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Top 10 Upcoming IPOs in India 2025: Tata Capital, Zepto, NSDL & More

🔔 Top 10 Upcoming IPOs in India 2025

India's IPO market is poised for a blockbuster second half of 2025, with marquee listings expected across sectors like fintech, EV, electronics, and financial services. Here's our curated list of the top 10 upcoming IPOs you should track.

Company Sector Expected Issue Size Timeline
Tata Capital NBFC / Financial Services ₹15‑17,000 Cr H2 2025
Tata Sons Holding Company ₹14,000+ Cr Q1–Q2 2025
Zepto Quick Commerce ₹4,500–6,000 Cr Mid 2025
NSDL Depository Services ₹3,400–3,500 Cr Mid‑2025
Ather Energy Electric Vehicles ₹3,100–4,500 Cr Early/Mid 2025
JSW Cement Cement / Infrastructure ₹4,000–7,500 Cr H1 2025
Hero FinCorp Vehicle Financing ₹3,600 Cr 2025
LG Electronics India Consumer Electronics ₹15,000 Cr 2025
PhonePe Digital Payments / Fintech ₹10,000 Cr Late 2025
OfBusiness B2B Commerce / Lending ₹8,000–10,000 Cr 2025

📈 Why These IPOs Matter

  • Tata Capital & Tata Sons: Flagship listings expected to reshape India’s NBFC and holding company segment. 1
  • NSDL: Institutional heavyweight preparing to list ahead of its depository peer CDSL’s 1,100% rally track record. 2
  • Ather Energy: EV sector IPO to watch, supported by India’s green mobility push. 3
  • PhonePe & OfBusiness: Fintech and B2B funding platforms with massive scale and investor backing. 4

💡 Market Dynamics & IPO Surge

India’s primary market is expected to raise over ₹2.6 lakh crore in H2 2025, with strong investor appetite, healthy liquidity, and sectoral optimism. The pipeline includes giants like Tata, LG, and Reliance Jio. 5

⚠️ Key Risks to Monitor

  • IPO timelines may shift due to market or regulatory delays
  • Valuations at high levels — long-term fundamentals will matter most
  • Regulatory approvals (like for Tata Sons) uncertain in case of SEBI/RBI delays. 6

📣 Final Thought

This list gives investors a high-level view of potentially game-changing IPOs lined up in 2025. Bookmark GMPRadar.com for real-time updates, GMP tracking, and deep dive reviews as each IPO unfolds.

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