After a record-breaking 2024, 2025’s IPO market was expected to pick up speed. Instead, the year has started slow, with just 11 mainboard IPOs in two months. Is this a brief pause, or is a bigger wave on the horizon?
With 851 IPOs in the last five years and projections crossing 1,000 soon, the action is far from over. Major players like Jio, Zepto, Ather Energy, and HDB Financial Services are gearing up for their market debuts, setting the stage for a high-stakes year ahead.
Here’s a quick look at the Biggest IPOs 2025:
| Upcoming IPOs | Expected Issue Sizes (in Rs. Cr.) |
| Reliance Jio | 40,000 |
| Tata Capital | 15,000 |
| HDB Financial Services | 12,500 |
| NSDL | 3,000 |
| LG Electronics India | 15,000 |
| Zepto | 7,000 ~ 8,800 |
| PhonePe | 11,000 ~ 12,000 |
| JSW Cement | 4,000 |
| Ather Energy | 3,100 |
| boAt | 2,000 |
Let’s dive into the biggest IPOs of 2025, starting with the most anticipated one.
1. Reliance Jio
India’s biggest IPO could be on the horizon. Reports suggest Reliance Jio is eyeing a Rs 40,000 crore IPO, with a massive $120 billion valuation. With its stronghold in telecom, rapid 5G expansion, and growing digital ecosystem, Jio’s listing could be the biggest market debut of the decade. However, there’s no official confirmation from the company yet.
2. Tata Capital
After the success of Tata Technologies, another Tata company is gearing up for the stock market—Tata Capital. The company has already enlisted 10 investment banks to manage its listing. With an expected IPO size of Rs 15,000 crore or more, this could be Tata Group’s biggest IPO yet.
3. HDB Financial Services
After years of speculation, HDFC Bank’s NBFC subsidiary, HDB Financial Services, is finally heading to the stock market. With a potential Rs 12,500 crore offering, this could be India’s largest-ever NBFC listing.
4. NSDL
India’s largest depository, NSDL, is set to go public with a full Offer for Sale (OFS), meaning existing shareholders will sell their stakes instead of the company raising fresh capital. Major stakeholders like NSE and IDBI Bank will offload their shares. Reports indicate that the IPO is in its final stages, with an expected launch in the coming months.
5. LG Electronics India
LG Electronics India is set to go public after getting SEBI’s approval. The IPO will be a full Offer for Sale (OFS), with all proceeds going to its South Korean parent company. A trusted name in Indian homes for decades, LG has built its presence with TVs, refrigerators, air conditioners, and more. Now, the consumer electronics giant is bringing its Indian arm to the stock market.
6. Zepto
Zepto, the quick-commerce sensation, is gearing up for a Rs 7,000-Rs 8,800 crore IPO, as per reports. After shifting its base back to India, the company is expected to file its DRHP by April 2025. With a valuation of nearly $3.6 billion and a strong foothold in grocery delivery, this IPO is one of the most anticipated of the year.
7. PhonePe
One of India’s biggest fintech giants, PhonePe, is gearing up for an IPO, though official details remain under wraps. With UPI transactions at record highs and PhonePe dominating the digital payments space, this IPO is expected to make waves this year, according to reports.
8. JSW Cement
India’s real estate boom is driving cement demand, and JSW Cement is set to capitalise on it. Backed by the JSW Group, the company has secured SEBI’s approval for a Rs 4,000 crore IPO, featuring both fresh shares and an OFS. The much-awaited listing is expected to hit the market this year.
9. Ather Energy
India’s EV revolution is accelerating, and Ather Energy is ready to charge ahead. Backed by Tiger Global, the company has received SEBI’s nod for its IPO, featuring a Rs 3,100 crore fresh issue along with an OFS. Reports suggest the public offering could hit the markets in the coming months.
10. boAt
The audio giant is making a second attempt at an IPO after shelving its plans in 2022 due to market conditions. With a Rs 2,000 crore offering in the works, boAt is eyeing the booming Indian wearables market. Reports suggest the IPO could hit the market in the financial year 2025-2026.
With so many high-profile IPOs in the pipeline, 2025 might have started slow, but it’s shaping up to be a blockbuster year for the stock market.
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Frequently Asked Questions (FAQs)
- Which IPO is expected to be the biggest in 2025?
Reliance Jio’s IPO is anticipated to be the largest, with a potential size of Rs 40,000 crore and a valuation of around $120 billion. If confirmed, it could be one of the biggest IPOs in India’s history.
- Why has the IPO market started slow in 2025?
Despite a record-breaking 2024, 2025 began with only 11 mainboard IPOs due to market volatility, global economic factors, and regulatory approvals taking time. However, major IPOs are lined up, signaling strong momentum ahead.
- Which sectors are dominating the 2025 IPO market?
The 2025 IPO list features a mix of industries, including telecom (Reliance Jio), finance (Tata Capital, HDB Financial Services, NSDL), consumer electronics (LG Electronics India), EV (Ather Energy), and fintech (PhonePe), showing diverse investment opportunities.
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