The Indian stock market is expected to have an interesting year in 2025, with several high-profile companies planning to go public with IPOs. These upcoming IPOs in India in 2025 present investors with diverse investment opportunities across various sectors. Let us have an overview of the top 10 most anticipated upcoming IPOs in 2025.
Reliance Jio
Reliance Jio is India’s largest telecom operator with over 479 million subscribers and is reportedly planning to have a huge IPO in 2025. The company is likely to be valued at more than $100 billion, which could be one of the biggest IPOs in India ever. The proceeds from the issue are likely to be used for the expansion of Jio’s 5G infrastructure and digital services, to further strengthen its dominance in the telecom sector.
Flipkart
Flipkart is an online e-commerce platform in India that is set to go public in December 2025. With the issue, the company looks to raise some ₹20,000 crore approx. ($2.7billion). Proceeds from the issue will help the company expand its reach in the marketplace and build technological infrastructure. It may help strengthen its position in India’s increasingly competitive e-commerce market.
Tata Capital
Tata Capital, a leading financial services company, is gearing up for an IPO that will mop up more than ₹13,000 crore, or about $1.8 billion, by September 2025. It will use the funds to grow its lending book and invest in digital platforms as it looks to serve the changing financial needs of consumers and businesses in India.
Tata Sons
Tata Sons, the Tata Group’s holding company, has announced plans for an IPO by the first quarter of 2025. Through the IPO the company is expecting to raise over ₹14,000 crore ($1.9 billion). The IPO would unlock value for shareholders and provide capital to be invested further in various businesses, such as steel, automobile, and IT.
Zepto
Quick-commerce startup Zepto is looking to go public with its IPO in July 2025. The company is expected to raise ₹4,500 crore or approximately $600 million from the IPO. The funds will be used to scale up the delivery network and improve technology capabilities. The company is hoping to grab a larger share of the growing online grocery market in India.
JSW Cement
JSW Cement, a prominent player in the construction materials sector, has finally received the regulatory nod for its initial public offering (IPO). The company is expected to raise up to ₹4,000 crore (approximately $461 million) from the IPO. The company plans to use the proceeds from the IPO to enhance manufacturing capacities and strengthen its market presence, in line with India’s infrastructure development goals.
OfBusiness
OfBusiness, a Softbank-backed B2B commerce platform, is looking to raise to $1 billion through its IPO in 2025. The company specializes in supplying raw materials and providing credit solutions to SMEs. OfBusiness reported a profit of $72.6 million and a revenue of $2.3 billion for the fiscal year ending March 2024. The IPO proceeds are expected to be used for further growth and diversification.
National Securities Depository Limited (NSDL)
NSDL, a cornerstone of India’s securities infrastructure, is set to launch an IPO valued at ₹3,500 crore (approximately $461 million). One of the two main depositories in the country, the other being CDSL, NSDL’s public offering is anticipated to attract substantial interest from institutional investors, thereby reflecting confidence in India’s financial market infrastructure.
Tata Play
Tata Play, formerly known as Tata Sky, plans to enter the IPO market sometime in 2025. Here, the company is expected to raise around ₹3,000 crore, or nearly $400 million. The funds from the IPO would be used to expand its broadband and over-the-top (OTT) content segments, along with bringing better offerings into the competitive entertainment and internet services market.
magicpin
Local discovery and rewards platform magicpin is planning to go public with an IPO in 2025, valuing at ₹8,000 crore or $1.1 billion. The proceeds will be used to scale its operations across new cities and improve its technological infrastructure as it takes advantage of the changing consumer tech landscape in India.
Conclusion – Top 10 Upcoming IPOs in India in 2025
These upcoming IPOs in 2025 offer a diverse range of investment opportunities across sectors such as telecommunications, e-commerce, finance, and technology. Investors should conduct thorough due diligence and consider market conditions before making investment decisions.
Check the following link for current and Upcoming IPOs in India.
