Five Major IPOs Of 2025: Tata Capital, LG Electronics India, PhysicsWallah, NSE And PhonePe

India’s primary market is buzzing with activity, with proceeds from the initial public offerings in October likely to cross a record $5 billion, as per Bloomberg data. This week alone is seeing two of the biggest IPOs of the year. Tata Capital and LG Electronics' IPO opened this week to cumulatively raise over Rs 27,000 crore.

Apart from these, PhysicsWallah, PhonePe and the National Stock Exchange are also expected to launch their IPOs this year. Together, these five IPOs constitute the biggest IPOs for the domestic market .

Notably, the IPO boom is being driven by companies looking to raise capital for expansion in one of the world’s fastest-growing major economies. This surge in demand is supported by a deep pool of domestic investors and millions of retail participants, many of whom have been drawn in by a historic nine-year rally in the country’s benchmark stock indices.

Here’s a breakdown of the IPO Details

• IPO Size: Rs 15,512 crore

• Subscription Dates: October 6–8

• Valuation: Rs 1.38 lakh crore

• Structure: Fresh issue of 21 crore shares + OFS of 26.58 crore shares

• Key Sellers: Tata Sons (23 crore shares), IFC (3.58 crore shares)

After Tata Technologies nearly two years ago, Tata Capital is the second primary market offering that the Tata Group is launching. Tata Capital’s IPO is set to be the largest of the year, drawing strong interest due to its backing by the Tata Group. The proceeds from the fresh issue will be used to bolster the company’s Tier-1 capital base, supporting future lending and expansion.

In FY25, Tata Capital reported a profit of Rs 3,655 crore, up from Rs 3,327 crore in FY24, while revenue surged to Rs 28,313 crore. The offering is expected to attract institutional and retail investors alike, given the company’s strong financials and brand equity.

• IPO Size: Rs 11,607 crore

• Subscription Dates: October 7–9

• Valuation: Rs 77,400 crore

• Structure: Entirely Offer for Sale (OFS) of 10.18 crore shares (15% stake)

• Parent Company: LG Electronics, South Korea

LG Electronics India’s IPO marks the second South Korean listing in India, following Hyundai Motors India. The issue is entirely an OFS, meaning no fresh capital will be raised for the Indian unit; proceeds will go to the parent company.

The firm is a major player in consumer electronics and home appliances, with manufacturing units in Noida and Pune. LG India posted FY25 revenue of Rs 24,366 crore and a net profit of Rs 2,203 crore. 

• IPO Size: Rs 3,820 crore

• Structure: Fresh issue of Rs 3,100 crore + OFS of Rs 720 crore

• Promoters Selling Shares: Alakh Pandey and Prateek Boob (Rs 360 crore each)

PhysicsWallah, known for its affordable test prep and hybrid learning model, is preparing to go public after filing updated draft papers with SEBI. The IPO will fund offline centre expansion, marketing, cloud infrastructure, and strategic acquisitions.

The company plans to invest in subsidiaries like Xylem Learning and Utkarsh Classes and aims to strengthen its tech-enabled education ecosystem.

• IPO Size: Rs 12,000 (Likely)

• Subscription Dates: Not officially disclosed

• Structure: Not officially disclosed

PhonePe, a Walmart-backed fintech company, filed confidential draft papers in September for its initial public offering. The company is aiming to raise around Rs 12,000 crore, as per media reports.

However, it is important to note that the filing of confidential papers does not necessarily mean that the company will undertake an IPO.

On Sept. 22, the company reported a narrowing of its consolidated losses to Rs 1,727.4 crore in FY25, down from Rs 1,996.1 crore in the preceding fiscal. As per Tofler's data, the company’s revenue from operations rose 40.5% from Rs 5,064 crore in FY24 to Rs 7,115 crore in FY25. The company posted a threefold growth in its adjusted profit after tax to Rs 630 crore in FY25, from Rs 197 crore in the previous fiscal year.

• IPO Status: Awaiting SEBI’s no-objection certificate

• Key Developments: Final settlement of co-location and dark fibre cases pending

• Estimated Valuation: Not officially disclosed

The NSE's IPO has been long-awaited. The exchange has already settled a data storage-related case for over Rs 40 crore, and the remaining matters are expected to be resolved soon.

The offering is expected to attract significant institutional interest, though final details on size and structure are yet to be disclosed.