Upcoming IPOs In 2025: PhonePe, OYO, Tata Capital, Reliance Jio And Other Mainboard Companies To Hit Bourses

India’s calendar for initial public offerings (IPOs) for 2025 is lined up with heavyweight names from tech, telecom, finance, and e-commerce. As regulatory clearances, market trends and strategic recalibration fall in place, companies like PhonePe, Reliance Jio, boAt, OYO and Tata Capital are readying for a high-octane listings.

PhonePe IPO

PhonePe has turned into a public limited company, and is preparing to raise capital through an IPO. The fintech company, which relocated its headquarters to India from Singapore in December last year, is said to be targeting a valuation of some $15 billion for its public debut. JP Morgan, Citi India, Morgan Stanley and Kotak Mahindra Capital are managing the IPO process.

Reliance Jio IPO

Reliance Jio Infocomm is gearing up for a big-bang IPO to hit the market in Q2 or Q3 of FY 2025. The telecom behemoth is expected to raise some Rs 40,000 crore ($4.8 billion), in what would likely be India’s largest-ever IPO. The offering will be a mix of fresh issuance as well as an offer for sale (OFS) element.

boAt (Imagine Marketing) IPO

Imagine Marketing, the parent company of boAt, has filed draft IPO papers with the regulator, the Securities and Exchange Board of India (Sebi) using the confidential pre-filing route. The company is set to be valued at more than $1.5 billion in the listing, with the IPO set to raise $300-500 million. It is boAt's second effort to list on the bourses after the company filed offer papers in January 2022.

OYO IPO

OYO Hotels has postponed its IPO intended for October 2025 because of opposition from its main investor, SoftBank. The company’s chief executive and co-founder, Brad Stone, now aims to take the company public by March of 2026, at a reduced valuation of $7 billion. SoftBank has shared with OYO that it should wait for a stronger financial performance before proceeding with its IPO.

HDB Financial Services IPO

HDFC Bank’s subsidiary, HDB Financial Services, is seeing setbacks to its IPO approval over regulatory apprehensions. Sebi has withheld issuance of the IPO papers on the grounds of alleged violation of the Companies Act, 2008, concerning private placement. In such circumstances, HDB has been advised by the Reserve Bank of India (RBI) to be listed by September 2025, as it would be considered an ‘upper layer’ non-banking financial company.

Flipkart IPO

Flipkart is in the process of shifting its holding company from Singapore to India, in a strategic move aimed at facilitating a domestic IPO. The Walmart-backed e-commerce giant is expected to file for an IPO in India sometime next year, targeting a valuation of $60-70 billion. This relocation aligns with a broader trend among Indian start-ups returning their headquarters to India to capitalise on favourable IPO conditions. 

Tata Capital IPO

Tata Capital has submitted the draft papers to Sebi for an IPO to raise over Rs 15,000 crore from the market. The shares are expected to get listed by September 2025. The IPO will also consist of new shares and stake sales by Tata Sons. Tata Capital has reported a handsome financial growth of 34 per cent in FY24.

National Stock Exchange (NSE) IPO

Sebi has now extended the timeline for NSDL to list its shares by a period of four months, to July 31, 2025. NSDL had earlier planned to be the first exchange to go public when it announced the IPO in April, and it had requested an extension on account of market conditions and its own readiness.

The public issue is an OFS of equity shares by the selling shareholders, which include NSE, HDFC Bank, IDBI Bank, Union Bank of India and State Bank of India and will be a part of the Government of India through SUUTI.