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Tata Capital, Reliance Jio, and Zepto Among Key Companies Anticipated to Launch IPOs in 2025

A Sluggish Start for Primary Markets in 2025: What Lies Ahead?

As we step into 2025, the primary markets have experienced a sluggish start, with only a handful of mainboard issues making their debut in the calendar year thus far. This slow momentum follows a record-breaking 2024, which saw unprecedented fundraising and some of the largest listings in recent history. Investors, however, remain optimistic, looking forward to a series of big-ticket initial public offerings (IPOs) that are expected to hit the market soon, despite the lackluster activity observed since the beginning of the year.

The Current Landscape of IPO Activity

So far in 2025, nearly ten mainboard public offers have graced the D-street, but the overall activity has been tepid. Among the nine IPOs that have been listed, six managed to end their listing day with gains, even amidst a backdrop of volatile broader markets. This mixed performance underscores the cautious sentiment prevailing among investors, who are eagerly awaiting the launch of several high-profile IPOs that could potentially rejuvenate the market.

Anticipated IPOs to Watch

Several major companies are gearing up to launch their IPOs in 2025, which could significantly influence investor sentiment and market dynamics. Here’s a closer look at some of the most anticipated offerings:

Tata Capital

Tata Group’s non-banking financial services arm, Tata Capital, is poised to enter the primary market soon. The company has received approval from its board to launch an IPO, which is expected to consist of a fresh issue of 23 crore equity shares along with an offer for sale (OFS) for existing shareholders. The anticipated size of this IPO could be around ₹15,000 crore. This move is crucial for Tata Capital as it seeks to comply with the Reserve Bank of India’s norms for upper-tier non-banking finance companies (NBFCs).

PhonePe

Walmart-owned PhonePe, a digital payments and financial services provider, is also expected to make waves in the primary market in 2025. The company is aiming for a valuation of $15 billion through its mega IPO and has enlisted four investment bankers to manage the offering. Notably, PhonePe is celebrating its 10th anniversary this year and has recently redomiciled from Singapore to India, marking a significant milestone in its journey.

Ather Energy

Ather Energy, a leading electric two-wheeler manufacturer backed by Tiger Global, is another company that may launch its IPO in the near future. Having received the Securities and Exchange Board of India’s (SEBI) approval to launch an IPO in December 2024, Ather’s public offer is expected to include a fresh issue of shares worth ₹3,100 crore and an OFS of 2.2 crore shares. Details about the IPO are anticipated to be announced soon.

JSW Cement

JSW Cement is set to make its mark with a ₹4,000 crore public offer this year. The IPO is expected to comprise a ₹2,000 crore fresh issue of shares alongside an OFS portion of ₹2,000 crore. With SEBI approval secured in January, the company plans to utilize the IPO proceeds for expansion and to alleviate its debt burden. This offering is particularly noteworthy as it will be the largest IPO in the cement sector in four years.

Reliance Jio Infocomm Ltd

One of the most talked-about IPOs is that of Reliance Jio Infocomm Ltd, which is expected to launch in the second or third quarter of 2025. The telecom giant, a subsidiary of Jio Platforms Ltd, is likely to raise ₹40,000 crore through its maiden share sale, potentially making it the largest IPO in India to date. Reports suggest that Jio is aiming for a staggering valuation of nearly $120 billion (approximately ₹10 lakh crore), although official details about the public offer remain under wraps.

Zepto

Quick commerce player Zepto is reportedly planning to raise between ₹7,000 to ₹8,800 crore (approximately $800 million to $1 billion) through its public offer in 2025. The company is expected to submit its Draft Red Herring Prospectus to SEBI by April 2025 and has recently received approval from the National Company Law Tribunal (NCLT) to transfer its domicile back to India.

HDB Financial Services

HDB Financial Services, another NBFC, is anticipated to raise ₹12,500 crore through its IPO in 2025. The public offer is likely to consist of a fresh issue of ₹2,500 crore worth of shares and an OFS of ₹10,000 crore by existing shareholders. The company filed its Draft Red Herring Prospectus with SEBI in November of the previous year.

LG Electronics India

Electronics giant LG Electronics India is also expected to launch its ₹15,000 crore IPO in March 2025. The offering will primarily consist of an OFS, with its Korean parent company selling around 10.18 crore equity shares. Notably, this IPO will not include a fresh issue component, as the company filed its DRHP with SEBI in December 2024.

Conclusion: A Glimmer of Hope Amidst Market Volatility

Despite the current slowdown in the secondary market, the anticipated launch of these big-ticket IPOs in 2025 could provide a much-needed boost to investor sentiment. With several high-profile companies preparing to enter the capital market, investors are hopeful that these offerings will attract significant interest and reinvigorate the primary market landscape.

As the year unfolds, all eyes will be on the upcoming IPOs, including those of Reliance Jio, Greaves Electric, and Lenskart, among others. The potential for these offerings to capture investor attention remains high, especially in light of the ongoing volatility in the secondary market. For those keen on staying updated about IPO listings, schedules, and upcoming opportunities, further information can be found here.

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