Category: Upcoming IPOs 2025; Focus: Popularity & GMP Trends; TotalEstimatedPipeline: ₹2.6 Lakh Crore; MajorListings: Reliance Jio, Tata Capital, HDB Financial, LG India, Zepto; Exchange: NSE, BSE;
Upcoming IPOs in India 2025: Ranked by Popularity & GMP Momentum
The IPO market in India is buzzing with unprecedented excitement in 2025. While early watchlists and retail speculation featured names like Fincare Small Finance Bank (which successfully merged with AU Small Finance) or older listings like Ola Electric and Muthoot Microfin, the finalized 2025 pipeline is actually characterized by something much larger: the "Mega-Cap Supercycle."
Investors are closely tracking companies across diverse sectors such as telecommunications, finance, cutting-edge technology, and consumer goods. With an estimated ₹2.6 Lakh Crore expected to be raised, identifying which issues command genuine institutional backing versus mere retail hype is critical. To help you navigate this liquidity wave, we have ranked the most talked-about upcoming Mainboard IPOs based on popularity, actual market size, and Grey Market Premium (GMP) activity.
Top 10 Upcoming IPOs in India 2025
Here is the heavily vetted, data-driven ranking of the most popular public issues currently dominating Dalal Street sentiment:
| Rank | Company | Sector | Expected Issue Size | Popularity / Sentiment Trend |
|---|---|---|---|---|
| 1 | Reliance Jio | Telecom / Digital | ₹52,000+ Cr | Phenomenal (The "Mother of All IPOs") |
| 2 | Tata Capital | NBFC / Financial Services | ₹15,511 Cr | Extremely High (Tata Brand Trust) |
| 3 | HDB Financial Services | NBFC | ₹12,500 Cr | Very High (HDFC Parentage) |
| 4 | LG Electronics India | Consumer Electronics | ₹11,607 Cr | High (MNC Value Unlock) |
| 5 | Zepto | Quick Commerce Tech | ₹7,000+ Cr | High (Startup Profitability Narrative) |
| 6 | NSDL | Depository Services | ₹4,010 Cr | High (Monopoly Infrastructure) |
| 7 | BlueStone Jewellery | Jewellery & Retail | ₹1,540 Cr | Moderate-High (Omni-channel Growth) |
| 8 | Aditya Infotech (CP Plus) | Electronic Security | ₹1,300 Cr | Moderate (Make in India Catalyst) |
| 9 | JSW Cement | Infrastructure | ₹4,000 Cr | Steady (Capex Boom Driven) |
| 10 | PhonePe | Fintech / Payments | ₹10,000+ Cr | Speculative Buzz (UPI Dominance) |
Deep Dive: Why These 5 IPOs Are Dominating the Headlines
1. Reliance Jio: The Market Defining Event
Topping the popularity charts is Reliance Jio. Pegged at a staggering ₹52,000 Crore, this is expected to be the largest public issue in Indian history. With over 500 million subscribers and an estimated valuation of $120 Billion, Jio is no longer just a telecom company; it is a digital ecosystem encompassing AI, cloud, and 5G infrastructure. Its listing will likely trigger a massive re-rating across the entire Indian tech and telecom sector.
2. Tata Capital: The Heavyweight NBFC
Driven by the Reserve Bank of India’s (RBI) mandate for upper-layer NBFCs to list, Tata Capital is raising over ₹15,500 Crore. The Tata brand commands absolute trust among retail investors. With a dual structure comprising a ₹6,846 Crore fresh issue and an OFS from Tata Sons, this IPO will strengthen their Tier-1 capital base to aggressively expand their loan book against rivals like Bajaj Finance.
3. LG Electronics India: The Consumer Durables Giant
Most Indian households possess an LG product. Now, the South Korean parent company is offloading a stake in its highly profitable Indian subsidiary to the tune of ₹11,607 Crore. This pure Offer For Sale (OFS) is drawing massive institutional interest as it represents a rare opportunity to own a piece of a legacy MNC operating in a high-growth, aspirational consumer market.
4. Zepto: The Quick Commerce Unicorn
While legacy e-commerce players paved the way, Zepto's 10-minute delivery model has captured the urban Indian zeitgeist. Expected to raise upwards of ₹7,000 Crore, Zepto is the hottest startup name on the 2025 watchlist. Institutional investors are heavily scrutinizing their dark-store EBITDA margins to justify their projected $3.6 Billion valuation. (To understand how these start-up metrics are presented, check our guide on How to read DRHP effectivey).
5. NSDL: The Asset-Light Compounder
The National Securities Depository Limited (NSDL) operates as India's premier depository. As millions of new retail investors open demat accounts annually, NSDL collects toll-like revenues without requiring heavy capital expenditures. Its peer, CDSL, has delivered exceptional returns post-listing, making the ₹4,010 Crore NSDL IPO a highly coveted, low-risk infrastructure play for conservative portfolios.
SME vs Mainboard: Where is the Money Flowing?
While the mega-caps listed above provide portfolio stability and moderate listing gains, the SME IPO segment continues to see wild oversubscription numbers. However, understanding the difference in risk profiles between a SME Vs MAINBOARD IPO is critical. The 2025 pipeline proves that institutional money (QIBs) is heavily favoring massive, profitable, and structurally critical companies over micro-cap speculation.
Upcoming IPO List | How to read DRHP effectivey | 7 Common IPO Mistakes | SME Vs MAINBOARD IPO
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