The Indian IPO market in 2025 has opened on a quiet note. Unlike the blockbuster year of 2024, this year’s IPO activity has started with a visible slowdown. For the current week, no mainboard IPOs are scheduled, with only one SME IPO – Tankup Engineers – lined up. Meanwhile, major players like PhonePe, Tata Capital, and Reliance Jio Infocomm are preparing for their big-ticket listings later in the year. This calm before the storm suggests the market is consolidating before another possible surge.

SME IPO: Tankup Engineers

This week, Tankup Engineers Limited, a small and medium-sized enterprise (SME), will bring some activity to the otherwise empty IPO calendar. The IPO will open on April 23 and close on April 25, with an issue size of ₹19.53 crore. The company is offering 13.95 lakh shares, all of which are fresh issues.

The price band is set between ₹133 to ₹140 per share. Allotments are likely to be finalised by April 28, with listing expected on April 30 on the NSE SME platform. The issue is being managed by Hem Securities, with Bigshare Services acting as the registrar.

Why is the IPO Market So Quiet?

As of April 2025, the IPO pipeline seems to be stuck in a bottleneck. Approximately 144 companies have planned IPOs worth ₹1.47 lakh crore, but many of these are delayed or pending SEBI approval. Of these, 67 companies are still awaiting regulatory clearance.

In the first two months of 2025, only ₹16,000 crore was raised through 10 mainboard IPOs, marking a sharp 37% drop compared to December 2024. Even more alarming is the fact that March 2025 saw no mainboard IPOs at all. As of mid-April, only seven companies have managed to list compared to 25 in the same period last year.

Despite the current lull, there are several high-profile IPOs expected to turn things around.

Big IPOs Expected in 2025

PhonePe

One of the most anticipated IPOs is that of PhonePe, the Walmart-backed fintech. The company recently converted into a public limited company, a key step before launching its IPO. PhonePe had already shifted its base from Singapore to India in 2022, paying around ₹8,000 crore in taxes for the transition. Its listing is expected on the NSE and BSE, although an official timeline is still awaited.

LG Electronics India

LG Electronics India is another company preparing to go public. The company has planned a ₹15,000 crore offer-for-sale, which involves a 15% stake dilution by its South Korean parent. With 98% of its products made in India and a FY24 revenue of ₹21,352 crore, the company is a household name. However, global economic uncertainties have led to a delay in the listing.

Tata Capital

Tata Capital, the financial services arm of the Tata Group, has filed its draft red herring prospectus (DRHP) for a ₹16,000 crore IPO. This issue includes a fresh issue of 2.3 crore equity shares along with an offer-for-sale. The listing is likely to be one of the largest in India’s financial sector in recent years.

Reliance Jio Infocomm

Another mammoth IPO on the horizon is that of Reliance Jio Infocomm. Reports suggest a massive ₹40,000 crore issue, aiming for a valuation of ₹10 lakh crore (approx. $120 billion). If this IPO materialises, it could be India’s largest IPO ever, possibly in Q2 or Q3 of 2025.

Other Notable IPOs Coming Up

Zepto

Zepto, a 10-minute grocery delivery startup, is preparing to file its DRHP soon. It is reportedly targeting to raise between ₹6,400 crore to ₹8,000 crore, and the IPO is expected around Q3 2025. The company is currently undergoing pre-IPO funding rounds.

Ather Energy

Ather Energy, the electric vehicle startup, has revised its IPO size to ₹3,000 crore, down from ₹4,000 crore, following a valuation drop from ₹20,000 crore to ₹12,800 crore. The listing is still expected to take place this year.

Urban Company

Urban Company, a leader in tech-enabled home services, has reduced its IPO target to ₹500 crore from the earlier ₹3,000 crore, citing market volatility.

Fintech and Cement Sector Listings

Several finance and infrastructure players are also looking to make their market debut:

• HDB Financial Services aims to raise ₹12,500 crore

• Hero FinCorp is planning a ₹3,668 crore IPO

• JSW Cement is expected to file for a ₹4,000 crore listing

If these IPOs go through as planned, they could significantly enhance the depth and vibrancy of India’s primary markets in 2025.

Despite a slow start to the year, India’s IPO pipeline is loaded with potential. The current pause in mainboard activity is more a strategic delay than a lack of confidence. Companies are waiting for optimal timing, especially with the earning season underway and regulatory clarity improving.

With blockbuster names like PhonePe, Tata Capital, Jio, Zepto, and Ather Energy gearing up for launches, the second half of 2025 could become one of the most dynamic periods for IPOs in Indian market history.

Stay tuned as the IPO market prepares for a possible bull run once the regulatory and market conditions align.

The Upcoming IPOs in this week and coming weeks are Tankup Engineers.

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