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.

India's IPO Boom: Startups and Small Businesses Go Public in Record Numbers

India's capital markets have witnessed an unprecedented surge in initial public offerings (IPOs), with startups and even small businesses seizing the opportunity to go public. This trend, fueled by strong investor confidence, favorable regulatory changes, and a thriving entrepreneurial ecosystem, has positioned India as a global leader in IPO activity.

After a brief slowdown, the market has bounced back, driven by improved investor sentiment and favorable economic conditions.

Several high-profile startups, including Zepto, Pine Labs, Lenskart, Groww, and PhonePe, are preparing for IPOs, while others like Urban Company and PhysicsWallah have already filed their draft papers with SEBI. The renewed momentum is partly due to easing global geopolitical tensions and a more stable domestic market, encouraging companies to accelerate their listing plans.

In May alone, six companies—including Schloss Bangalore, Borana Weaves, and Belrise Industries—are set to raise over ₹11,000 crore (approx 1.28 billion USD) through IPOs. This follows a record-breaking 2024, where 12 startups went public, raising billions and solidifying India's position as a hub for innovation.

The Numbers Behind the Boom

The digital economy has played a crucial role in this boom, with fintech and retail startups leveraging India's robust digital infrastructure to attract investors.

Additionally, SME IPOs have seen substantial growth, with 215 companies raising ₹7,700 crore or approximately US $9 billion so far.

With over 80 companies at various stages of IPO approval, the trend is expected to continue, making 2025 a landmark year for India's startup ecosystem. If market conditions remain stable, more new-age firms could go public, further strengthening India's position in the global IPO landscape

In 2024, 12 startups went public, raising billions and cementing India's reputation as a hub for innovation. Venture capitalists (VCs) reaped massive returns, earning over $4 billion through IPO exits—double the amount earned in 2023.

India's venture capital market rebounded, with investments soaring to $13.7 billion in 2024, marking a 1.4x increase from the previous year. Deal volume surged by 45%, with 1,270 deals recorded, up from 880 in 2023.

Key Players and Sectors

Among the standout IPOs, Swiggy's $1.35 billion listing was one of the largest globally, reflecting growing investor appetite for profitable, tech-driven businesses. Other major players preparing to go public in 2025 include Zetwerk, Meesho, Bluestone, Urban Company, Zepto, Groww, and Pine Labs.

The consumer technology sector led the charge, with funding surging 2.3x to $5.4 billion, driven by quick commerce, gaming, edtech, and travel tech. Meanwhile, software and SaaS investments grew 1.2x to $1.7 billion, fueled by strong demand for AI-driven solutions and enterprise technology.

India's IPO boom is being driven by a mix of established giants and emerging startups across diverse sectors. Here’s a breakdown:

Key Players

• Zepto, Flipkart, Pine Labs, Lenskart, Groww, PhonePe – Leading the charge in fintech, e-commerce, and retail.
• Indira IVF, HDFC Credila – Expanding healthcare and financial services.
• Urban Company, PhysicsWallah – Innovators in edtech and gig economy services.
• Hyundai Motors India – One of the largest IPOs in recent years, reflecting India's growing auto-tech sector.

Dominant Sectors

• Financial Services & Fintech – Continues to be a stronghold, with digital lending and payment platforms attracting investors.
• Quick Commerce & Retail – Companies leveraging dark stores and cloud kitchens are gaining traction.
• Electric Vehicles & Auto-Tech – A rising sector, with Hyundai’s IPO signaling strong investor interest.
• Healthcare & Biotech – Indira IVF’s IPO highlights the growing demand for specialized healthcare services.
• IT & AI-driven Startups – AI-powered solutions and SaaS companies are seeing increased IPO activity.

The Road Ahead

India's IPO boom is far from over. With at least 25 startups gearing up for public listings in 2025, the momentum is expected to continue. Regulatory reforms, increased domestic liquidity, and a thriving startup ecosystem have created a fertile ground for businesses to scale and attract global investors.

As India cements its position as a powerhouse in IPO activity, the coming years promise even greater opportunities for entrepreneurs and investors alike. Whether it's tech giants or small businesses, the public markets are proving to be a game-changer for India's economic landscape.

Swiggy Reduces IPO Valuation by 25%, BlackRock & CPPIB To Invest

Swiggy has reduced its IPO valuation to $11.3 billion, which is 25% lower than its initial target of $15 billion. This decision was influenced by market volatility and the underwhelming debut of Hyundai India.

Despite the cut, BlackRock and the Canada Pension Plan Investment Board (CPPIB) are set to invest in Swiggy's IPO, which is expected to be one of the largest stock offerings in India this year.

Swiggy's IPO is scheduled to open on November 6, 20242. The company plans to raise funds through a fresh issue of equity shares and an offer-for-sale of existing shares.

Swiggy's IPO is one of the largest public issues in India this year and is seen as a significant step for the company as it aims to achieve profitability and expand its services.

The food delivery company aims to raise around ₹11,300 crore through the IPO. This includes a fresh issue of equity shares worth ₹3,750 crore and an offer-for-sale (OFS) of up to ₹6,800 crore.

The proceeds from the upcoming IPO will be used for technology and cloud infrastructure, expanding its presence through its subsidiary Scootsy, branding, business promotion, and general corporate purposes.

Recently, Swiggy Instamart has introduced a "Shopping List" feature after receiving user feedback on X (formerly Twitter).

Indian Startups That Could Go Public Very Soon

Very few Indians would be unaware of the term `start-ups´, after the success of companies like Flipkart. Many young Indian entrepreneurs have taken the advantage of a booming Indian economy, and a conducive business environment to establish their companies as some of the biggest players in their field. According to the Hurun Global Unicorn List, India is home to 21 unicorns currently. But there are many more in the making.

