.
• SEBI reforms: Regulatory clarity has made the listing process more transparent and quicker.

So, whether you’re a seasoned investor or a newbie, here are the top IPOs you must watch out for in 2025.

Upcoming IPOs of 2025

1. Reliance Jio Platforms

• Estimated IPO Size: Over ₹40,000 Cr
• Sector: Telecom, Digital, AI

This could be India’s biggest IPO ever. Reliance Jio is more than just a telecom company—it’s a digital powerhouse spanning 5G, AI, cloud computing, and e-commerce. With over 470 million users, it’s the digital backbone of India.

A Jio IPO gives retail investors a chance to own a slice of India’s fastest-growing digital ecosystem. This isn’t just a stock; it’s a long-term digital infrastructure play.

2. Tata Capital

• Estimated IPO Size: ₹15,000 Cr
• Sector: Financial Services

Part of the legendary Tata Group, Tata Capital is finally opening its doors to public investors. It caters to retail lending, corporate finance, and wealth management.

With the backing of India’s most trusted conglomerate and a rapidly growing NBFC sector, this IPO could be a blue-chip in the making.

3. HDFC Bank (FPO)

• Estimated Size: ₹12,500 Cr
• Sector: Banking

Post its mega-merger with HDFC Ltd, the bank may issue a follow-on public offer (FPO) to shore up capital. Already a banking bellwether, this will give investors more room to participate in India’s largest private bank.

4. OYO Rooms

• Estimated Size: ₹3,600 – ₹5,190 Cr
• Sector: Travel / Tech

After multiple delays, OYO is back with stronger numbers and leaner operations. From budget hotels to full-stack hospitality, it’s a bet on India’s tourism boom.

If you’re bullish on the return of travel and digital hospitality, this is one to watch.

5. Groww

• Estimated Size: ₹6,000 Cr
• Sector: Fintech / Stock Broking

Groww is not just another investing app; it’s the face of India’s new investing culture. With over 30 million users, Groww plans to expand into lending and insurance next.

Its IPO is expected to attract massive retail interest, especially from millennials and Gen Z.

6. Zepto

• Estimated Size: ₹3,460 – ₹4,325 Cr
• Sector: Quick Commerce

Zepto is one of India’s fastest-growing 10-minute grocery delivery apps. It’s a tech-first company solving last-mile delivery with AI and micro-warehousing.

With rising urban demand for instant commerce, Zepto’s IPO could be a dark horse.

7. Ather Energy

• Estimated Size: ₹3,500 – ₹4,000 Cr
• Sector: Electric Vehicles

India’s answer to Tesla in the 2-wheeler space. Ather manufactures electric scooters and owns its own charging infra. As India moves toward EVs, this IPO rides the green wave.

8. boAt Lifestyle

• Estimated Size: ₹2,600 – ₹4,300 Cr
• Sector: Consumer Electronics

This homegrown brand owns over 40% of India’s audio market. With aggressive pricing and lifestyle branding, boAt is the new-age consumer tech darling.

IPO proceeds will help expand into wearables and global markets.

9. Bluestone

• Estimated Size: ₹1,000 Cr
• Sector: Jewellery

A digital-first jewelry brand that’s giving traditional players a run for their money. It uses tech to offer custom designs and fast delivery.

10. NSDL (National Securities Depository Ltd.)

• Estimated Size: ₹3,000 Cr
• Sector: Financial Infrastructure

As India’s oldest depository, NSDL handles a massive portion of stock transactions. The IPO will give retail investors exposure to the backbone of India’s capital markets.

11. CarDekho

• Estimated Size: ₹4,000 Cr
• Sector: AutoTech

From used cars to insurance and loans, CarDekho has built a 360-degree automotive ecosystem. It’s backed by marquee VCs and ready for the public markets.

12. Physics Wallah

• Estimated Size: ₹4,325 Cr
• Sector: EdTech

India’s only profitable edtech unicorn. With deep roots in Tier 2 and Tier 3 cities, Physics Wallah is a grassroots success story.

It could be the next BYJU’S—minus the chaos.

13. IndiQube

• Estimated Size: ₹850 Cr
• Sector: Real Estate / Co-working

Flexible workspaces tailored for startups. IndiQube is growing fast outside metro cities and could ride the hybrid work trend.

