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  5. Upcoming IPOs: From PhonePe, Lenskart to OYO — Top 5 startups expected to go public soon

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Upcoming IPOs: From PhonePe, Lenskart to OYO — Top 5 startups expected to go public soon

Kamal Joshi
By Kamal Joshi

4 min read | Updated on July 18, 2025, 08:18 IST

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SUMMARY

Upcoming IPOs: SoftBank-backed e-commerce platform Meesho has filed a DRHP with market regulator Securities and Exchange Board of India (SEBI) via the confidential route.

Hospitality major OYO is expected to start the IPO process soon. | Image: Shutterstock

Hospitality major OYO is expected to start the IPO process soon. | Image: Shutterstock

Upcoming IPOs: Despite initial headwinds in the calendar year (CY) 2025, 27 mainboard initial public offerings (IPOs) have made their stock market debuts so far, with the latest being Smartworks Coworking Spaces. The second half of 2025 and CY 2026 look promising, with various start-ups, being at different stages of the initial share sale process, expected to hit the capital markets. In this article, we will be discussing about key new-age companies expected to launch public issues soon.
This year saw the listing of electric mobility startup Ather Energy, which made a tepid stock market debut. The stock listed at ₹328 per unit, reflecting a premium of 2.18% over the IPO issue price of ₹321 apiece on the National Stock Exchange (NSE). Online construction material procurement startup ArisInfra Solutions also made a weak debut at nearly an 8% discount.

Upcoming IPOs: Top 5 startups expected to go public soon; check list

  • PhonePe
  • OYO
  • Meesho
  • Lenskart
  • boAt

PhonePe IPO

Digital payment and financial services platform PhonePe, which is backed by US-based retail corporation Walmart, has changed its legal domicile from Singapore to India ahead of its much-awaited market debut.

In February, the company said that it had commenced preparatory steps for its potential IPO. "This marks a significant milestone for the company, which will celebrate its 10-year anniversary this year and has grown to serve hundreds of millions of customers with innovative financial services and technology solutions," it had said in a press release.

The firm has picked JP Morgan, Morgan Stanley, Kotak Mahindra Capital, and Citi as advisors.

The Bengaluru-headquartered company is expected to file its draft issue papers as soon as August, media reports had indicated in June.

OYO IPO

Hospitality major OYO is expected to start the IPO process soon. Reports had earlier indicated that it could file its draft red herring prospectus (DRHP) between August and September.

In conversation with Fortune India last month, OYO founder and chief executive officer (CEO) Ritesh Agarwal said that the firm is focused on staying IPO-ready, with an independent board, high-quality earnings and robust governance.
"Once that foundation is in place, it will be up to the board to decide the right time for a public offering," he told Fortune India.
OYO had posted a 172% increase in profit after tax at ₹623 crore in the financial year 2024-25, compared to ₹229 crore in the preceding year.

Meesho IPO

SoftBank-backed e-commerce platform Meesho has filed a DRHP with market regulator Securities and Exchange Board of India (SEBI) through the confidential route.

The company has selected the confidential IPO pre-filing route, which allows it to conceal public disclosure of details under the DRHP until later stages.

The total size of the initial public offering, consisting of a secondary share sale, could not be ascertained.

Lenskart IPO

Leading eyewear startup Lenskart has turned into a public company from a private company as it prepares to launch a public issue soon.

"In order to undertake the offer (IPO), the status of the company is required to be changed from a private company limited by shares to a public company limited by shares," it had said in a filing with the Registrar of Companies (RoC).

The Peyush Bansal-led firm is backed by investors like SoftBank, Abu Dhabi Investment Authority, Temasek, KKR, Kedaara Capital, Alpha Wave Global and TPG.

boAt IPO

Imagine Marketing, the parent of audio and wearables brand boAt, has filed preliminary papers with SEBI via the confidential route.

The startup had appointed Goldman Sachs, Nomura and ICICI Securities as the merchant bankers for the IPO.

The company had earlier filed a DRHP in January 2022 for a ₹2,000 crore public offer but later cancelled the plan, citing market conditions.

To learn more about IPOs, their listings, schedules, and upcoming IPOs, visit our page.
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About The Author

Kamal Joshi
Kamal Joshi is a business journalist who covers industries, markets, and IPOs. He is passionate about breaking news and enjoys playing tennis, especially flexing his backhand. He was previously associated with Republic TV and LatestLY.

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