This Diwali is set to be nothing short of spectacular for India’s capital markets. With a blockbuster lineup of Upcoming IPOs in October 2025, investors are gearing up for what could be the most exciting fundraising season in years. Market buzz suggests that the total capital raised this month could even cross the INR 1.5 lakh crore mark, making it a historic milestone for the primary market.
From financial services to consumer durables, metals & mining, and entertainment, a diverse pipeline of IPOs promises not just festive fireworks but also a true dhanvarsha for investors. October 2025 may well redefine India’s IPO landscape, balancing global caution with unmatched domestic momentum.
IPO Activity in September
In the month of September, IPOs received approval. Below is the list of SEBI IPO approvals in September:
| Issuer Company | Issue Type | Prospectus Filing Date | SEBI Approval Date |
| Prozeal Green Energy | Fresh+OFS | 3/30/2025 | 9/1/2025 |
| Neilsoft | Fresh+OFS | 5/26/2025 | 9/2/2025 |
| Manipal Payment and Identity Solutions | 6/28/2025 | 9/2/2025 | |
| Emmvee Photovoltaic Power | Fresh+OFS | 7/7/2025 | 9/9/2025 |
| Canara Robeco Asset Management | OFS | 5/2/2025 | 9/10/2025 |
| Pine Labs | Fresh+OFS | 7/3/2025 | 9/11/2025 |
| Hero Motors | Fresh+OFS | 6/30/2025 | 9/12/2025 |
| Orkla India (MTR Foods) | OFS | 6/16/2025 | 9/12/2025 |
| Canara HSBC Life Insurance | OFS | 5/2/2025 | 9/15/2025 |
| Aequs Limited | Fresh+OFS | 6/9/2025 | 9/18/2025 |
| Bharat Coking Coal (BCCL) | OFS | 6/5/2025 | 9/19/2025 |
Approvals for Elevate Campuses, Bonbloc Technologies, and Ardee Industries lapsed on 28 September 2025.
The largest IPO so far in 2025 was of HDB Financial Services, which raised INR 12,500 crore. The smallest IPO was of Globe Civil Projects, which mobilized INR 119 crore from the market. With this background, the October 2025 IPO calendar is expected to continue the momentum. Here are the upcoming IPOs in October 2025 which are most awaited in recent times.
Mainboard Upcoming IPOs in October 2025
Tata Capital – One of the Biggest IPO in October 2025
The upcoming Tata Capital IPO is one of the biggest scheduled for October 2025, with an estimated issue size of up to INR 15,512 crore, making it India’s fourth-largest IPO after LIC, Paytm, and Hyundai Motor India. Tata Capital, the flagship financial services arm of the Tata Group, is coming up with its highly anticipated IPO, which is set to be one of the largest in October 2025. The IPO will open on 6 October 2025 and close on 8 October 2025, with a price band of INR 310–326 per share. The issue size is massive, at around INR 14,750.55 – 15,511.87 crore, comprising both fresh issue and offer for sale.
The company, which recently merged with Tata Motors Finance in May 2025, has significantly expanded its presence in vehicle and supply chain financing. With over 1,516 branches across India, 28,813 employees, and a customer base of 7.3 million, Tata Capital is among the top three diversified NBFCs in the country. In FY2025, it reported revenues of INR 28,313 crore and a net income of INR 3,665 crore, though margins compressed slightly due to rapid growth.
The IPO proceeds will be utilized entirely for strengthening the Tier-I capital base, ensuring robust future lending capacity. With strong brand backing, steady growth, and investor interest, Tata Capital’s IPO is expected to see high demand.
WeWork India IPO – A Key Upcoming IPOs in October 2025
WeWork India Management, India’s leading premium flexible workspace operator, is set to launch one of the key upcoming IPOs in October 2025. Backed by Embassy Group, the company has emerged as the largest operator in the segment with 68 centres, 7.67 million sq. ft. of leasable area, and over 1.14 lakh desks across Tier-1 cities like Bengaluru, Mumbai, and Delhi.
The IPO will open on 3 October 2025 and close on 7 October 2025, with a price band of INR 615 – 648 per share and an employee discount of INR 60. The entire issue is an Offer for Sale (OFS) of 4.62 crore shares, aggregating up to INR 3,000 crore. The minimum bid lot is 23 shares (INR 14,904), and shares will list on NSE and BSE.
Financially, WeWork India turned profitable in FY25 with a net income of INR 128.19 crore after consecutive losses in previous years. The company reported revenues of INR 1,949.21 crore in FY25 and maintains strong operating margins above 60%. With an EPS of INR 9.87 and RONW of 63.8%, valuations are pegged at a P/E of 62.31–65.65.
LG India IPO
In October 2025, LG India is set to launch its highly anticipated IPO after receiving the Securities and Exchange Board of India (SEBI) approval. The IPO will be an Offer for Sale (OFS) by LG Electronics Inc., the promoter company, divesting over 10 crore equity shares with a face value of INR 10 each. LG India is a market leader in home appliances and consumer electronics (excluding mobile phones), with significant presence in categories such as washing machines, refrigerators, panel TVs, and inverter ACs.
The company boasts two manufacturing units in Noida and Pune with plans for expansion in Andhra Pradesh. Its extensive distribution network includes over 36,000 B2C touchpoints and nearly 1,000 service centers across India. Financial performance is strong, with an EBITDA margin of 10.42% and a net profit margin of 7.01% as of fiscal 2024. The IPO is expected to attract significant investor interest due to LG India’s market leadership, strong financials, and robust parentage.
