IPOs In 2025: The year 2024 was a blockbuster one for the primary market. Several major public issues, such as Hyundai Motor India Ltd., Swiggy Ltd., and Ola Electric Mobility Ltd., attracted significant investor interest in the previous year. The momentum followed an overall surge in the secondary market as the headline indices surged to new all-time highs in September, with the Nifty 50 hitting its all-time high at the 26,000 level and the Sensex trading around the 85,978.25 level.
In 2025, the indices have declined nearly 13 per cent from their all-time highs. The primary market is also feeling the impact of the decline. However, despite the decline, several companies are expected to launch their public issues. Here’s a look at some primary market issues that are likely to launch later in 2025:
boAt IPO
The parent company of ‘boAt,’ Imagine Marketing, has filed its draft papers for its public offering with the Sebi. According to a report by the Economic Times, the company has filed its papers through the confidential route. Notably, the confidential route helps companies finalise the issue size of the IPO in the initial stages; this in turn allows them to revise the number of fresh shares.
The company has appointed ICICI Securities, Goldman Sachs, and Nomura as the book-running lead managers for the issue. The report added that the company is also likely to target a valuation of more than $1.5 billion.
NSDL IPO
The National Securities Depository Ltd. (NSDL) is all set to launch its public issue later in April, according to a report by news agency PTI. The company is expected to raise Rs 3,000 crore via its initial public offering (IPO).
Notably, the offering comprises only an offer for sale (OFS) in which six shareholders will pare their stake. These six stakeholders include the National Stock Exchange (NSE), IDBI Bank, and HDFC Bank. Out of these six stakeholders, NSE holds a 24 per cent stake in the company.
NSDL is launching its public issue to comply with Sebi’s ownership norms. Sebi’s norms mandate diversified shareholding for market infrastructure institutions like NSDL.
Tata Capital IPO
Tata Capital has filed its draft papers with the SEBI for its public issue. The company plans to raise as much as Rs 15,000 crore via its public issue.
The company had engaged Kotak Mahindra Capital, Citi, JP Morgan, Axis Capital, ICICI Securities, HSBC Securities, IIFL Capital, BNP Paribas, SBI Capital, and HDFC Bank as bankers for its public issue. Notably, Tata Sons owns 92.83 per cent of Tata Capital Ltd. as of March 31, 2024.
JSW Cement IPO
A report by the Economic Times said that JSW Cement, which is a part of the JSW Group, received a final observation from Sebi for its IPO. The company plans to raise Rs 4000 crore through its public issue. Notably, the company filed draft papers in August 2024.
As per the report, the public issue is expected to comprise a fresh issue of equities worth Rs 2000 crore and an offer for sale (OFS) component of up to Rs 2000 crore. The company has reserved 50 per cent of its net offer size for qualified institutional buyers, 15 per cent for non-institutional investors, and 35 per cent for retail investors. The book-running lead managers for the issue include JM Financial, Axis Capital, Citigroup, and Kotak Investment Banking.
LG Electronics India IPO
Consumer electronics manufacturer LG Electronics has also received approval from SEBI for its public issue. The public issue consists of only an offer for sale (OFS) of up to 10.18 crore equity shares. BofA Securities India, JP Morgan India, Axis Capital, Morgan Stanley India, and Citigroup Global Markets India are the book-running lead managers for the issue. The registrar for the issue is KFin Technologies.
Other Upcoming IPOs
As per reports, companies such as NSE, HDB Financial Services, Reliance Jio, Ather Energy, Zepto, PhonePe, and Flipkart are also expected to launch their public issues later this year.
