The IPO wave of 2025 is here, and it’s bigger than ever.From fintech unicorns to financial powerhouses and infrastructure giants, some of India’s biggest names are all set to make their stock market debut. PhonePe, Zepto, Tata Capital, NSE, NSDL, and JSW Cement are just a few of the highly awaited listings that have investors and analysts buzzing with excitement. In this article, we’ll uncover the most awaited IPOs of 2025 that every investor is talking about.
1. PhonePe
Backed by Walmart, PhonePe is gearing up for one of the largest tech IPOs in India’s history. The fintech leader is expected to file its Draft Red Herring Prospectus (DRHP) by August 2025, with plans to raise $1.5 billion at an estimated valuation of $15 billion.
Over the past decade, PhonePe has revolutionised digital payments and financial services, now serving over 610 million registered users and processing 340 million daily transactions.
This new IPO is being handled by global investment heavyweights, including Kotak Mahindra Capital, Citigroup, JPMorgan Chase, and Morgan Stanley.
2. Zepto
Zepto, the fast-growing quick commerce startup, is set to be one of the most talked-about IPOs of 2025. Known for its ultra-fast delivery model and impressive growth trajectory, Zepto has become a favourite among urban consumers.
The company recently raised $665 million at a $3.6 billion valuation in June 2024, followed by another $340 million at a $5 billion valuation in August, reflecting strong investor confidence. In the Zepto IPO, the company plans to raise between $800 million and $1 billion through a combination of fresh equity issuance and offer-for-sale (OFS).
Leading global investment banks, including Goldman Sachs, Morgan Stanley, and Axis Capital, are advising on the issue.
3. NSDL
The National Securities Depository Limited (NSDL), the backbone of India’s securities market infrastructure, is set to become the country’s second listed depository after CDSL. Its upcoming ₹3,300 crore IPO will be a 100% Offer for Sale (OFS), with early investors like IDBI Bank and NSE planning to pare down their stakes.
NSDL plays a pivotal role in India’s financial system, overseeing dematerialisation and the secure custody of securities for millions of investors. As demat account openings climb and retail participation grows, NSDL is widely viewed as a stable and dependable IPO pick in 2025 by experts.
4. Tata Capital
Tata Capital, the non-bank financial services arm of the Tata Group, has received SEBI’s approval for its ₹17,200 crore IPO, one of the largest in India’s financial space this year. The mixed structure includes a fresh issue of equity and an Offer-for-Sale (OFS) by existing shareholders such as Tata Sons and IFC.
This move aligns with the RBI’s mandate for upper-layer NBFCs to list by September 2025. Tata Capital IPO is expected to launch in July or August 2025, following the anticipated filing of the public RHP.
The IPO proceeds, with ₹8,000–9,000 crore from fresh equity and the remainder via OFS, will be deployed to strengthen Tier I capital, expand into high-growth areas like infrastructure, SME, and auto finance (following the Tata Motors Finance merger), and accelerate investments in technology and digital lending capabilities.
5. NSE
The National Stock Exchange (NSE), India’s largest stock exchange, is finally moving ahead with its long-awaited IPO, expected to launch in the second half of 2025. NSE plans to sell up to 10% of its equity stake, which could raise between ₹28,000 crore and ₹47,500 crore, depending on its final valuation.
After years of regulatory delays and corporate governance issues, NSE has resolved key hurdles with SEBI, paving the way for its long-awaited market debut. Financially, NSE continues to deliver impressive numbers: in FY25, its net profit soared 47% year-on-year to ₹12,188 crore, while total income climbed 17% to ₹19,177 crore.
6. JSW Cement
JSW Cement, part of the Sajjan Jindal-led JSW Group, is gearing up for a ₹4,000 crore IPO, evenly split between a ₹2,000 crore fresh issue and a ₹2,000 crore offer-for-sale by investors like Apollo Global Management, Synergy Metals, and SBI.
Backed by leading banks like Goldman Sachs, Axis Capital, JM Financial, Kotak, Citi, and Jefferies, the IPO is expected to hit the market in July 2025. The funds will be used to expand production capacity, reduce debt, and support new projects, positioning the company for the next phase of growth.
For investors, this listing is an opportunity to tap into India’s infrastructure boom and JSW Cement’s strong focus on sustainability.
Final Thoughts
With several big-ticket IPOs lined up, 2025 is shaping up to be a milestone year for Indian markets. These IPO opportunities give investors a chance to tap into the country’s growth story across multiple sectors. To make the most of them, stay updated on DRHP filings and subscription timelines. To apply for an IPO, all you need to do is open demat account with a trusted broker.
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