Major Upcoming IPOs: Meesho, boAt, Milky Mist, Clean Max Likely To Hit D-Street In December 2025

The primary market has been busy throughout 2025, with 93 mainboard companies hitting the D-Street so far and raising about Rs 1.54 lakh crore. The small and medium enterprise (SME) segment also saw as many as 225 companies raising Rs 10,295 crore.

After a busy year so far, the remaining few weeks of 2025 is also set to see several high-profile initial public offering (IPOs). E-commerce platforms Meesho, Shark Tank fame Aman Gupta-backed Imagine Marketing, the parent company of boAt, Tamil Nadu-based Milky Mist Dairy Food, and renewable energy player CleanMax Enviro are among the key companies which are set to launch IPOs in the remaining weeks of the year as per various media reports.

Major Upcoming IPOs In December 2025

Here’s brief look at these upcoming IPOs:

Meesho IPO

Founded in 2015, Meesho has grown into a major tech-driven online marketplace that connects consumers, sellers, logistics partners and content creators. Operating under the Meesho brand, the platform focuses on affordable online shopping and gives small sellers a low-cost way to scale their business across India.

Issue Size: According to the company’s draft red herring prospectus (DRHP), Meesho plans to raise Rs 4,250 crore through a fresh issue of equity shares, and the offer for sale (OFS) component will come on top of this. The OFS will see 175.69 million shares being offloaded by existing shareholders.

Selling Shareholders: Among the key sellers, Elevation Capital V Limited will divest up to 55.42 million shares, Peak XV Partners Investments will sell up to 30.50 million shares, Highway Series 1 plans to offload 15.70 million shares, and Y Combinator will sell up to 12.62 million shares. Founders and Promoters Vidit Aatrey and Sanjeev Kumar will also participate in the OFS, with each selling up to 11.77 million shares.

Objectives: Meesho plans to use the Rs 4,250 crore net proceeds for several purposes. A major portion will go toward strengthening cloud infrastructure at its subsidiary, Meesho Technologies. The company will also use part of the funds to cover salaries for existing and new hires in its machine learning, AI, and technology teams. Further, the company plans to use the remaining proceeds for making investments in marketing and brand-building initiatives, as well as funding for inorganic growth through acquisitions and other strategic opportunities and for general corporate purposes.

Clean Max Enviro Energy Solutions IPO

Clean Max Enviro Energy Solutions is India’s largest renewable energy supplier to commercial and industrial clients, as per CRISIL. As of July 31, 2025, the company had 2.54 GW of operational capacity and another 2.53 GW underway. The company works in renewable power generation, energy services and carbon credit solutions, and caters to both technology firms and traditional industrial customers.

Issue Size: Clean Max Enviro Energy Solutions is looking to raise up to Rs 5,200 crore through a combination of fresh equity and an OFS component. The fresh issue includes Rs 1,500 crore and the OFS component comprises Rs 3,700 crore.

Selling Shareholders: Several existing investors are set to pare their stakes in the OFS. Founder and promoter Kuldeep Jain will offload shares worth Rs 321.37 crore, as per its DRHP. BGTF One Holdings will sell shares worth Rs 1,970.83 crore, KEMPINC LLP will divest Rs 225.61 crore, Augment India 1 Holdings will offload Rs 991.94 crore, and DSDG Holdings Aps will exit with stocks worth Rs 190.25 crore.

Objectives: The company plans to use the Rs 1,500 crore net proceeds primarily for repayment or prepayment of borrowings for itself and its subsidiaries, with Rs 1,125 crore allocated for this purpose. The remaining proceeds will be used for general corporate purposes.

boAt IPO

Incorporated in 2013, Imagine Marketing is the company behind the popular boAt brand. It operates as a digital-first consumer electronics player with a wide lineup of lifestyle and tech-focused products at accessible price points.

Issue Size: Imagine Marketing aims to raise up to Rs 1,500 crore through a mix of fresh equities and OFS component. The fresh component includes shares worth Rs 500 crore and the OFS comprises of shares worth Rs 1,000 crore.

Selling Shareholders: Among the selling shareholders are promoters and founders Sameer Ashok Mehta and Aman Gupta. According to its DRHP, Mehta will pare stakes worth Rs 75 crore and Gupta will offload worth Rs 225 crore.

Objectives: South lake Investment will divest Rs 500 crore, Fireside Ventures Investment Fund - I will sell stakes worth Rs 150 crore and Qualcomm Ventures will offload Rs 50 crore.

Milky Mist Dairy Food IPO

Founded in 2014, Milky Mist Dairy Food is a fast-growing dairy company with a wide product portfolio. The company began with packaged paneer and has since expanded into curd, ghee, butter, cheese, yogurt, ice cream, ultra-high temperature (UHT) products, chocolates and condensed milk.

Issue Size: Milky Mist Dairy Food is looking to raise up to Rs 2,035 crore through a combination of fresh equity and OFS component. The fresh issue will amount to Rs 1,785 crore, while the OFS portion will comprise Rs 250 crore.

Selling Shareholders: As part of the OFS, founders and promoters Satishkumar T and Anitha S will offload Rs 150 crore and Rs 100 crore worth of shares, respectively.

Objectives: According to the DRHP, the company plans to use the Rs 1,785 crore net proceeds for repayment or pre-payment of its outstanding borrowings, for expansion and modernisation of its Perundurai manufacturing facility, for deployment of visi coolers, ice cream freezers and chocolate coolers, and for general corporate purposes.