Key Companies to Go Public in 2025 As Investor Appetite Rises Several major companies, across various sectors are gearing up for their IPOs, aiming to capitalize on the growing investor appetite in the country.
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The Indian stock market is set to witness a host of initial public offerings (IPOs) in 2025, with several high-profile companies having received a green signal from the market regulator Securities and Exchange Board of India (SEBI).
Following a robust year for IPOs, 2025 is projected to witness a total fundraising of USD 35 billion, which is a considerable increase from the USD 22 billion raised in 2024, reported Kotak Mahindra Capital Company (KMCC).
Several major companies, across various sectors are gearing up for their IPOs, aiming to capitalize on the growing investor appetite in the country.
Zepto
Zepto, one of the popular quick commerce companies is reported to have plans to raise over USD 1 billion through its IPO in FY26. With this in mind, the company has also moved its base from Singapore to India, confirmed by its co-founder and CEO Aadit Palicha.
Palicha wrote in a LinkedIn post, "Today we received formal approval from Singaporean courts and NCLT in India to complete our cross-border merger and become an Indian parent entity."
Zepto's operating revenue, rose to more than double to INR 4454.54 crore from the previous INR 2025.70 crore, however recording a slight dip in its net profit by 2 per cent.
HDB Financial Services
A subsidiary of HDFC Bank plans to raise close to INR 12,500 crore through a mix of fresh issues and the offer for sale (OFS) component through its IPO.
The plan to go public is reported to have come after the 'Scale Based Regulations' released by the Reserve Bank of India (RBI) which requires certain Non-Banking Financial Companies (NBFCs) to go public.
Tata Capital
The financial arm of the Tata Group is another major financial institution preparing to go public, with plans to raise close to INR 15,000 crore (USD 2 billion) to comply with the said RBI regulations. The IPO is poised to be one of the largest for 2025.
Findings by KMCC also said that reported that a majority of the USD 9 billion of the IPOs in the pipeline are poised to come from the financial services sector.
boAt
One of India's leading consumer electronics brands, boAT aims to target an IPO to raise USD300-500 million, seeking a company valuation of nearly USD 1.5 billion.
boAT had earlier filed papers with SEBI in 2022 for its IPO, but it is reported that the plans came to a pause citing market conditions. The company also raised USD 60 million in private capital from investors such as Warburg Pincus and Malabar Investments.
Market Outlook
The Indian IPO market seems to be on a steady upswing driven by strong domestic conditions and increasing global interest. The upcoming IPOs indicate continued momentum, offering investment opportunities for both retail and institutional investors.
Pantomath Capital Advisors Private Limited said that the market's resilience, despite previous corrections, highlights investor opportunities.
"We project a robust fundraising year, potentially exceeding INR 2 lakh crore, as the primary market continues to gain traction. We are confident about the sustained momentum and positive returns, supported by strong subscription trends. The market is well-positioned for continued growth, presenting ample opportunities for both investors and issuers in the months ahead," it said.
