Major Upcoming IPOs: Tata Capital, Oyo, PhonePe And More Set To Go Public This Year

So far in 2025, India's primary market saw a total of 49 IPO listings, with HDB Financial Services being the largest public issue this year, which raised Rs 12,500 crore. As the year progresses, several high-profile companies are in the fray to debut on the stock exchanges. Here's a closer look at some of the most anticipated upcoming listings.

Tata Capital IPO

Tata Capital has already filed its draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (Sebi) for an IPO of up to 47.58 crore equity shares. The issue will include a fresh issue of 21 crore shares and an offer for sale (OFS) component of 26.58 crore shares. Promoter Tata Sons will offload 23 crore shares, and the International Finance Corporation (IFC) will sell 3.58 crore shares. The issue size, price band, and other details are yet to be announced. Up to 5 per cent of the post-offer equity will be reserved for eligible employees, as per its DRHP.

Lenskart IPO

Peyush Bansal's eyewear company Lenskart is also preparing for its IPO. According to its DRHP filed with the market regulator, the IPO will include both fresh issue and an OFS component. The company plans to raise Rs 2,150 crore through the IPO and has proposed to use the net proceeds to open new stores, for leasing and renting store spaces, enhancing technology and cloud infrastructure, advertising and promotions, acquiring related businesses, and for general corporate purposes.

Imagine Marketing (boAt) IPO

Imagine Marketing, the parent company of boAt, plans to raise Rs 2,000 crore through its IPO, according to its DRHP. The audio devices-maker's IPO will comprise of fresh issue worth Rs 900 crore, and OFS component worth Rs 1,100 crore. This will be Imagine Marketing's second attempt at going public, after they initially filed for a similar IPO in 2022 but later withdrew it.

The company's co-founders, Sameer Mehta and Aman Gupta, will offload up to Rs 150 crore each. Apart from them, South Lake Investment, a venture capital firm backed by Warburg Pincus, will be selling up to Rs 800 crore. The consumer electronics company plans to use the net proceeds to clear its debt.

Oyo IPO

Oravel Stays, the parent company of Oyo Hotels, will be making its third attempt at listing. Oyo had first filed its DRHP with Sebi in 2021 to raise Rs 8,430 crore, but later withdrew the plan. It made a second attempt in 2023 via Sebi's confidential filing route, but that too was called off later. According to a PTI report, Oyo is planning to file a fresh DRHP in November. Meanwhile, ahead of its IPO, the company has announced that its board is considering issuing a 1:1 bonus issue.

PhonePe IPO

Fintech major PhonePe is planning to file its DRHP with the regulator later in September, according to a BusinessLine report. The report added that the IPO's size could be around Rs 12,750 crore. The IPO is likely to be a combination of fresh issue and OFS, according to the report. American multinational retailer Walmart holds a majority stake in the digital payments company.