India’s Biggest IPOs of 2025

2025 was a landmark year for India’s capital markets, with several blockbuster IPOs across finance, technology, and consumer sectors. The year showcased the balance between traditional financial giants and new-age digital disruptors.

The biggest IPOs in India in 2025 were Tata Capital (₹15,511.87 crore), HDB Financial Services (₹12,500 crore), and LG Electronics India, followed by other notable listings like Groww, PhysicsWallah, Pine Labs, and Lenskart.

These IPOs highlight how India's capital markets are balancing traditional finance (Tata, HDB) with new-age tech (Groww, Physics Wallah, Pine Labs).

Breakdown of India’s IPO Activity in 2025

Key Figures

• Number of IPOs: Approximately 80 mainboard IPOs between April 2024 and March 2025.
• Capital Raised: About ₹1,630 billion (₹1.63 trillion), a sharp rise compared to ₹619 billion in FY 2024.
• Global Ranking: India ranked 4th globally for IPO activity in 2025, with total proceeds of ₹85,241 crore up to September.

Notable Listings

• Tech Unicorns: Meesho, PhysicsWallah, Pine Labs, Groww, and Lenskart were among the standout IPOs.
• Diversified Sectors: Pharma (Sudeep Pharma), solar (Emmvee Photovoltaic, Fujiyama Solar), and accessories (Studds) also tapped the markets.
• Record Deals: Tata Capital’s IPO set a record for non-banking financial companies.

Benefits 

• Structural Growth: The jump from 76 IPOs in FY 2024 to 80 in FY 2025 shows resilience despite global volatility.
• Investor Confidence: Strong retail and institutional participation highlights India’s deepening domestic capital markets.
• Sectoral Expansion: Beyond tech, industries like healthcare, renewable energy, and consumer goods are increasingly represented.

Challenges Ahead

• Valuation Pressures: High-profile tech IPOs often debut at premium valuations, raising sustainability concerns.
• Global Headwinds: Interest rate changes or geopolitical shocks could slow momentum.
• Regulatory Oversight: SEBI continues to tighten disclosure norms to protect retail investors.

India’s IPO boom in 2025 was marked by 80 successful listings, record-breaking capital inflows, and a broadening sectoral base. This cements India’s position as one of the world’s most dynamic IPO markets.

Here’s a breakdown of the largest IPOs by issue size and market impact:

Company	Issue Size (₹ crore)	Listing Date	Listing Gain/Loss
Tata Capital	15,511.87	Oct 13, 2025	+1%
HDB Financial Services	12,500	Jul 2, 2025	+12.84%
LG Electronics India	~10,000+	2025	Moderate gains
Groww	~1000+	Nov 12, 2025	+31.33%
PhysicsWallah	~500+	Nov 18, 2025	+42.42%
Pine Labs	~1000+	Nov 14, 2025	+14.03%
Lenskart Solutions	~400+	Nov 7, 2025	Flat (0.27%)
Sudeep Pharma	~593	Nov 28, 2025	+30.55%
Excelsoft Technologies	~120	Nov 26, 2025	+4.98%

📈 Key Insights

• Tata Capital was the largest IPO of 2025, raising over ₹15,500 crore, but listing gains were muted (~1%).
• HDB Financial Services delivered strong returns with a 12.84% premium.
• Tech & fintech startups like Groww, PhysicsWallah, Pine Labs, and Lenskart attracted huge retail interest.
• Green energy & manufacturing IPOs (e.g., Fujiyama Solar, Emmvee Photovoltaic) highlighted diversification, though not all delivered positive gains.

⚠️ Risks & Trade-offs

• High valuations: Many IPOs were priced aggressively, leading to muted listing gains (e.g., Tata Capital).
• Sector volatility: Tech IPOs saw strong demand, but solar/industrial plays listed at a discount.
• Investor sentiment: Retail enthusiasm remained high, but oversubscription didn’t always guarantee strong post-listing performance.

The Rise of India’s IPO Boom

India’s IPO boom began with a surge of new-age tech companies and strong domestic investor participation around 2020–2021, and has since evolved into a structural trend with annual issuances exceeding $20 billion.  

Early Catalysts

• Post-2020 liquidity surge: Following the pandemic, global and domestic liquidity was abundant. Retail investors entered the markets in record numbers, aided by digital trading platforms.
• Tech startups leading the charge: Companies like Zomato (2021) marked a turning point, showing that consumer-tech firms could successfully tap public markets. This opened the floodgates for other startups.
• Regulatory support: SEBI streamlined listing processes, making it easier for firms to go public quickly.

Structural Drivers

• Domestic capital strength: Unlike earlier IPO waves that relied heavily on foreign inflows, India’s boom is now powered by local investors—mutual funds, retail buyers, and institutional capital.
• Record-breaking listings: Hyundai Motor India’s $3.3 billion IPO in 2024 became India’s largest ever, signaling global confidence in Indian markets.
• Pipeline momentum: By 2025, India saw over 100 firms go public—the highest in nearly two decades. Draft filings more than doubled compared to prior years.

Why It Matters

• New normal: Annual IPO issuances of $20–25 billion are now considered India’s “new watermark,” no longer a one-off spike.
• Sector diversification: While tech firms dominate, healthcare, consumer goods, and financial services are increasingly part of the mix.
• Global positioning: India is now one of the world’s hottest IPO destinations, rivaling traditional hubs like Hong Kong and New York.

Conclusion

The IPO boom in India started with tech-driven momentum in the early 2020s, fueled by liquidity, retail participation, and regulatory reforms. Today, it has matured into a structural trend, with India consistently raising $20+ billion annually. This positions India as a global IPO powerhouse, though careful regulation and investor discipline will be key to sustaining the momentum.