IPO market set for a stellar run in 2025: LG Electronics India to Hero FinCorp, check big public offers in the pipeline

The strong momentum seen in India’s primary market does not seem to be slowing down even after a record fund raising in 2024. As many as 81 mainboard IPOs have raised nearly ₹1.5 trillion so far this year, as per Chittorgarh data (as of December 11).

As the year 2024 comes to an end, the primary market investors are set to see a strong pipeline in 2025 with many big companies gearing up to launch their initial public offerings (IPOs). Amid the high investor interest in IPOs, the momentum seems to continue next year as companies going public are expected to raise around ₹1.5 trillion from the primary market.

According to reports, as many as 89 companies are set to launch their IPOs in 2025. Out of these, 34 companies have already received approvals from the Securities and Exchange Board of India (SEBI) to launch their public offers, with an expected combined fundraising of over ₹41,000 crore. On the other hand, 55 companies are awaiting a go ahead from the market regulator.

As per SEBI norms, a company can launch its IPO within one year after receiving regulatory approvals.

Big-ticket IPOs in 2025

Major players across sectors like LG Electronics India, Zepto, Flipkart, Indira IVF, Hero FinCorp and HDFC Credila, among others, are set to go public in 2025.

Apart from these, companies like NSDL, Hexware Technologies, Ather Energy and JSW Cement are expected to launch their IPOs next year.

Avanse Financial Services IPO

The financial services provider is set to launch its IPO to raise up to ₹3,500 crore. The IPO will be a combination of a fresh issue of ₹ 1,000 crore and an offer-for-sale (OFS) of ₹2,500 crore. The IPO price band and dates are expected to be announced soon. The NBFC has proposed to reserve 50% of the net offer size for the Qualified Institutional Buyers (QIBs), 15% for the Non-Institutional Investors (NIIs) and the remaining 35% for retail investors, as per the DRHP.

LG Electronics India IPO

The South Korean electronics and home appliances manufacturer is expected to launch the IPO for its India unit next year. The consumer electronics giant recently filed draft papers with SEBI for the IPO of its subsidiary LG Electronics India. According to reports, the IPO is going to be entirely an offer-for-sale of 10.1 crore shares. The company aims to raise up to $1.8 billion, or nearly ₹15,237 crore, through the IPO.

Manjushree Technopack IPO

The company received approval from SEBI for its ₹3,000 crore IPO in November. The Advent International-backed plastic packaging company had filed its draft papers with the market regulator on August 20. The IPO dates and other details are yet to be announced by the company.

Ecom Express

Ecom Express Limited, a Gurugram-based B2C e-commerce logistics solutions company received approval from SEBI for its IPO last week. The upcoming IPO will be a combination of fresh issue of shares worth ₹1,284.5 crore and an OFS portion of ₹1,315.5 crore, as per the DHRP. The IPO dates are yet to be announced by the company.

NSDL IPO

National Securities Depository Ltd (NSDL), India's largest depository, received the approval from the market regulator for its ₹3,000 crore IPO in October. The public offer is going to be entirely an OFS of 5,72,60,001 equity shares. The IPO dates are expected to be announced soon.

Hexaware Technologies IPO

Hexware Technologies aims to raise ₹9,950 crore through its IPO, dubbed as the largest public offer by any IT company in India so far. As per the draft red herring prospectus (DRHP) filed with SEBI the IPO will be entirely an OFS. With the launch of the IPO it will be the re-listing of the company. It was delisted from the NSE and BSE after its former promoter Baring Private Equity Asia decided to take the company private.

Big players gearing up to list their subsidiaries

Several big players like Greaves Cotton, HDFC Bank, Reliance Industries and Brigade Enterprises, among others, are also expected to launch the IPOs for their subsidiaries in 2025.

Recently, Greaves Cotton's Board approved the proposal to launch the IPO for its subsidiary, Greaves Electric Mobility.

In November, HDFC Bank’s non-banking financial company (NBFC) arm HDB Financial Services filed its DRHP with SEBI for ₹12,500-crore IPO. In October, Brigade Enterprises, a wholly-owned subsidiary of Brigade Hotel Ventures also filed its DRHP to raise ₹900 crore from the primary market.

Auto major Hero MotoCorp is also scheduled to launch the IPO for its financing arm Hero FinCorp in 2025. The company filed DRHP for raising up to ₹3,668 crore via IPO. The mainboard issue will be a combination of ₹2,100 crore and an OFS portion worth ₹1,568 crore.

Muthoot Finance and Manppuram Finance, two major players in gold loan segment, have already received approvals for the IPOs of their subsidiaries.

Canara Bank’s Board also recently approved dilution of 13% stake in mutual fund arm Canara Robeco through an IPO.

Apart from these, Reliance Industries is also expected to launch the IPO for Jio. The company is aiming at a valuation of $100 billion, according to reports. Tata Motors is also expected to launch the IPO for its electric vehicles subsidiary Tata Passenger Electric Mobility.

The IPO market in 2025 is expected to surpass the record fundraising in 2024, according to experts. A stable macro-economic condition, increased investor participation and strong fundamentals of Indian stock markets would aid the IPO boom next year, according to experts.