Despite the slow start of the stock market in 2025, with only ten mainboard IPOs hitting the market so far, investor enthusiasm for upcoming public offerings remains steadfast. The first quarter of the year has been marked by muted market sentiments; nevertheless, analysts predict around 1,000 IPOs are likely to make their debut over the next two years, invigorated by marquee names such as Zepto, LG India, and Reliance Jio.
This week marks the launch of the public subscription for NAPS Global India, commencing on March 4, with shares priced at Rs 90 each. The company will offer 13.2 lakh equity shares through fresh equity sales, taking advantage of its significant role as a wholesale importer of textile products, primarily focusing on cotton and man-made fabrics sourced from China and Hong Kong. With imports category totaling $5,425 million, the man-made textiles segment constitutes the largest share, amounting to $1,859 million or 34% of total textile imports during the FY 2025 period from April to October, as noted by reports.
The retail demand for these fabrics, intensified due to supply chain demands from garment manufacturers, puts NAPS Global India in a promising position to cater to the textiles industry's sustainability needs. The management is optimistic about the recognition it will gain as it lists on the NSE SME platform, aiming to fulfill the procurement needs of its expansive clientele.
While NAPS Global India ignites interest, several high-profile IPOs are on the horizon, expected to redefine the entrepreneurial and investment landscapes. Here’s a closer look at five of the most anticipated IPOs of 2025.
First on the roster is Tata Capital, the financial services arm of the Tata Group. Seeking to comply with the Reserve Bank of India’s (RBI) regulations, Tata Capital's upcoming IPO plans for 23 crore equity shares to be offered, alongside the sale of existing shares, is expected to yield around ₹15,000 crore.
Mere months from now, Reliance Jio’s IPO is anticipated to set new benchmarks, targeting ₹40,000 crore and claiming its position as India's largest IPO ever. Adorning the banner of market chaebols, Reliance is eyeing a colossal valuation of approximately $120 billion (₹10 lakh crore) with the offering likely appearing around the second or third quarter of the year.
Meanwhile, LG Electronics India aims to take its Indian subsidiary public, preparing for its ₹15,000 crore IPO through an Offer for Sale of 10.18 crore shares by its parent firm. Having submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) last December, the firm plans to launch its IPO by March.
Another notable contender is boAt, the trendy Indian audio and wearable technology brand, on its path to raise approximately ₹2,000 crore to fuel its growth and expansion plans. With leading investment banks on board—ICICI Securities, Goldman Sachs, and Nomura—boAt is poised for its much-anticipated entry to the stock market.
JSW Cement joins these ranks with its ambitious ₹4,000 crore IPO comprising equal parts fresh issue and Offer for Sale, directed toward facilitating expansion projects and reducing debt. The company’s IPO is significant as it marks the largest offering within the cement industry since Nuvoco Vistas Corporation’s ₹5,000 crore listing back in 2021.
Alongside these giants, other expected IPOs such as NSDL, Zepto, and Ather Energy are generating buzz, as the market eyes these launches with hopeful anticipation of reinvigorated IPO performance. The atmosphere is charged with optimism, responding to the historical backdrops of previous IPO waves and the desire for fresh investment engagements.
Despite the current slowdown, which has left experienced analysts reporting only one new offering this week compared to the frenzy of 2024, the collective response to these upcoming IPOs indicates renewed investor confidence. Market watchers are eager to see how these listings will influence market sentiment, especially for companies waiting to make their public debuts.
Reports suggest there is still potential for significant future offerings throughout 2025 and beyond, with many firms capitalizing on existing market conditions to enter the trading floor. Nevertheless, prospective investors are advised to conduct thorough due diligence and consult with financial experts before participating, as the IPO market can be volatile and unpredictable.
The overall momentum appears to suggest optimism about rugging dynamics within the primary market, contributing positively to market evolution. With leading companies lining up for their IPOs, the hope for favorable market reception remains strong, as investors look to find opportunities amid fluctuated experiences.
Although the first quarter of 2025 may not have erupted with explosive IPO activity, the potential momentum from these anticipated public offerings could shift the sentiment and redefine possibilities for investors across the spectrum. The coming months are expected to be pivotal for various sectors, promising to bring excitement and opportunities for those willing to engage with these initial public offerings.