ICICI Prudential AMC IPO
ICICI Prudential AMC, India’s largest mutual fund house by active AUM, is gearing up for its much-awaited IPO, likely around October 2025 or during Diwali. This IPO is a pure Offer for Sale (OFS) by Prudential Corporation Holdings, which currently owns 49% of the AMC. The promoter is set to offload up to 1.76 crore equity shares (pre-bonus), which could expand to 4.94 crore shares (post-bonus issue, if approved).
Backed by ICICI Bank (51%) and Prudential plc (49%), the AMC enjoys strong distribution, digital capabilities, and global investment expertise. Financially, the company has posted impressive numbers, with ~32% CAGR in revenue and PAT between FY23–FY25 and a stellar ROE of over 80%. As of March 2025, it commands a 13% share in active mutual funds and leads in hybrid schemes and retail SIP flows.
With 93%+ transactions done digitally, 14.6 million customers, and leadership across mutual funds, PMS, and AIFs, ICICI Prudential AMC offers a strong mix of scale, profitability, and retail investor stickiness. This IPO is expected to be a benchmark listing in India’s asset management industry, drawing high interest from both institutional and retail investors.
Groww IPO
India’s fintech giant Groww is gearing up for one of the most anticipated IPOs of the decade, expected around October 2025. Founded in 2016 by ex-Flipkart employees, Groww has transformed from a mutual fund app into India’s largest stockbroker with 50M+ registered users and over 13 million active NSE clients, holding nearly 23.4% retail broking market share.
In May 2025, Groww confidentially filed its DRHP with SEBI and has now secured approval for a public issue worth INR 6,000–8,300 crore, targeting a valuation of USD 7–9 billion. The company has already turned profitable in FY25 with INR 1,819 crore net profit, a threefold jump from the previous year. Ahead of its IPO, Groww made strategic moves such as acquiring Fisdom, launching Groww Wealth and India’s first Power ETF, and entering the corporate bonds market. With robust growth, innovation, and strong investor interest, the Groww IPO is set to be a milestone event in India’s capital markets.
Pine Labs IPO – Forthcoming IPO in October 2025
Pine Labs, one of India’s leading fintech companies, is gearing up for its much-awaited IPO around Diwali 2025. The company, which had initially planned a USD 1 billion issue, has now sized the offering at USD 700 million (~INR 6,667 crore). This includes a fresh issue of INR 2,600 crore and an Offer for Sale (OFS) by key investors such as Peak XV Partners, Mastercard, PayPal, Temasek, and co-founder Lokvir Kapoor.
The timing is strategic — Pine Labs is tapping the markets during India’s festive season, a period known for strong consumer and investor sentiment. Founded in 1998, Pine Labs has transformed from a payment solutions provider to a full-fledged fintech platform offering POS terminals, QR-based payments, merchant lending, and consumer financing. With over 9 lakh merchants and presence in India, Southeast Asia, and the UAE, the company processed nearly INR 7.53 lakh crore in transaction value in FY24.
Veritas Finance IPO
Chennai-based NBFC Veritas Finance is gearing up for its much-awaited IPO, expected around October 2025, possibly around Diwali. The company has already filed its DRHP with SEBI to raise INR 2,800 crore, comprising a fresh issue of INR 600 crore and an offer-for-sale (OFS) of INR 2,200 crore by existing investors. Key backers like Norwest Venture Partners, Kedaara Capital, British International Investment Plc, and Lok Capital will partly exit through this OFS.
Founded in 2015, Veritas has emerged as one of India’s fastest-growing NBFCs, focusing on underserved MSMEs and self-employed borrowers in rural and semi-urban areas. As of September 2024, its loan book stood at INR 6,517 crore, supported by strong revenue growth and improving profitability. Its portfolio mix spans rural business loans, affordable housing finance, used commercial vehicle loans, and working capital loans, with 89% of inflows collected digitally—a testament to its tech-driven approach.
Kissht IPO
OnEMI Technology Solutions, the parent company of fintech lender Kissht, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for a public issue estimated at INR 1,000 crore, expected around October 2025. The IPO will include a fresh issue of INR 750 crore to strengthen subsidiary Si Creva Capital’s capital base, with the remainder going towards corporate purposes. In addition, venture capital and private equity investors such as Ammar Sdn Bhd, Vertex Ventures, and Ventureast will partially exit through the offer-for-sale.
Financially, Kissht posted revenue of INR 1,674 crore in FY24 and PAT of INR 197 crore, reflecting strong profitability despite moderating growth in FY25. With a tech-driven underwriting model, focus on underserved borrowers, and strategic NBFC-bank partnerships, Kissht is well-placed to capture India’s growing digital lending market. However, credit costs and regulatory risks remain key challenges.
Conclusion
Despite global uncertainties, India’s IPO market stays strong with a diverse pipeline of upcoming IPOs in October 2025. Big issues like Tata Capital and LG India, along with SME listings, are set to sustain investor interest, balancing global caution with strong domestic momentum.
As always, investors should review DRHPs, track SEBI approvals, and monitor grey market trends before committing capital. For live updates, GMP, and subscription data on every IPO in October 2025, keep an eye on IPO Central and similar sources.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.