India’s IPO landscape is set for an exciting run in 2025. A dynamic mix of startups and legacy companies from sectors such as telecom, e-commerce, fintech, and green energy are preparing to go public. As of May 13, 2025, the market buzz suggests that the total fundraising from IPOs could cross ₹2 lakh crore—a potential record. Here’s a closer look at the most anticipated listings and why investors are keeping a close watch.

Reliance Jio: The Telecom Powerhouse Steps In

Reliance Jio, the telecom disruptor that reshaped India’s mobile data market since its 2016 launch, is gearing up for a massive IPO in 2025. With an expected valuation north of ₹9.3 trillion, Jio’s public offering could be a game-changer. The company’s dominance in mobile networks, broadband, and digital platforms like JioCinema positions it as a prime contender in India’s ongoing digital transformation.

Zepto: Speed Meets Scale in Quick Commerce

Zepto, the rising star of India’s quick commerce segment, plans to file its IPO documents by March or April 2025. Posting a 120% year-over-year jump in revenue to ₹4,454 crore in FY24, Zepto’s rapid delivery model has captured urban consumers’ attention. As on-demand services grow, Zepto’s debut is likely to generate significant investor interest.

Ather Energy: Accelerating India’s EV Revolution

Electric scooter manufacturer Ather Energy has already secured SEBI approval and aims to raise ₹3,100 crore through its IPO. Known for its innovative models like the Ather 450, the company is at the forefront of India’s transition to clean mobility. For investors focused on ESG and future-ready sectors, Ather represents a compelling pick.

Tata Group’s Double Play: TPEML and Tata Capital

Tata Passenger Electric Mobility Ltd. (TPEML), a leader in India’s EV market with an 80% share, is set to go public in 2025. With plans for 10 new electric vehicle models, TPEML’s IPO could significantly impact the green transport space. Meanwhile, Tata Capital—an established NBFC—is also lining up its IPO, offering exposure to India’s evolving financial services sector. Both entities benefit from the Tata Group’s trusted legacy.

E-commerce Giants on the Move: Flipkart & Meesho

Flipkart, one of India’s largest online retailers, is aiming for a late-2025 IPO, possibly valuing the company at $35 billion. With its corporate base shifting to India, the timing aligns well with growing domestic investor interest. Meesho, a social commerce platform targeting a $10 billion valuation, is also planning to raise around $1 billion through its public debut—another sign of India’s e-commerce momentum.

Fintech & Consumer Tech: Groww, PhonePe, boAt

India’s fintech boom continues with platforms like:

• Groww, which plans to file IPO documents by April 2025, eyeing over $1 billion in funding.
• PhonePe, a leading digital payments platform, potentially targeting a $15 billion valuation by late 2025 or early 2026.
• boAt, known for its affordable audio and wearable tech, filed its DRHP in February 2025 and is expected to aim for a $1.5–$2 billion valuation.

Other Noteworthy Names in the Pipeline

Several other players are also lining up to join the IPO wave:

• Urban Company: The services marketplace plans to raise ₹3,000 crore by March 2025.
• JSW Cement: Targeting ₹4,000 crore to fund its expansion plans, IPO expected early 2025.
• LG Electronics India: Preparing to offload a 15% stake.
• NSDL (National Securities Depository Ltd.): With SEBI approval in hand, NSDL is poised for a strong debut.
• SME Listings: Smaller companies like Accretion Pharmaceuticals (May 14–16) and Virtual Galaxy Infotech (May 9–14) are also entering the public markets.

Things to Keep in Mind Before Investing

While 2025 may look like a golden year for IPOs, it’s important to approach each opportunity with due diligence. Here are a few tips:

• Review the DRHP (Draft Red Herring Prospectus) carefully.
• Understand the company’s fundamentals, business model, and competitive landscape.
• Avoid hype-based investing—evaluate valuations and growth potential objectively.
• Consider consulting a licensed financial advisor before making significant investment decisions.

Final Thoughts: A Year of High Hopes and Big Bets

India’s IPO wave in 2025 is not just about capital raising—it reflects the country’s economic momentum and sectoral transformation. From EVs to e-commerce and fintech to telecom, the diversity of companies going public signals a maturing market. Whether you’re an experienced investor or a newcomer, 2025 offers numerous opportunities to participate in India’s growth story.

Which IPO are you most excited about? Let us know in the comments!