India’s primary markets is set to witness a big show in 2025 with a slew of high profile IPOs across sectors. From telecom and tech to NBFCs and electronics, companies are cashing in on the bull run to expand, innovate and unlock value. Here are the biggest upcoming IPOs in 2025.
Top IPOs in 2025 India
Investors looking for India’s biggest IPOs in 2025 can expect a blockbuster year with high-profile listings across sectors. Market giants like Reliance Jio, LG India, and Ather Energy are set to dominate the IPO scene with multi-crore offerings in telecom, electronics, and EV segments. Major NBFC players such as HDB Financial Services and Hero FinCorp are also preparing to go public, making 2025 a pivotal year for India’s capital markets. Below is the list of Upcoming IPOs in 2025 according to their issue size.
#1 Reliance Jio IPO – INR 40,000 Crore (Among the Biggest Upcoming IPOs in 2025)
Sector: Telecom & Digital Services
IPO Size: INR 35,000 – 40,000 crore (Expected)
Valuation: Estimated at USD 120 billion (~INR 10 lakh crore)
Reliance Jio, a subsidiary of Reliance Industries, is preparing for what could be India’s largest IPO ever, potentially raising up to INR 40,000 crore in the second half of 2025. Reliance Jio IPO is likely to include both fresh equity and an offer-for-sale (OFS) by existing investors.
With strong financials – Q2 FY25 revenue of INR 37,119 crore and 450 million subscribers – Jio is aggressively moving into AI, 5G and satellite internet, backed by its partnership with Nvidia and recent tech investments. The IPO may also provide an exit route for global investors like KKR, Silver Lake and ADIA who together hold 33% in Jio Platforms.
#2 LG Electronics India IPO – INR 15,000 (SEBI Approved)
Sector: Consumer Electronics
IPO Size: 10.18 crore equity shares via OFS
Promoter: LG Electronics Inc.
LG India IPO has got SEBI approval for an OFS-based biggest issue in 2025, which will be a big deal in the Indian electronics space. Known for its leadership in washing machines, refrigerators, panel TVs and more, LG India has two major factories in Noida and Pune and plans to expand in Andhra Pradesh.
With 13 years of market leadership and strong domestic supply chain (58.29% local sourcing), LG India IPO is expected to see wide investor interest, especially with its high EBITDA margin of 10.42% and ROCE of 45.31% in FY24.
#3 HDB Financial Services IPO – INR 12,500 Crore (Filed with SEBI)
Sector: NBFC
IPO Size: INR 12,500 crore (Fresh Issue: INR 2,500 crore + OFS: INR 10,000 crore)
Parent Company: HDFC Bank
HDB Financial IPO is long- awaited, it is a key NBFC arm of HDFC Bank. HDB is planning a blockbuster IPO with shareholder reservation perks. With 17.5 million customers and a CAGR of 28.22% in customer base, the company’s offerings span enterprise, asset, and consumer finance.
Proceeds will be used to augment Tier-I capital and fund future lending. Pre-IPO placements are under discussion, and the unlisted shares are already trading at INR 1,025 in the grey market, indicating strong demand.
#4 JSW Cement IPO – INR 4,000 Crore (SEBI Approved)
Sector: Cement & Infrastructure
IPO Size: INR 2,000 crore (Fresh Issue) + INR 2,000 crore (OFS)
Promoters: JSW Group
JSW Cement is a green and growth focused cement company looking to scale from 20.6 MTPA to 60 MTPA. Despite a modest post tax profit of INR 62 crore in FY24, it plans to use the funds for a new integrated cement plant in Rajasthan (INR 800 crore) and debt repayment (INR 720 crore).
JSW Cement IPO is also a litmus test for investor appetite in the cement sector, with the last major IPO in this space being Nuvoco Vistas in 2021.
#5 Hero FinCorp IPO – INR 3,668 Crore (Filed with SEBI)
Sector: NBFC
IPO Size: INR 2,100 crore (Fresh Issue) + INR 1,568 crore (OFS)
Promoter Stake: Hero MotoCorp (41.19%)
Hero FinCorp, backed by Hero MotoCorp, is eyeing a significant public listing. With an AUM of INR 51,820 crore and robust PAT of INR 637 crore in FY24, the company targets both retail and MSME lending.
With shareholder and employee reservations, the Hero FinCorp IPO structure encourages broader participation. Hero FinCorp stands out for its deep synergy with Hero MotoCorp’s vast dealership network and has reported a healthy net interest margin and strong market positioning.
#6 Avanse Financial Services IPO – INR 3,500 Crore (SEBI Approved)
Sector: NBFC – Education Loans
IPO Size: INR 1,000 crore (Fresh Issue) + INR 2,500 crore (OFS)
Promoters: Warburg Pincus (Olive Vine Investment)
Focused on education financing, Avanse has built a niche by catering to students and educational institutions with tech-driven loans. The company reported INR 1,726 crore revenue and INR 342 crore profit in FY24, with a remarkable GNPA of just 1.2%.
Its AI-driven underwriting and partnerships with over 200 educational institutions have driven massive growth, making it a compelling IPO candidate in a booming sector.
#7 Ather Energy IPO – INR 3,100 Crore (Upcoming Next Month)
Sector: Electric Vehicles (EVs)
IPO Size: INR 3,100 crore (Fresh Issue) + OFS of 2.2 crore shares
Backers: Hero MotoCorp, NIIF, Caladium Investments
Ather Energy is at the forefront of India’s EV revolution and is expected to make a major splash in the IPO arena. The company sold over 1 lakh scooters in FY24 and operates India’s first fast-charging EV network with over 2,600 chargers.
Despite continued net losses (INR 1,059 crore in FY24), Ather’s growth plans—including Factory 3.0 in Maharashtra and a strong R&D backbone—position it as a premium tech-led player in the EV market. Proceeds will fund capex, R&D, marketing, and debt repayment.
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#8 SK Finance IPO – INR 2,200 Crore (SEBI Approved)
Sector: NBFC – Vehicle & SME Lending
IPO Size: INR 500 crore (Fresh Issue) + INR 1,700 crore (OFS)
Backers: Norwest, TPG, Evolvence, Motilal Oswal PE
Jaipur-based SK Finance is back in the IPO pipeline after SEBI lifted its abeyance status. The NBFC specializes in vehicle and SME loans, with a strong private equity backing and focus on tech-driven lending efficiency.
The IPO aims to strengthen its capital base and maintain momentum in a sector that has seen NBFC IPOs deliver 24.3% average listing-day gains over the last year.
Conclusion: A Record-Breaking IPO Year Ahead
2025 is shaping up to be a landmark year for India’s capital markets. With diversified offerings across telecom, NBFCs, electronics, EVs, and cement, investors will have a wide spectrum of sectors to choose from. Reliance Jio’s mega IPO may hog the limelight, but each IPO presents a different opportunity for growth, diversification and long term wealth creation.
Stay tuned as the Indian IPO calendar expands and you get access to some of the most exciting and future ready companies of the country.