Category: Upcoming IPOs 2025; TotalEstimatedPipeline: ₹2.6 Lakh Crore; KeySectors: Fintech, NBFC, Consumer Electronics, EV, Quick Commerce; MajorListings: Tata Sons, Zepto, NSDL, LG India, Ather Energy; Exchange: NSE, BSE;
Top 10 Upcoming IPOs in India 2025: The ₹2.6 Lakh Crore Supercycle
The Indian primary market is gearing up for a historic liquidity event. Driven by robust domestic SIP inflows, stable macroeconomic indicators, and aggressive corporate capex cycles, the second half of 2025 is poised to absorb over ₹2.6 lakh crore in new public issues. We are witnessing a monumental shift as massive conglomerates, legacy multinationals, and new-age tech unicorns simultaneously rush to NSE and BSE.
For retail investors tracking Mainboard IPOs, this pipeline presents generational wealth-creation opportunities. However, navigating a flooded market requires strict adherence to Stock Market Basics. Blindly applying for every mega-issue based on brand name alone is one of the most 7 Common IPO Mistakes. In this comprehensive guide, we dissect the top 10 upcoming IPOs of 2025, evaluating their sector tailwinds, expected issue sizes, and fundamental catalysts.
The 2025 IPO Watchlist: Top 10 Mega Issues
| Company Name | Sector / Industry | Expected Issue Size | Estimated Timeline |
|---|---|---|---|
| Tata Capital | NBFC / Financial Services | ₹15,000 – ₹17,000 Cr | H2 2025 |
| Tata Sons | Holding Company | ₹14,000+ Cr | Q1 – Q2 2025 |
| LG Electronics India | Consumer Electronics | ₹15,000 Cr | Mid 2025 |
| PhonePe | Digital Payments / Fintech | ₹10,000 Cr | Late 2025 |
| OfBusiness | B2B Commerce / Lending | ₹8,000 – ₹10,000 Cr | 2025 |
| Zepto | Quick Commerce | ₹4,500 – ₹6,000 Cr | Mid 2025 |
| JSW Cement | Cement / Infrastructure | ₹4,000 – ₹7,500 Cr | H1 2025 |
| Hero FinCorp | Vehicle Financing / NBFC | ₹3,600 Cr | 2025 |
| NSDL | Depository Services | ₹3,400 – ₹3,500 Cr | Mid 2025 |
| Ather Energy | Electric Vehicles (EV) | ₹3,100 – ₹4,500 Cr | Early/Mid 2025 |
Deep Dive: The Market Movers of 2025
1. The Tata Behemoths: Tata Sons & Tata Capital
The Tata Group is preparing for its most significant capital market action since TCS. Driven largely by Reserve Bank of India (RBI) mandates requiring "Upper-Layer NBFCs" to list on public exchanges, both Tata Sons (the core holding company) and Tata Capital are accelerating their IPO plans.
- Analyst View: Holding companies historically list at a significant holding company discount (often 30-50% to their intrinsic sum-of-the-parts value). However, the sheer pedigree of the Tata brand guarantees massive institutional (QIB) oversubscription. Tata Capital, specifically, will command premium NBFC valuations given its clean loan book and aggressive retail lending expansion.
2. NSDL: The Monopoly Asset-Light Compounder
National Securities Depository Limited (NSDL) operates in a strict duopoly alongside CDSL. As millions of new demat accounts are opened monthly by retail investors, depositories clip a toll revenue on almost every transaction without requiring heavy capital expenditure.
- Analyst View: This is a high Return on Equity (ROE), high-margin infrastructure play. CDSL has delivered a staggering ~1,100% rally since its listing. NSDL's ₹3,500 crore IPO will be heavily contested by mutual funds seeking stable, dividend-yielding tech-monopoly assets. (To understand how these business models are priced, refer to our guide on How to read DRHP effectivey).
3. New-Age Tech: Zepto, PhonePe & OfBusiness
The era of cash-burning startup IPOs is maturing. The 2025 tech cohort is actively demonstrating a path to profitability.
- Zepto: Riding the explosive quick-commerce wave, Zepto aims to raise up to ₹6,000 crore. The key metric to watch here is their EBITDA margin at the dark-store level.
- PhonePe & OfBusiness: These represent the Fintech and B2B SaaS sectors. PhonePe dominates the UPI landscape alongside Google Pay, while OfBusiness provides highly profitable B2B raw material procurement and lending. Both will require massive capital to defend their moats against aggressive competitors.
4. Ather Energy: The EV Sector Premium
As the Electric Vehicle IPO narrative heats up, Ather Energy is stepping in to challenge Ola Electric's public market dominance. Ather is highly regarded for its superior engineering, battery R&D, and steady, sustainable growth model compared to its aggressive peers.
- Analyst View: Investors must closely monitor government PLI (Production Linked Incentive) scheme extensions and FAME subsidies. Any reduction in EV subsidies directly impacts Ather's gross margins and vehicle pricing parity with ICE (Internal Combustion Engine) scooters.
5. LG Electronics India: The MNC Value Unlock
Following the successful blueprint of Hyundai India’s listing, LG Electronics is looking to unlock value from its highly profitable Indian subsidiary. With a ₹15,000 crore issue size, this will be one of the largest Consumer Electronics IPOs of the decade.
How Does an IPO Work in a Supercycle?
When the market is flooded with massive offerings simultaneously, liquidity can dry up quickly. Retail investors must prioritize capital allocation. If you tie up all your ASBA funds in an overpriced mega-issue, you might miss a highly profitable, smaller fundamentally sound company listing the very next week. (For a refresher on primary market mechanics, read our HOW DOES AN IPO WORKS guide).
Market Outlook & Preparation Strategy
The 2025 IPO pipeline represents a structural shift in the Indian economy. We are seeing companies that build physical infrastructure (JSW Cement), digital infrastructure (NSDL, PhonePe), and future mobility (Ather) all seeking public capital simultaneously.
Next Steps: Ensure your demat accounts are funded and your UPI mandates are functional. Keep an eye on the Draft Red Herring Prospectus (DRHP) approvals as we approach Q2 2025.
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