India’s IPO markets in 2025 are firing on all cylinders. After a quieter spell, 2025 is shaping up as a rebound year for new listings. From large corporates to niche sector bets, a fresh wave of companies is preparing to debut on Indian stock exchanges. For investors, analysts, and market watchers, knowing which names are in the pipeline and when they might hit the market can be a powerful edge.
In this article, we present a curated list of companies with upcoming IPOs in India in 2025, along with strategic insights, risks, and what to watch.
Why 2025 Looks Promising for Indian IPOs
Before we dive into names, here are a few reasons analysts expect momentum:
- Pent-up demand: Many companies delayed their IPOs during volatile markets in 2023–24; 2025 looks like a window to return.
- Strong anchor interest & institutional liquidity: Big funds are lining up anchor investments to back marquee IPOs. For example, Tata Capital raised ~ ₹4,641 crores from anchor investors ahead of its IPO.
- Rise of OFS-only models: In certain cases, parent or promoter groups are offloading existing stakes (Offer for Sale) rather than new capital, making some IPOs less dilutive. For example, LG Electronics India’s IPO is structured entirely as an OFS.
- Sector diversity: The IPO pipeline covers finance, consumer electronics, coworking, agri, green energy, and SMEs — giving investors thematic plays.
- Regulatory window & approvals clearing: SEBI seems to be clearing DRHPs (Draft Red Herring Prospectuses), pushing many listings closer to execution.
Still, risks persist: macro volatility, interest rates, and valuation expectations may dampen enthusiasm. But for those willing to do the homework, the 2025 IPO window is full of opportunity.
Top Upcoming IPOs (Mainboard & Big Names)
Here are some of the most high-profile IPOs expected in 2025 (or already in process). These carry scale, brand recognition, and market attention.
| Company | IPO Window / Tentative Dates | Price Band / Target | Nature (Fresh / OFS) | Key Notes |
|---|---|---|---|---|
| Tata Capital Ltd. | Oct 6 – Oct 8, 2025 | ₹310 – ₹326 | Fresh + OFS | One of 2025’s largest IPOs. Anchor round of ~ ₹4,641 cr already subscribed. Listing expected ~ Oct 13. |
| LG Electronics India | Oct 7 – Oct 9, 2025 | ₹1,080 – ₹1,140 | OFS only | No fresh capital; existing shareholders selling stake. Lot size: 13 shares. Listing likely Oct 14. |
| WeWork India Management Ltd. | Oct 3 – Oct 7, 2025 | ₹615 – ₹648 | OFS | Entirely a stake sale by existing shareholders (Embassy Group, etc.). No fresh issue. |
| Rubicon Research | Oct 9 – Oct 13, 2025 | ₹461 – ₹485 | Fresh + OFS | A mid-sized but well-publicized IPO, which brokers flag as one to watch. |
| Advance Agrolife | Sep 30 – Oct 3, 2025 | ₹95 – ₹100 | Fresh + OFS | Smaller in size relative to the marquee names, but part of the active pipeline. |
| Om Freight Forwarders | Sep 29 – Oct 3, 2025 | ₹128 – ₹135 | Fresh + OFS | A logistics play on the mainboard pipeline. |
| Fabtech Technologies | Sep 29 – Oct 1, 2025 | ₹181 – ₹191 | Fresh + OFS | Another upcoming industrial/engineering name. |
The Pipeline: Filings, DRHPs & Emerging Candidates
The real-time action often occurs behind the scenes, in the form of DRHP filings, amendments, and SEBI’s pipeline list. These names may not have firm dates yet, but many are expected to move to subscription or listing in late 2025 or early 2026.
Companies such as Behari Lal Engineering, CSM Technologies, Xtranet Technologies, and Aequs Ltd. (UDRHP-1) have submitted their draft prospectus documents to SEBI. These filings include extensive disclosures, business model, risk factors, and financials, and are a strong signal that the companies intend to list in the coming quarters.
Another one to watch is Prozeal Green Energy, a renewables/solar + storage company. It has expressed intent to raise capital via IPO and could ride the thematic tailwinds of clean energy.
Lenskart is especially noteworthy. While not yet open for subscription, the eyewear retailer has reportedly secured SEBI approval and aims to raise around ₹2,150 crore via fresh issuance. Many observers place its target listing in November 2025.
Real estate developer Eldeco Infrastructure is also worthy of mention, having filed its DRHP to raise up to ₹1,000 crore. This is notable because realty plays have been cautious about public markets in recent years.
Among smaller and SME names, names like Valplast Technologies, Sunsky Logistics, BAG Convergence, Zelio E-Mobility, and KVS Castings are frequently spotted on IPO calendar trackers. While their ticket sizes are modest, they offer interesting niche plays, especially in regional or sectoral domains.
The richness of the pipeline suggests that the 2025 IPO season will be more than just a few headline offerings; it will likely be a layered, rolling wave of primary market deals.
Key Metrics & IPO Checklist
To cherry-pick the better ones from the list, here’s a checklist of metrics and signals you should monitor:
| Metric / Signal | Why It’s Important | Expected Range / Benchmark |
|---|---|---|
| Big institutions backing the IPO often indicate confidence | 20–40% of issues in marquee IPOs | Use of proceeds/business expansion plan |
| Offer structure (Fresh vs OFS) | Fresh issues bring growth capital; OFS is often liquidity/exit | OFS is common in large, branded parent divestitures |
| Valuation multiples | P/E, P/B vs peer norms help spot overvaluation | Compare with listed peers in that sector |
| Lock-in/promoter retention | Check where new capital is being deployed | Capex, expansion, debt repayment, R&D |
| Check for operational/regulatory/financial red flags | High promoter retention may signal confidence | Watch for 1-3 year lock-ins |
| Grey Market Premium (GMP) | Often gives early directional cues on demand | Check for operational/regulatory / financial red flags |
| Risk disclosures | A positive GMP is encouraging, a negative is cautionary | Sector risk, debt levels, dependence on key clients |
Strategies for Investing in IPOs in 2025
- Stagger your bids – Don’t put all funds into one big IPO. Diversify across themes (finance, tech, green, consumer).
- Anchor tracking – If anchor demand is high early, it can signal strength, but oversubscription can lead to tight allotments.
- Avoid chasing extreme GMP – A sky-high grey market premium can fade at listing; keep a buffer.
- Apply in multiple lots (if allowed) across retail, HNI, and institutional quotas (depending on eligibility).
- Post-listing cooling period – Even successful IPOs can dip after listing; avoid overleveraging.
- Stay updated on allotment/refund/listing schedules – A delay can affect liquidity, so monitor BSE/NSE “Upcoming Issues” pages.
- Use IPO performance as a learning tool – Track which sector, structure, or pricing strategies work better over multiple cycles.
Final Thoughts
2025 is turning into a lively year for IPOs in India. From Tata Capital’s massive debut to brand plays like LG Electronics India, to smaller sector names emerging via DRHPs or SME listings, investors have a rich menu. But opportunity comes with responsibility: due diligence, risk assessment, and portfolio discipline are vital.
Disclaimer:
This article is intended solely for informational and educational purposes. It should not be interpreted as financial, investment, or trading advice. IPO details such as dates, price bands, structures, and company information may change based on market conditions and regulatory updates. The content provided here is based on publicly available information at the time of writing.
We are not registered with SEBI, RBI, or IRDAI as financial, investment, or market advisors. Investing in IPOs and equities involves risk, including potential loss of capital. Readers are strongly advised to conduct their own research and consult a certified financial advisor before making any investment decisions related to upcoming IPOs or stock market opportunities.