IPO Watch: Upcoming Listings to Track in 2025
IPO Watch: Upcoming Listings to Track in 2025
The Indian IPO market is entering a vibrant phase in 2025, with a flurry of listings expected across sectors such as fintech, education, NBFCs, and consumer brands. For investors looking to participate in the next wave of growth, this is a good time to keep an eye on the most promising upcoming IPOs, their business models, key metrics, and potential risks.
Thank you for reading this post, don't forget to subscribe!Why the IPO Pipeline is Heating Up
According to recent reports, more than 80 IPOs have already been launched in 2025, with about ₹80,000 crore raised so far.
The primary market still has around ₹41,000 crore worth of issues likely before year-end.
Regulatory tweaks by the Securities and Exchange Board of India (SEBI)—such as easing minimum public shareholding norms—are making IPOs more accessible.
Top Upcoming IPOs to Watch
Here are some of the most anticipated listings for late 2025:
1. ICICI Prudential Asset Management Company (AMC)
Estimated Issue Size: ~₹ 10,000 crore
Business: One of India’s leading mutual fund houses, managing diverse equity, debt, and hybrid schemes under the ICICI Group umbrella.
Key Things to Watch:
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AUM growth amid increasing retail participation.
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Competition from passive and index fund players.
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Impact of SEBI’s regulatory changes on expense ratios and margins.
2. PhysicsWallah (EdTech Platform)
Estimated Issue Size: ~₹ 8,000 crore
Business: India’s fastest-growing education technology company, offering online and offline coaching for competitive exams such as JEE, NEET, and UPSC.
Key Things to Watch:
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Profitability amid rising customer acquisition costs.
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Growth in hybrid learning (offline centers expansion).
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Regulatory environment for edtech and data privacy compliance.
3. Groww (Trading & Broking Platform)
Estimated Raise: ~₹ 6,500 crore
Business: A popular online investment platform offering demat, mutual fund, and stock investing services to retail investors across India.
Key Things to Watch:
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Profitability path and operational scalability.
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Regulatory risks in fintech.
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Sustainability of rapid user growth.
4. Lenskart Solutions (Eyewear Retail)
Estimated Issue Size: Up to ~₹ 6,000 crore
Business: India’s most recognized eyewear retailer, with a growing digital-first model and a strong offline network.
Key Things to Watch:
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Competition in the retail eyewear market.
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Margins amid global supply chain volatility.
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Profitability and potential for international expansion.
5. Pine Labs (Fintech / Payments)
Issue Size: ~₹ 5,500–6,000 crore
Business: A major payment solutions provider offering POS systems and fintech services, with expansion into Southeast Asia and the Middle East.
Key Things to Watch:
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Path to profitability and revenue diversification.
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New business verticals such as BNPL (Buy Now, Pay Later).
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Valuation and growth sustainability.
How to Evaluate an IPO: What Investors Should Focus On
1. Business Model & Growth Potential
Does the company have a scalable, defendable business? Are sector tailwinds favourable?
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Example: Fintech (Groww, Pine Labs) riding the digital payment boom.
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Example: EdTech (PhysicsWallah) leveraging India’s education revolution.
2. Financial Metrics & Profitability
Look at revenue growth, margins, and return ratios.
Newly listed firms often trade at valuations higher than growth expectations—exercise caution.
3. Valuation & Issue Structure
Examine the price band, lot size, and proportion of fresh issue vs. Offer-for-Sale (OFS).
High subscription and “Grey Market Premium” (GMP) may drive short-term listing gains, but not necessarily long-term success.
4. Risk Factors & Regulatory Environment
Keep an eye on:
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Sectoral regulations (Fintech, EdTech, AMC industry).
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Competitive landscape and economic headwinds.
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Promoter track record and corporate governance.
5. Timing & Market Sentiment
IPOs tend to perform well when secondary markets are buoyant.
However, true wealth creation happens through sustained performance after listing—not just listing gains.
Should Retail Investors Participate in IPOs?
Pros:
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Early participation in India’s next generation of market leaders.
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Potential for listing gains.
Cons:
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Risk of overvaluation.
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Profitability may take years to materialize.
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Limited liquidity due to lock-in norms.
Suggested Approach:
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Allocate a small portion of your total portfolio.
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Study the company’s fundamentals and prospectus carefully.
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Avoid chasing hype—focus on quality and valuations.
Final Thoughts
India’s IPO market for 2025 remains robust, with strong participation from retail and institutional investors alike. Companies like ICICI Prudential AMC, PhysicsWallah, Groww, Lenskart, and Pine Labs represent diverse sectors—financial services, education, fintech, and consumer retail—reflecting India’s evolving economy.
For investors, the key lies in discipline over excitement—evaluating fundamentals, long-term potential, and aligning IPO participation with broader financial goals. IPOs can offer short-term thrills, but sustained wealth creation comes from holding quality businesses through multiple market cycles.
Related Blogs:
Top Mistakes to Avoid While Investing in IPOs
IPO Basics: What You Must Know Before You Invest
How to find a good IPO and when to invest in it?
Disclaimer: This blog post is intended for informational purposes only and should not be considered financial advice. The financial data presented is subject to change over time, and the securities mentioned are examples only and do not constitute investment recommendations. Always conduct thorough research and consult with a qualified financial advisor before making any investment decisions.