The IPO landscape for 2025 is shaping up to be one of the most dynamic in years, featuring major listings from tech giants, financial institutions, and quick-commerce leaders. With companies across various sectors gearing up to go public, investors are keeping a close watch on these opportunities. Here’s a comprehensive look at the key IPOs anticipated in 2025.
Reliance Jio – India’s Biggest IPO Yet?
Reliance Jio, the telecom arm of Reliance Industries, is expected to launch India’s largest IPO to date, with an estimated valuation of over $100 billion. This could potentially surpass Hyundai Motor India’s IPO record set in 2024.
- Valuation: $100 billion
- Subscribers: 479 million
- Market Impact: Jio’s dominance in the telecom sector makes this IPO highly attractive for investors seeking long-term growth.
Zepto – Everyone's been waiting for this one
Zepto, India’s quick-commerce disruptor, plans to go public in March-April 2025. This IPO has garnered significant attention following a $350 million fundraising round in November 2024, valuing the company at $5 billion.
- IPO Timing: March-April 2025
- Valuation: $5 billion
- Market Share: Zepto commands 28% of India’s quick commerce market, with plans to double its 350 dark stores by early 2025.
- Lead Managers: Goldman Sachs, Morgan Stanley, Axis Capital
- IPO Target: $450-500 million
With India’s rapid adoption of quick-commerce services, Zepto’s aggressive growth makes it a compelling IPO to watch.
Flipkart
Flipkart is targeting an IPO between late 2025 and early 2026, reflecting the company’s focus on solidifying market leadership. Flipkart’s current valuation sits at $36 billion, following a $1 billion raise in 2024, with Google contributing $350 million.
- Valuation: $36 billion
- Recent Funding: $1 billion (2024)
- Market Position: Flipkart remains India’s e-commerce leader, facing competition from Amazon and Reliance’s retail arm.
HDFC Bank’s HDB Financial – A financial powerhouse
HDFC Bank’s non-banking financial arm, HDB Financial Services, has filed for an IPO estimated at Rs 12,500 crore ($1.49 billion). HDFC Bank plans to sell shares worth Rs 10,000 crore, retaining a 94.6% stake.
- IPO Value: Rs 12,500 crore
- Stake Sale: Rs 10,000 crore
- Lead Managers: Jefferies, Goldman Sachs, BofA Securities
PhysicsWallah – Edtech
PhysicsWallah, one of India’s leading edtech companies, is set to launch its IPO in the next four to six months. The company aims to raise $500 million (approx. Rs 4,280 crore), targeting a valuation of $5 billion (approx. Rs 42,800 crore).
- Valuation: $5 billion
- IPO Amount: $500 million
- Milestone: First pure-play edtech company to be listed in India
Boat
Boat, a leading player in India’s electronics and lifestyle market, is preparing for an IPO worth $300-500 million. Despite a 5% dip in FY24 revenue, Boat managed to halve its losses to Rs 70.8 crore.
- IPO Size: $300-500 million
- Revenue (FY24): Rs 3,285 crore
- Profitability: Positive EBITDA recorded in FY24
LG Electronics – Big plans for market expansion
LG Electronics plans to raise Rs 15,237 crore ($1.8 billion) by offloading 10.18 crore shares in its upcoming IPO. This listing will boost LG’s position in India’s growing appliance and electronics market.
- IPO Value: Rs 15,237 crore
- Market Size: India’s appliance market is projected to reach Rs 5.69 lakh crore by 2028, with a 15% CAGR.
- Share Allocation: 35% Retail Investors, 50% Qualified Institutional Buyers, 15% Non-Institutional Investors
Additional Startups Expected to Go Public
According to Moneycontrol, 25 startups are expected to list on offerings in 2025. This includes companies across fintech, edtech, and e-commerce sectors.
The largest IPOs of 2025 are expected to come from startups such as contract manufacturer Zetwerk, SoftBank-backed OfBusiness, and fintech unicorn Pine Labs, each looking to raise $1 billion. Quick commerce leader Zepto, construction materials platform Infra.market, AI unicorn Fractal, and edtech startup PhysicsWallah are also among the major IPOs expected, with each targeting around $500 million.
The fintech sector is set to dominate the IPO landscape, with as many as six companies set to go public. Aye Finance and Avanse Financial Services have already filed their IPO papers, while PayU, Pine Labs, and InCred are expected to list later in the year.
Investors suggest that IPO-bound companies that demonstrate strong financial performance – including profitability, strong governance, and market leadership – will have a distinct advantage in generating investor interest.
Given the success of smallerIPOs in 2024, like that of Unicommerce, Mobikwik, and Awfis, and impressive small and medium enterprise (SME) listings from TAC Security and Menhood, companies headed for modest IPOs – such as Zappfresh, and Smartworks – may also find themselves doing well.
Market trends and key takeaways
The 2025 IPO wave underscores the robust growth across multiple sectors, from telecom and e-commerce to quick commerce and edtech. Companies like Reliance Jio and Flipkart are established market leaders, while newer entrants like Zepto and PhysicsWallah represent the next wave of digital-first companies.
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