Upcoming IPOs in 2025: LG Electronics, Zepto, Ather Energy, NSDL And 10 More - Likely List

As we head towards 2025, India's IPO market is booming. More than 35 companies have already received SEBI's go-ahead, and 55 more are waiting for approval. Here's a view of the major IPOs that are lined up this year.

Major Players Entering the Market

LG Electronics India

The South Korean electronics giant will raise  Rs 15,237 crore through an Offer-for-Sale (OFS) of 10.1 crore shares, one of the most awaited IPOs of 2025. 

Hexaware Technologies

Hexaware Technologies, in one of the landmark IPOs for the IT services sector, is planning to raise  Rs 9,950 crore entirely through an OFS backed by its parent, Carlyle Group. 

NSDL (National Securities Depository Ltd)

India's largest depository will likely raise  Rs 3,000 crore through an OFS, with the IPO being planned for early 2025.

E-commerce Players Under the Radar

Zepto

The quick commerce startup is looking to fundraise over $1 billion after the market debuts of Zomato and Swiggy.

Flipkart

Backed by Walmart and Google, Flipkart’s IPO, expected in late 2025 or early 2026, is set to be a major event for investors.  

Key Sectors: Electric Vehicles and Cement  

Ather Energy

Following Ola Electric’s successful debut, Ather Energy plans to raise  Rs 4,500 crore through a mix of fresh issues and OFS.  

JSW Cement

Scheduled for January 2025, JSW Cement plans to raise  Rs 4,000 crore to expand capacity and reduce debt.  

Tata Passenger Electric Mobility (TPEML)

A Tata Motors subsidiary, TPEML will strengthen its EV portfolio with a 2025 IPO.  

Financial Services Spotlight  

Avanse Financial Services
 

The NBFC plans a  Rs 3,500 crore IPO with 50 per cent  to go to Qualified Institutional Buyers, 15 per cent  to Non-Institutional Investors, and 35 per cent  to retail investors.

Hero FinCorp

Hero MotoCorp's financing arm will raise  Rs 3,600 crore with a mix of fresh issues and OFS to pay off debt and to further expansion.

HDB Financial Services

It is a subsidiary of HDFC Bank, which is going to raise  Rs 12,500 crore in an IPO through both fresh issues and OFS.

Canara Robeco

The mutual fund arm of Canara Bank is going to dilute 13 per cent  of the stake through its IPO.

Subsidiaries of Big Corporations

Reliance Jio

Reliance Jio's IPO is estimated to be worth over $100 billion and can become the biggest one in India's history.

HDB Financial Services & Greaves Electric Mobility

These HDFC Bank and Greaves Cotton subsidiaries are also preparing for major IPOs.

A Diverse Lineup for 2025

The year promises to be a big-ticket one for IPOs in the country, with the year witnessing big-ticket offerings from companies across sectors, promising a great time for investors to explore new avenues in the market.