For investors eagerly following the IPO market, this week might come as a surprise. For the first time since January 2024, there are no mainboard listings, no SME IPOs, and no activity in the primary market. This IPO-free period marks a sharp contrast to the vibrant activity we’ve seen over the past year.

This pause in IPO activity extends beyond just this week. In fact, March 2025 became the first month in over a year without a single mainboard IPO — a trend not seen since February 2023. So what’s really happening behind this sudden silence?

The reasons behind the dry spell

The current drought in IPOs is not just a matter of chance. Several key factors have contributed to this pause:

• Global economic uncertainties, including geopolitical tensions and interest rate fears

• Market corrections that made companies wary of lower valuations

• Concerns around US tariff announcements, especially those affecting Indian exports and tech

These elements have created volatility in the stock market, prompting many companies to defer their IPO plans until the environment is more predictable.

A flood of IPOs lined up for the coming months

While this week may be quiet, the pipeline for 2025 is full of heavyweights, each preparing to make a big splash in the coming quarters.

Reliance Jio Infocomm

Topping the list is Reliance Jio Infocomm, expected to launch what could become India’s biggest-ever IPO. The company is targeting to raise a massive Rs 40,000 crore at a valuation of Rs 10 lakh crore (approx. $120 billion). Although the launch date isn’t confirmed, expectations are pointing toward a Q2 or Q3 2025 debut.

Tata Capital

Next in line is Tata Capital, eyeing a Rs 15,000 crore IPO through a mix of fresh issue and offer-for-sale (OFS). The offer includes 23 crore new shares and a stake sale by existing shareholders. This IPO is being seen as a landmark move in India’s NBFC space.

PhonePe

The Walmart-backed digital payments giant PhonePe is gearing up for a massive listing. With a projected valuation of $15 billion, the company has moved its headquarters to India and appointed top investment bankers for the IPO process. This IPO will place PhonePe firmly among the top fintech listings globally.

Ather Energy

In the electric vehicle (EV) space, Ather Energy is racing ahead. Having already secured SEBI approval, Ather plans to raise Rs 3,100 crore through a fresh issue, along with an OFS of 2.2 crore shares. It will follow the footsteps of Ola Electric, continuing the EV IPO trend in India.

Zepto

The 10-minute grocery delivery unicorn, Zepto, is also preparing for its public debut. The startup is expected to file its DRHP by April 2025, aiming to raise between $800 million and $1 billion. Its hyper-growth model and quick expansion make it one of the most anticipated tech IPOs of the year.

HDB Financial Services and Hero FinCorp

Two major NBFCs — HDB Financial Services and Hero FinCorp — are also in line. HDB is expected to raise around Rs 12,500 crore, while Hero FinCorp could mop up Rs 3,668 crore. These IPOs will likely test investor sentiment toward financial sector stocks in a volatile market.

JSW Cement

From the infrastructure sector, JSW Cement is preparing for its own Rs 4,000 crore IPO. As infrastructure spending rises, JSW’s public offering could attract long-term investors looking for exposure to India’s growth and construction sectors.

LG Electronics India

Perhaps one of the most interesting IPOs coming up is LG Electronics India, which recently received SEBI approval for its Rs 15,000 crore issue. Unlike others, this IPO will be a pure OFS, with LG Electronics Inc selling over 10 crore shares, equal to 15% stake dilution. With 98% of LG India’s products made domestically, strong financials, and a FY24 revenue of Rs 21,352 crore and profit of Rs 1,511 crore, this IPO is seen as one of the biggest consumer electronics listings.

What does this mean for investors?

While the temporary halt in IPOs might seem discouraging, the build-up of high-quality listings means that investors have a busy and potentially rewarding year ahead.

With names like Reliance Jio, Tata Capital, and PhonePe, the coming quarters are set to test market appetite for large-cap, technology, NBFC, and consumer sector listings.

Keep your eyes on SEBI approvals

Many of these companies have already filed or are in the process of filing DRHPs (Draft Red Herring Prospectus) with SEBI. Watching the approval flow will be critical in gauging the timeline for upcoming IPO launches. Companies like Ather, LG India, and PhonePe are already in advanced stages.

Investors should stay prepared

For investors, this is the perfect time to do research, understand the companies planning to go public, and prepare to act quickly when the IPOs are announced.

• Read DRHPs thoroughly

• Evaluate industry trends

• Check valuations against listed peers

• Review promoter background and financial strength

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