With 13 startups listing in the bourses in 2024, the year marked a record-breaking spree of initial public offerings (IPOs). The trend shows no signs of slowing down, as nearly 20 startups are reportedly gearing up to launch their IPOs in 2025, setting the stage for another dynamic year in the Indian market.
Several popular startups including Zepto, PhysicsWallah, Cardekho, Ecom Express, BoAt, Ather Energy and Avanse Financial Services, are expected to debut on the stock exchanges in 2025.
List of major startup IPOs lined up for 2025
Zepto: This is one the most awaited IPOs in the current calendar year, with all eyes on Zepto’s initiatives ahead of its listing on the exchanges. Reports suggest the quick commerce company is working on a standalone food-delivery app and adopting a marketplace approach for its business. The quick commerce company is expected to file its draft papers with the Securities and Exchange Board of India (SEBI) by April this year, as per reports.
boAt: The parent firm of the electronics company boAt, Imagine Marketing Ltd., is planning to go public with an IPO worth $300–500 million in 2025. While the company filed its draft papers in 2022, the offering got delayed due to fluctuations in the market, as per reports. boAt is famous for its affordable and high-quality audio products.
Ather Energy: The Bengaluru-based electric vehicle company specialising in manufacturing electric two-wheelers recently received SEBI approval to float its initial public offering (IPO). As per the company’s Draft Red Herring Prospectus (DRHP) filed in December last year, the IPO will be a combination of a fresh issue of equity shares worth ₹3,100 crore and an offer-for-sale of 2.2 crore equity shares. The company plans to raise ₹620 crore through a pre-IPO placement.
BlueStone: The Jewellery and Lifestyle company BlueStone Jewellery filed its draft papers with the SEBI in December last year. The proposed IPO is a combination of a fresh issue of shares worth ₹1,000 crore and an offer for sale (OFS) of up to 2.4 crore equity shares by selling shareholders.
Ecom Express: The logistics and delivery company in India offering e-commerce logistics solutions is expected to launch its IPO soon. The company plans to raise ₹2,600 crore through an offer-for-sale of ₹1,315.50 crore and a fresh issue worth ₹1,284.50 crore.
PhysicsWallah: This edtech company is expected to achieve a valuation between $400 to $500 million. Its IPO is expected to be launched in 2025.
CarDekho: The digital automotive solutions company is reportedly aiming to raise ₹3,000 to ₹4,000 crore via its IPO, which is also expected to be launched this year.
PayU: The digital payments company is planning to file its draft documents with SEBI for an IPO in 2025, aiming to become another major startup to go public this year. The Prosus-owned payments firm had previously delayed its IPO plans in 2024.
InCred: InCred Financial Services Ltd. is looking to raise between ₹4,000 to ₹5,000 crore through its IPO.
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