14. OfBusiness

• Estimated Size: ₹6,400 – ₹8,650 Cr
• Sector: B2B, SME Lending

Profitable and capital-efficient, OfBusiness combines B2B commerce with fintech lending—a rare combo in Indian startup land.

15. JSW Cement

• Estimated Size: ₹4,000 Cr
• Sector: Infrastructure

As India builds more highways, airports, and homes, cement demand will surge. JSW Cement’s IPO is a long-term infra play.

16. PharmEasy

• Estimated Size: Undisclosed
• Sector: HealthTech / Pharmacy

Delayed earlier due to losses, the company may return with better numbers. PharmEasy is eyeing profitability through diagnostics and insurance integrations.

17. Navi Technologies

• Estimated Size: ₹3,350 Cr
• Sector: Fintech / Lending

Founded by Flipkart co-founder Sachin Bansal, Navi offers fully digital personal loans and health insurance. A clean UI/UX and fast approval process give it a tech edge.

18. Flipkart

• Estimated Size: Undisclosed
• Sector: E-commerce

Still India’s largest e-commerce player, Flipkart’s IPO could be either in the US or India. Backed by Walmart, it aims to raise billions for its next phase of growth.

19. LG Electronics IPO – A Global Giant’s Big Bet on India

Estimated Issue Size: ₹15,237 Crore
Sector: Consumer Electronics, Appliances
IPO Type: Fresh issue + Offer for sale (Expected)
Expected Timeline: Second half of 2025

When it comes to refrigerators, washing machines, air conditioners, or TVs—LG is not just a brand, it’s a household name. For decades, LG Electronics has quietly become an inseparable part of Indian middle-class living. Whether you’re watching the IPL on an LG OLED or freezing mangoes for summer in an LG fridge—this brand has earned its spot in our lives.

Now, after dominating the consumer electronics market for over 25 years, LG is planning to bring its Indian arm to the public markets. And investors are watching closely.

Final Thoughts: How to Prepare for the 2025 IPO Wave

This is not just another IPO season. This is a wealth-creation opportunity unlike anything seen before. Whether you’re a long-term investor or a short-term trader, this IPO boom has something for everyone.

Pro Tips:

• Read each company’s DRHP (Draft Red Herring Prospectus) when filed
• Watch grey market premium (GMP) trends
• Consider long-term value, not just hype

Ready to ride the IPO wave?

Open your free Demat account on Angel One and get real-time IPO alerts, research reports, and one-click investing.

👉 Click here to begin — Because the best time to invest was yesterday. The next best time? Right now.

FAQs: Upcoming IPOs in India 2025

Q1. What are the top upcoming IPOs in India in 2025?
Some of the most anticipated IPOs in 2025 include Jio, HDFC Bank, LG India, Tata Capital, Groww, Ather Energy, Physics Wallah, Zepto, PharmEasy, and Flipkart.

Q2. Which IPO is the largest in 2025?
Reliance Jio’s IPO is expected to be the largest in 2025, with estimates crossing ₹40,000 crore, making it one of India’s biggest IPOs ever.

Q3. Is it a good time to invest in upcoming IPOs?
2025 is expected to be a strong year for IPOs due to favorable market sentiment, growing retail participation, and the listing of high-growth startups and blue-chip companies. However, always do your own research or consult a financial advisor.

Q4. How can I apply for these IPOs?
You can apply for IPOs through your demat account using platforms like Angel One, Zerodha, or your bank’s net banking services via ASBA (Application Supported by Blocked Amount).

Q5. Which sectors dominate the 2025 IPO pipeline?
The 2025 IPO wave covers diverse sectors:

• Tech & Startups (Zepto, Groww, Flipkart)
• EV & Clean Energy (Ather Energy)
• Fintech & Finance (Tata Capital, Navi, HDFC Bank)
• Education (Physics Wallah)
• E-commerce & Retail (Bluestone, Boat, CarDekho)

Q6. What is the benefit of investing in IPOs early?
Getting in early through IPOs can give investors exposure to potential multi-bagger stocks before they become mainstream—especially if the company has strong fundamentals and market leadership.

Q7. Where can I track IPO opening dates and details?
You can track upcoming IPOs in India through NSE/BSE websites, financial news portals, and broker platforms like Angel One, Zerodha, and Moneycontrol.

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