India’s IPO market saw a historic high in 2024, with companies raising a record-breaking INR 1.6 lakh crore. This IPO boom captured the attention of both seasoned investors and new ones. Fuelled by a robust economy and favorable market sentiment, the IPO momentum shows no signs of slowing down. As we step into 2025, investors look optimistic about the growth trajectory.
With a pipeline expected to exceed INR 2.5 lakh crore, the new year promises even bigger opportunities. As an investor, you might be eagerly eyeing these new stocks to tap into listing gains or capitalize on long-term growth prospects.
Read on to get an overview of the top IPOs poised to dominate the stock market in 2025.
5 Upcoming IPOs Investors Should Watch in 2025
Based on market hold and return potential, we have curated this list of upcoming IPOs in 2025.
1. Reliance Jio
Reliance Jio is a leading name in the telecom industry in India. With its much-anticipated IPO in 2025, it is set to make waves.
Since its launch in 2016, Jio has redefined connectivity with its affordable 4G services and free voice calls. The company reshaped the telecom industry, triggering a spike in data consumption. Jio’s extensive network spans both rural and urban areas, and it has come up with popular digital platforms like JioTV, JioCinema, and JioSaavn.
In 2025, Reliance Jio is likely to be valued at INR 9.3 lakh crore. Investors are keenly observing the developments as Reliance braces up to launch this IPO.
2. Imagine Marketing (boAt)
The parent company of boAt, Imagine Marketing, is all set to be one of the newly listed stocks on stock exchange in 2025. Founded in 2013, boAt has become a household name in India, largely dominating the audio accessories and smart wearables market with its stylish products and innovation. Its wireless speakers and smartwatches are considered top-grade in the industry.
Imagine Marketing is known for its trendy marketing strategies, which include collaborations with sports teams and influencers. Boat has already established a strong brand identity and is set to be a INR 10,000 crore company in 2025. Its IPO aims to fund its expansion into lifestyle segments.
3. Tata Passenger Electric Mobility (TPEML)
Currently, TPEML (Tata Passenger Electric Mobility) is a key player in the EV market in India, holding as much as 80% market share. Backed by a capital of INR 7 billion in capital, it acquired the Sanand plant of Ford India, expanding its production capacity to 300,000 units annually.
Some of its popular models include the Nexon EV and the Tiago EV. In the next few years, TPEML plans to launch 10 more models. Currently valued at $9.5-10 billion, it aims to raise $1-2 billion through its IPO in 2025.
4. JSW Cement
JSW Cement is likely to be one of the first IPOs in 2025, scheduled to be listed in January. Its INR 4,000 crore IPO comprises a fresh issue of INR 2,000 crore, and an OFS (offer-for-sale) valued at another INR 2,000 crore.
With an annual production capacity of 19 million tonnes (MT), JSW Cement plans to expand to 60 MTPA. Following this fundraising initiative, JSW Cement has plans to set up a news cement unit in Rajasthan and reduce its debt, while channeling a part of the funds for general corporate purposes.
5. HDB Financial Services
HDB Financial Services is the non-banking lending arm of HDFC Bank. The company has filed for an IPO valued at INR 12,500 crore, which consists of a fresh issue of INR 2,500 crore and an OFS worth INR 1,000 crore. HDFC Bank, which holds a 94.6% stake in the company, will sell shares worth INR 10,000 crore.
The financial institute will use the funds for its capital requirements and onward lending purposes. HDB will continue to be a subsidiary of HDFC Bank after the launch of the IPO.
Conclusion
Whether you’re interested in booking listing gains or staying invested for the long term, 2025 promises exciting opportunities for investors. The IPOs curated in this blog are from different sectors. All these are established companies with solid strategies in place to remain on the growth trajectory. Keep an eye on their GMP and listing dates, as you capitalize on these opportunities to invest in some of the most promising businesses in India.
