The year 2024 was a blockbuster for IPOs but the Indian IPO market in 2025 has started off on a much lackluster note. In the last year, the IPO market was spoiled with a series of new public issues are now facing a dry spell. As the earning season has kicked off, the IPO calendar remains largely blank, except for one small SME issue scheduled to open this week. While the silence on the mainboard continues, big names like PhonePe, Tata Capital, Zepto, and Ather Energy are waiting in the wings.
Here’s a look at the IPO scene this week and what the rest of the year could hold.
This week’s IPO: Tankup Engineers breaks the silence
Even though there are no mainboard IPOs this week, the SME segment brings a flicker of activity. Tankup Engineers is set to launch its IPO between April 23 and April 25. The issue size is Rs 19.53 crore. Furthermoe, this SME issue is an entirely fresh issue of 13.95 lakh shares.
The price band of the issue set by the company range between Rs 133 to Rs 140 per share. The allotment of shares is likely to be finalised by April 28, and the shares are expected to list on the NSE SME platform on April 30. The lead manager for this public issue s Hem Securities and Bigshare Services is the registrar.
Why is the IPO market so quiet?
The IPO lined up in India has slowed dramatically in 2025, with very few mainboard listing so far. As per multiple reports, as of now, around 144 companies with proposed IPOs worth Rs 1.47 lakh crore have put their listings on hold.
Of these, 67 are still awaiting SEBI’s approval. Looking at the numbers, between January and February this year, just Rs 16,000 crore was raised through 10 mainboard IPOs. This translates to a steep 37% drop compared to December 2024. March saw a complete freeze, with not a single mainboard IPO hitting the market.
Even now, in April, only seven companies have listed compared to 25 during the same period last year.
Let’s take a look at other companies that are scheduled to launch there IPO this year:
PhonePe
Among the most anticipated IPOs is that of PhonePe, the Walmart-backed digital payments giant. The company recently converted from a private to a public limited entity, before launching an IPO.
It is also noteworthy that in 2022, the fintech company moved its headquarters from Singapore to India, reportedly paying Rs 8,000 crore in taxes during the shift. While the exact listing timeline is still under wraps, PhonePe is expected to list on the NSE and BSE this year.
LG Electronics India
One of the well known name in India’s households, LG Electronics India had planned a substantial Rs 15,000 crore offer-for-sale, marking a 15% stake dilution by its South Korean parent. With over 98% of its products made in India and FY24 revenue of Rs 21,352 crore. However, global economic uncertainty and shifting investor sentiment have prompted a delay in the listing.
Tata Capital
Tata Capital is another big name set to enter the IPO arena. The company, a financial services arm of the Tata Group, has filed a draft red herring prospectus (DRHP) with SEBI for a Rs 16,000 crore IPO. It will comprise a fresh issue of 2.3 crore equity shares as well as an offer for sale. Furthermore, the listing could mark one of the largest in the financial services sector in recent times.
Reliance Jio Infocomm
Reliance Jio Infocomm is expected to lead the IPO charge with a massive Rs 40,000 crore issue, which could be India’s largest IPO to date, as per reports. The company is targeting a valuation of Rs 10 lakh crore, which translates to approx. $120 billion. Although the timeline is not announced, market watchers expect the listing to take place in Q2 or Q3 of 2025.
Zepto, Ather Energy, and Urban company join the queue
Zepto, the 10-minute delivery startup and a competitor to other online tech delivery giants such as Swiggy and Zomato, is preparing to file its DRHP soon with a plan to raise between Rs 6,400 crore to Rs 8,000 crore, added reports. The company is already engaging in pre-IPO funding rounds and could list in Q3 2025.
Ather Energy has revised its IPO size to Rs 3,000 crore from an earlier plan of Rs 4,000 crore, following a drop in valuation from Rs 20,000 crore to Rs 12,800 crore. Its public issue is also expected this year. Urban Company, the tech-enabled home services provider, is also in line, but it has slashed its fundraising target to Rs 500 crore from the earlier Rs 3,000 crore.
Fintech and cement giants awaiting their turn
Apart from this, another IPOs in pipeline for this year include HDB Financial Services and Hero FinCorp. The two financial players gearing up to raise Rs 12,500 crore and Rs 3,668 crore respectively, added reports.
JSW Cement, too, is expected to launch its Rs 4,000 crore IPO this year. These listings are likely to add depth to India’s primary market if they materialise in the coming months.