Upcoming IPOs In 2025: LG Electronics, Tata Capital, Ather Energy, Zepto Among Key Public Issues

After a stellar run in 2024, the initial public offering segment in India is expected to be active in 2025, with numerous IPOs lined up. Primary market investors can look forward to a strong pipeline, as over 35 companies have already received SEBI’s approval to launch their IPO next year.

The major IPOs in 2025 include those to be launched by LG Electronics India Pvt., Tata Capital Ltd., Ather Energy Ltd., Zepto (operated by Kiranakart Technologies Pvt.), BlueStone Jewellery and Lifestyle Pvt., and Anand Rathi Share and Stock Brokers Ltd., among others.

As we approach the new year, here's a look at the list of IPOs that are set to open in 2025.

The LG Electronics India IPO is one of the most anticipated public issues of 2025. The Indian arm of the South Korean home appliances manufacturing giant is set to launch its IPO next year. The company recently filed the draft papers with SEBI for the IPO, which comprises only an offer-for-sale component of 10.01 crore shares valued at approximately Rs 15,237 crore.

Hexaware Technologies Ltd. aims to raise Rs 9,950 crore through its initial share sale. The company's upcoming IPO is being touted as the largest public offering by an IT firm in India till date. According to its draft red herring prospectus filed with SEBI, the IPO will be an entirely OFS issue. The company aims to re-list on the stock exchanges after being delisted from the NSE and BSE after its promoter, Baring Private Equity Asia, decided to make it private.

Electric vehicle pioneer Ather Energy is looking to make its debut in the Indian stock market in 2025. The Ather Energy IPO is likely to be the first public issue by an EV company after Ola Electric made its market debut in 2024. The company is targeting to mop up Rs 3,100 crore through the fresh issuance of shares. The IPO will also include an OFS of 2,20,00,766 equity shares.

HDFC Bank-owned HDB Financial Services is looking to launch the largest IPO to be issued by a non-banking financial company in 2025. The Rs 12,500-crore offer will be a combination of fresh issue and OFS, with the company already filing its draft papers with SEBI.

Following the lead of its peers Zomato Ltd. and Swiggy Ltd., quick commerce platform Zepto is also preparing to make its debut in the stock market. The company is reportedly aiming to raise over $1 billion to strengthen its market presence. However, a formal announcement is still awaited.

SEBI has approved the launch of the Rs 3,000-crore IPO of India’s largest depository, National Securities Depository Ltd. The issue, which will be an OFS of 5,72,60,001 equity shares, is expected to be launched in 2025.

Anand Rathi Group’s brokerage arm, Anand Rathi Share and Stock Brokers, filed its DRHP in December to raise Rs 745 crore through a fresh issue of shares in the public market. While the dates have not been set yet, the IPO is set to go live next year.

Solar photovoltaic modules Vikram Solar Ltd. has filed its draft papers to raise funds from the primary market. The IPO is a combination of a fresh issue of up to Rs 1,500 crore and an OFS of up to 17.45 million equity shares.

BlueStone Jewellery IPO, set for launch in 2025, comprises a fresh issue of shares worth Rs 1,000 crore and an OFS of up to 2.4 crore equity shares. The Bengaluru-based company operates under its flagship brand ‘BlueStone’, offering contemporary diamond, gold, and platinum-studded jewellery.

Tata Capital, the financial services wing of Tata Group, is preparing to list on the bourses by September 2025. It will start the process of filing its draft papers early next year after the completion of its ongoing merger with Tata Motor Finance.

The Rs 3,668-crore Hero FinCorp IPO is scheduled to go live next year. The financing arm of Hero MotoCorp, Hero Fincorp is looking to reduce its debts and expand its business through the proceeds from the issue.