Upcoming IPOs: Tata Capital, Reliance Jio, Zepto among major companies expected to go public in 2025

Primary markets witnessed a sluggish start in 2025, with the launch of only a few mainboard issues in the calendar year so far.

After record fundraising and some of the biggest listings in 2024, the investors are now pinning hope on several big-ticket initial public offerings (IPO) in the pipeline amid the lacklustre journey so far since the beginning of the year.

Investors are waiting for the IPOs of several big companies, such as LG Electronics India, Tata Capital, Ather Energy, and JSW Cement.

The IPO activity has remained tepid in 2025, with nearly 10 mainboard public offers hitting the D-street. Among the nine IPOs listed so far, six ended the listing day with gains amid volatile broader markets.

Amid the ongoing slowdown in the secondary market, the launch of big-ticket IPOs in 2025 could boost investor sentiment. Here is a list of IPOs that are expected to hit the capital market in 2025.

Tata Capital IPO

Tata Group’s non-banking financial services arm, Tata Capital, is likely to hit the primary market soon. The company recently received the go-ahead from its board to launch the initial public offering (IPO), which could be a fresh issue of 23 crore equity shares and an OFS for existing shareholders. According to reports, the size of the IPO could be around ₹15,000 crore.

Tata Capital needs to be listed on the stock exchanges to comply with the RBI’s norms for upper-tier non-banking finance companies (NBFCs).

PhonePe

Walmart-owned digital payments and financial services provider PhonePe will likely hit the primary market in 2025. The company may seek a valuation of $15 billion through its mega IPO. PhonePe recently lined up four investment bankers to manage its initial public offering, according to media reports.

The company will also celebrate its 10th anniversary this year. As per its IPO plans, it has already redomiciled from Singapore to India.

Ather Energy

Leading electric two-wheeler maker Ather Energy may launch its IPO next month. The Tiger Global-backed company received SEBI’s nod to launch an IPO in December 2024.

The company's public offer, which makes electric two-wheelers and battery packs and provides charging infrastructure, may comprise a fresh issue of shares worth ₹3,100 crore and an offer-for-sale of 2.2 crore shares. The company is expected to announce other details about the IPO soon.

JSW Cement

JSW Cement is expected to hit the primary market with its ₹4,000 crore public offer this year. The IPO is expected to be a ₹2,000-crore fresh issue of shares and an OFS portion of ₹2,000 crore. JSW Cement received SEBI approval for the IPO in January.

The company plans to use the IPO proceeds to fund expansion and reduce its debt burden. This will be the biggest IPO in the cement sector in four years since the launch of the ₹5,000-crore issue of Nuvoco Vistas Corporation in 2021.

Reliance Jio

The much-talked about IPO of Reliance Jio Infocomm Ltd is expected to be launched in the second or third quarter of 2025, according to reports. The subsidiary of Jio Platforms Ltd and the telecom arm of the Mukesh Ambani-led conglomerate Reliance Industries is likely to raise ₹40,000 crore through the maiden share sale. It’s expected to be the largest IPO in India so far. Reports suggest that the telecom giant is planning for nearly $120 billion, or ₹10-lakh-crore valuation for the IPO. However, no official details about the public offer are out yet.

Zepto

According to reports, the company is likely to submit the Draft Red Herring Prospectus to regulator SEBI by April 2025. Zepto recently received approval from the NCLT to transfer its domicile back to India.

HDB Financial Services

NBFC HDB Financial Services is expected to raise ₹12,500 crore through its IPO in 2025. The public offer will likely be a fresh issue of ₹2,500 crore worth of shares and an OFS of ₹10,000 crore by existing shareholders. The company filed its DRHP with SEBI in November last year.

LG Electronics India IPO

Electronics major LG Electronics India is expected to launch its ₹15,000 crore IPO in March 2025, according to reports. Its Korean parent is selling around 10.18 crore equity shares through the offer for sale and thus the IPO will not have any fresh issue component. The company filed the DRHP with Sebi in December 2024.

Apart from these mainboard issues, the investors will also keep an eye on the much-awaited issues of Reliance Jio, Greaves Electric, and Lenskart, among others. The IPOs are expected to attract significant investor interest amid the ongoing volatility in the secondary market.