The buzz that dominated Dalal Street in 2024 seems to have cooled off a bit, at least on the surface. As of April 2025, only ten companies have been listed on the mainboard. Last year, during the same time frame, there were 25 listings, which was more than double.
So, is the IPO market running out of steam or is it just a pause before the next big wave?
After a record-breaking 2024, where IPOs saw average oversubscriptions of 50 times and raised bids worth a whopping ₹23.13 lakh crore, it is natural for the market to take a breather. Even the SME segment, often flying under the radar, saw massive interest with 236 listings.
But now, the stage is being set again. The rest of 2025 could be loaded with some of the most high-profile IPOs in India. The IPO calendar 2025 is already shaping up with a strong pipeline of marquee names. Here is a quick roundup of the names that have the market talking.
1. NSDL
The National Securities Depository Limited (NSDL), India’s largest depository, is finally going public. This IPO, too, will be an OFS. Shareholders like NSE and IDBI Bank are expected to offload a part of their holdings. The timeline is tight, though, with the company aiming to launch the IPO before its SEBI approval window closes.
2. LG Electronics India
Most Indian homes have had an LG product at some point, a TV, fridge, or AC. Now, the Indian arm of this South Korean brand is heading for the stock market. The IPO will be a full Offer for Sale, so all proceeds will go to the parent company. Even so, it is a rare chance for retail investors to hold a stake in a brand they’ve grown up with.
3. Tata Capital
After Tata Technologies’ strong debut, another Tata company is stepping into the spotlight. Tata Capital, one of the group’s key financial arms, is preparing for what could be the biggest IPO from the Tata stable so far. Reports suggest that it could raise over ₹15,000 crore, and 10 investment banks have already been brought on board.
4. boAt
Do you recall how boAt changed Indians' perceptions of smartwatches and earbuds? The company is now prepared for a second attempt at an IPO, which it had put on hold in 2022 because of unstable markets. It is anticipated that boAt's ₹2,000 crore IPO will launch in FY26, given the thriving Indian wearables market.
5. JSW Cement
With real estate on a high and infrastructure spending rising, cement demand is soaring. JSW Cement, backed by the JSW Group, is looking to make the most of this momentum. Its ₹4,000 crore IPO, a mix of fresh issue and OFS, has already got SEBI’s nod.
6. Reliance Jio
This one is the showstopper. If the buzz is to be believed, Reliance Jio could soon launch India’s biggest-ever IPO, pegged at around ₹40,000 crore. With its dominance in telecom, expanding digital services, and a valuation close to $120 billion, Jio’s IPO could be the blockbuster listing of the decade. While there is no official announcement yet, anticipation is sky-high.
7. HDB Financial Services
A long-time contender in the IPO rumour mill, HDB Financial Services, the NBFC arm of HDFC Bank, is finally expected to go public. The estimated size is ₹12,500 crore, which could make it the biggest ever NBFC IPO in India.
8. PhonePe
India’s digital payment boom has been massive, and PhonePe has been right at the center of it. Now, the fintech giant backed by Walmart is preparing for its IPO. While details are under wraps for now, the issue is expected to be a big one given the company’s market share and UPI dominance.
9. Zepto
Zepto’s 10-minute grocery delivery model caught everyone’s attention. The company is now planning to file its DRHP and go public, most likely in late 2025 or early 2026. The IPO size is expected to be between ₹7,000 to ₹8,800 crore, and with a valuation nearing $3.6 billion, Zepto is one of the hottest startup names to watch in 2025.
