PNN
New Delhi [India], June 18: The buzz around upcoming IPOs continues to grow as more companies prepare to make their debut on the stock market. With public offerings gaining momentum and investor sentiment holding strong, the IPO pipeline for mid-2025 is actively unfolding, featuring several high-profile names across sectors. This article provides a structured overview of the most anticipated IPOs currently on the horizon or nearing their public launch, offering clear insights for investors eager to capitalise on new listings.
Upcoming IPOs Set to Reshape Market Dynamics
As major names prepare to list, investors should track these offerings closely for potential early entry points.
1. NSE IPO
The National Stock Exchange (NSE) is among the most anticipated listings this year. NSE is currently awaiting a No Objection Certificate (NOC) from SEBI to initiate its DRHP filing process. When it does proceed, the issue is expected to be an offer-for-sale (OFS), enabling existing shareholders, including SBI, LIC, and IFCI, to partially exit.
- IPO Type: Offer-for-sale
Estimated Size: ₹10,000-₹15,000 crore
Expected Timeline: Uncertain, pending SEBI clearance
Purpose: No fresh issue; shareholder exit only
With over 90% market share in equity derivatives and a dominant presence in Indian capital markets, NSE's eventual listing could become a landmark event for investors.
2. NSDL IPO
National Securities Depository Limited (NSDL), the country's pioneering depository institution, is set to launch its initial public offering. Incorporated in 1996, NSDL has played a central role in digitising India's securities market. The upcoming IPO list for the mainboard includes NSDL, and its offering will be a pure offer-for-sale, with IDBI Bank, NSE, and Union Bank among the selling shareholders.
- IPO Type: Offer-for-sale
Issue Size: Up to 57.26 million shares (valued over ₹3,300 crore; recent reports indicate approximately ₹3,400-3,421 crore for 50.15 million shares)
Expected Timeline: July 2025 (SEBI granted an extension until July 31, 2025, for listing)
Lead Managers: ICICI Securities, Goldman Sachs, HSBC, IIFL Securities, SBI Capital
SEBI Approval: Received in July 2023
The listing is expected to attract both institutional and retail participation, considering NSDL's critical role in financial market operations.
3. Zepto IPO
Bangalore-based Zepto, founded in 2021, the startup has grown rapidly and operates more than 220 dark stores across India's major cities. Zepto has postponed its IPO plans, now targeting the second half of 2026 to focus on achieving consistent free cash flow and resolving operational considerations. This places it further down the upcoming IPO list.
- Expected Raise: Approx. ₹6,500 crore
Valuation: $1.4 billion (as of August 2023 funding round; some reports suggest a higher valuation in recent private funding rounds.)
Core Business: Hyperlocal grocery and essentials delivery
Planned Use of Funds: Expansion and tech enhancement
Backed by investors like Nexus Venture Partners and StepStone Group, Zepto's eventual IPO could become a major draw for tech-focused investors tracking India's evolving e-commerce landscape.
4. Tata Capital IPO
Tata Capital, the NBFC arm of the Tata Group, is expected to launch one of the largest IPOs of FY25. Tata Capital has built a solid presence among both retail and institutional clients, with offerings that span personal lending, business finance, and wealth solutions. This highly anticipated listing will prominently feature on the upcoming IPO list.
The company is complying with an RBI mandate requiring Upper Layer NBFCs to list within a specified timeframe. It has already raised ₹2,000 crore via a rights issue to bolster capital.
- IPO Type: Likely mix of fresh issue and OFS
Estimated Size: Around ₹17,000 crore
Parent Company: Tata Sons Pvt Ltd (100% ownership pre-IPO)
Expected Timeline: FY25 (Expected to receive SEBI observation letter shortly, aiming for listing within the fiscal year)
Objective: Regulatory compliance and shareholder diversification
Given its brand strength and market position, the IPO is expected to draw widespread attention from long-term investors.
5. OYO IPO
OYO, the travel-tech and hospitality brand, is planning a return to the IPO path after posting a profit in FY24. In 2021, the company submitted plans for an IPO worth ₹8,430 crore, which comprised a fresh equity issue of ₹7,000 crore and an offer-for-sale of ₹1,430 crore. That offering was later paused, but is now expected to be revived and will be a notable addition to the upcoming IPO list.
- IPO Type: Fresh issue + OFS
Previous Filing Size: ₹8,430 crore
Expected Launch: Reports indicate a potential launch in late FY25 or in FY26 (before March 2026).
Focus: Tech-driven budget accommodation
Key Update: Returned to profitability in FY24
OYO's renewed IPO plans come on the back of better operational metrics and could benefit from the hospitality sector's recovery.
Final Thoughts
The IPO landscape for mid-2025 reflects strong momentum across sectors--from tech and finance to infrastructure and logistics. Whether it's NSE's anticipated scale, Zepto's growth story, or Tata Capital's institutional strength, investors have a wide range of choices. Staying informed and prepared will be key to navigating and capitalising on this wave of market entries. While no major IPO listing today is from these high-profile names, the continuous flow of new companies signals a robust primary market.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in stocks includes financial risks, and past performance is not indicative of future results. Readers should conduct their own research or consult with a qualified financial advisor before making any investment decisions.
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