Deeper penetration of smartphones and cheaper data has made the internet accessible to one and all, and provided a huge potential market for the companies to exploit. Today’s start-ups touch every aspect of our lives, right from our food, to services, to gaming and entertainment. If betting is legalized in India, it wouldn’t be a surprise if there is a start-up that facilitates cricket betting in India.

In this myriad of new start-ups currently operating in India, let’s have a look at some which are worth keeping an eye on, and have the potential of becoming the next best thing.

Cred

Gone are the days when cash was the king. Today, our wallets are loaded with credit cards from different banks. Thanks to the digital push by the government, today almost every big and small establishments have a POS machine, allowing you to swipe your card. But with so many cards, it might be a bit difficult to manage the payments on your credit card bills.

Founded by Kunal Shah, in November 2018, Cred is an app where you can save all your card details, and pay the banks via the app itself. There are multiple payment options like net banking and UPI. For every rupee you pay via Cred, you earn a point. Once you have earned enough points, you can redeem them for discount coupons for various goods or services from their partner merchants.

Cred also analyses your spending patterns, alerts you about suspicious activities from your cards, and reminds you about the due dates of various cards. All in all, it is a one-stop solution for all your credit card needs.

Cred raised $120 million in August 2019, at a valuation of $450 million, and is now aiming for a valuation of almost $800 million for the next round.

Unacademy

Started in 2010 as a YouTube channel by Gaurav Munjal, who was later on joined by Hemesh Singh and Dr. Roman Saini, Unacademy first provided free lectures for various entrance exams.

As the channel’s popularity grew, the founders decided to monetize their idea in 2015, by introducing live classes, and an ad-free version for paid members. Today the platform has around 20 million subscribers including both free and paid subscriptions and approximately 18,000 educators who take classes for a variety of entrance exams, including UPSC and CAT. The app also has a premium service for more personalized classes and courses like computer programming and spoken English.

Over the last few years, Unacademy has acquired many small startups to strengthen its portfolio. In the latest funding, it has raised $150 million from Softbank, valuing it at $1.45 billion, making it the second unicorn education start-up in India after Byjus.

Pee Safe

Started by Srijana Bagaria, due to her personal experience in a public restroom, along with her husband Vikas, in 2013, Pee Safe began its journey as a toilet seat sanitizer spray. Gradually the company introduced a variety of female and intimate hygiene-related products like panty liners, menstrual cups, sweat pads, and breast pads. After the pandemic struck, the company has also forayed into disinfectants, sanitizers, and masks.

One of the main reasons for its success is that it has an equal reach in both online as well as offline channels. The products are available in around 9000 stores across 70 major cities and are also available on all major e-commerce websites. The company was awarded the best SMB brand of the year for 2020 by Amazon SMBHAV.

The lack of proper infrastructure and poor hygiene and sanitation in public toilets has given Pee Safe a huge market to satisfy. The company has had a 3 fold growth in the past year and is eyeing a 20% monthly rise in the number of customers. After the success of the brand in India, the founders are optimistic about establishing a global presence within the next 5 years.

Urban Company

Formerly known as Urban Clap, the company was established in 2014 as a hyperlocal service platform. The company has around 25,000 service professionals and operates in around 17 cities in India, and in places like Dubai, Abu Dhabi, Sydney, and Singapore.

The company offers various home maintenance services like painting, repair, and cleaning, as well as beauty and wellness services like spa, grooming, yoga, and fitness, via its site and app.

Training and up-skilling of the associated professionals is a big focus of the company, and it has established around 50 training centers, where around 100 full-time trainers help their associates. The training has been recognized by the National Skill Development Corporation.

Standard pricing, convenience, and good quality service have been the driving force for the company. This has helped them double their revenues for FY20, compared to the previous year.

The recent pandemic has seen a spike in demand for the company, especially in the areas of grooming and repair, and the company received almost a million orders this month. To take advantage of the newfound demand, the company plans to expand in more than 10 new cities in the near future.

Valued at close to a billion dollars during its last round of funding, the company counts Kalyan Krishnamurthy, the CEO of Flipkart, and Ratan Tata amongst its investors.

Cure Fit

Co-founded by Mukesh Bansal in 2016, the company is a fitness start-up. The company has grown on the increased fad amongst millennials to eat healthily and live healthily. It operates on four verticals, cult.fit, eat.fit, mind.fit and care.fit, offering fitness, healthy food, mental health, and diagnostic services respectively. The aim of the company is to provide an easy entry to its subscribers into the world of fitness and keep them motivated to continue.

The company has both, online and offline presence, and currently operates around cult.fit centers in metros like Delhi-NCR, Mumbai, Hyderabad, and Chennai. It is also one of the first companies to open a center in Jammu, after the abrogation of article 370.

Cult.fit centers provide training in yoga, boxing, MMA, sports conditioning, Zumba, etc. Eat.fit allows consumers to order healthy diet alternatives like ready to eat meals, proteins, workout supplements, and juices. Mind.fit is a mental health and well-being platform that provides therapy sessions for a variety of lifestyle issues including depression, anxiety, and marriage issues. Patients can book either an online session or visit a nearby mind.fit centers for counseling. Over a period of time, cure.fit plans to develop a whole healthcare ecosystem, right from fitness, mental health, food, prevention, and diagnosis.

Within 4 years of its inception, the company has raised around 2500 crore rupees to fund its growth and was valued at more than $700 million at its last round of funding. The company boasts of Binny Bansal, Ratan Tata, and Hrithik Roshan among its investors.

Recently, the company has also forayed into online grocery and sportswear.