Upcoming IPOs: LG Electronics India, Meesho, Tata Capital and NSDL are expected to lead the revival of the IPO market

The initial public offering (IPO) market in India has seen a major slump in the calendar year 2025 amid the massive volatility seen in Indian equities so far this year.

Only 9 mainboard IPOs have hit the market in the first three months of the year (till March 24, 2025). In comparison, primary markets had seen the launch of as many as 92 mainboard IPOs in the full calendar year 2024. The Reserve Bank of India had called the month of September 2024 the busiest month for IPOs in the last 14 years.

Companies have been reluctant to launch their public issues so far in 2025 as stock markets were seeing massive correction due to global economic uncertainty after US President Donald Trump’s tariff policies, consistent selling of Indian stocks by foreign institutional investors (FIIs) and weak earnings reported by Indian corporates.

However, green shoots are now emerging, with the benchmark equity indices NIFTY and SENSEX bouncing back as much as 5.6% in a matter of just six sessions from March 17 to March 24, after correcting more than 6.5% in the first two months of the year.

The rebound in the markets is relevant as it has refuelled the IPO plans of some major corporations that had earlier gone into a wait-and-watch mode to avoid losses in a cautious market.

LG Electronics India, Tata Capital and others to lead the IPO market revival

The biggest development is coming from the end of South Korean electronics giant LG Electronics Inc, whose India unit received the final approval last week to launch its IPO from market regulator Securities and Exchange Board of India (SEBI).

The company had submitted its IPO documentation on December 6, 2024. This IPO is entirely an offer-for-sale (OFS) of up to 10.18 crore equity shares by LG Electronics Inc. Reports are speculating that LG Electronics India will likely open its IPO by mid-April after wrapping up its investor roadshow.

The other major positive news for the Indian IPO market was National Securities Depository Ltd (NSDL) expediting its ₹3,000-crore IPO.

Reports said that the country’s largest securities depository is pushing to launch its IPO in April 2025 to meet Sebi’s ownership norms. The IPO would also be entirely an OFS which would see stake sale by entities like National Stock Exchange of India (NSE), IDBI Bank and HDFC Bank.

Meanwhile, a Moneycontrol report claimed that leading e-commerce player Meesho has picked Morgan Stanley, Kotak Mahindra Capital and Citi Bank as bankers for its upcoming IPO. The SoftBank-backed company is aiming at a valuation of $10 billion for its public issue. The e-commerce company is expected to raise $1 billion.

India’s largest conglomerate Reliance Industries would also participate in reviving the IPO market as preliminary reports suggest that the public issue of the company’s telecom arm Reliance Jio could be launched in the second half of the year. Reliance Jio is reportedly considering raising ₹35,000-40,000 crore through the IPO that will include a sale of existing shares as well as the release of new shares.

Tata Group’s financial services arm Tata Capital Ltd (TCL) has expedited the process of launching its initial public offering (IPO). As per reports, [Tata Capital](Tata Capital may file IPO draft papers via confidential route for SEBI approval: Report) has finalised as many as 10 investment bankers for its public offering. This IPO is worth ₹15,000 crore and the company plans to file its draft papers with SEBI as early as April 2025.

Besides that, fintech firm Pine Labs Ltd is also planning to launch its IPO in the second half of 2025. According to reports, Pine Labs is planning a $1-billion IPO, which (if true) would be the second largest fintech IPO in India after Paytm’s $2.5 billion listing in 2021.

A media report also said that consumer electronics company boAt has submitted a confidential draft red herring prospectus (DRHP) for its IPO in the upcoming fiscal year 2025-26. The company is reportedly aiming to raise ₹2,000 crore through the issue.

Edtech firm PhysicsWallah has also expedited the process to launch its upcoming IPO. Last week, the company filed the draft red herring prospectus (DRHP), or draft IPO papers, with market regulator SEBI, according to reports. The company is expected to raise around ₹4,600 crore. The IPO is likely to be a combination of a fresh issue of shares and an offer-for-sale (OFS) component. According to an earlier Moneycontrol report, PhysicsWallah had appointed Kotak Mahindra Capital, JP Morgan, Axis Bank and Goldman Sachs as investment bankers for its public offer.

These fresh developments have raised hopes that India’s IPO market will catch up soon in the remaining months of 2025. However, investors would keep a watch on pricing and valuations as caution still prevails in global equity markets over inflation, geopolitical stability and macroeconomic conditions.