The Indian stock market is poised to witness several high-profile initial public offerings (IPOs) in 2025, as prominent companies across various sectors prepare to go public. These anticipated IPOs are expected to invigorate the market and offer investors new opportunities. Here’s an overview of some major companies planning to launch their IPOs this year:
Tata Capital
Tata Capital, the non-banking financial services arm of the Tata Group, is set to enter the primary market with an IPO estimated at ₹15,000 crore. The offering is expected to include a fresh issue of 23 crore equity shares along with an offer for sale (OFS) from existing shareholders. This move aligns with the Reserve Bank of India’s regulations for upper-tier non-banking finance companies (NBFCs), which mandate public listing to enhance transparency and compliance.
PhonePe
PhonePe, a leading digital payments and financial services platform owned by Walmart, is preparing for an IPO aimed at achieving a valuation of approximately $15 billion. The company has reportedly engaged four investment banks to manage the offering. In anticipation of the IPO, PhonePe has relocated its headquarters from Singapore to India, underscoring its commitment to the Indian market.
Ather Energy
Ather Energy, renowned for its electric two-wheelers and battery packs, is expected to launch its IPO soon, following approval from the Securities and Exchange Board of India (SEBI) in December 2024. The IPO is anticipated to comprise a fresh issue of shares valued at ₹3,100 crore, aimed at funding expansion plans and reinforcing its position in the rapidly growing electric vehicle market.
JSW Cement
JSW Cement, part of the diversified JSW Group, received SEBI’s approval for its IPO in January 2025 after a four-month review period. The company plans to raise up to ₹4,000 crore through a combination of new shares and an OFS by existing shareholders. The proceeds are expected to support capacity expansion and capitalize on the increasing demand for building materials in India.
Reliance Jio
Reliance Industries is preparing to list its telecom arm, Reliance Jio, on the Mumbai stock exchange in 2025. The IPO is projected to be one of India’s largest, with the company valued at over $100 billion. Key investors include KKR, General Atlantic, and the Abu Dhabi Investment Authority. The listing aims to leverage Jio’s substantial subscriber base and solidify its leadership in the telecom sector.
Zepto
Zepto, a quick commerce startup specializing in rapid delivery services, is also on the list of anticipated IPOs for 2025. The company aims to capitalize on the growing demand for instant delivery services in urban areas. Details regarding the IPO size and timeline are yet to be disclosed.
These forthcoming IPOs reflect a dynamic shift in the Indian corporate landscape, offering investors diverse opportunities in sectors ranging from finance and telecommunications to electric vehicles and quick commerce.
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