As the year winds start, the Indian primary market is heating up with a lineup of exciting upcoming IPOs in April 2025. Investors and market enthusiasts alike are eagerly anticipating these entries, which promise to bring fresh opportunities and innovative business models to the forefront.
March brought IPO activity to a standstill, an unusual break in what has largely been a dynamic financial year. Interestingly, this isn’t an isolated event—over the past three years, there have been 4 months without a single IPO, including February 2023 and multiple instances in 2022 and 2021. Factors such as global instability, weak corporate earnings, tight liquidity due to FII outflows, and sudden domestic policy changes have historically contributed to these dry spells.
IPO Performance 2025
In the first two months of 2025, a total of 10 Mainboard IPOs were listed in the Indian markets. These IPOs cumulatively raised INR 15,983.05 crore. Out of these, 3 IPOs delivered negative returns. The average listing returns for the last two month stand at 17.53%. It is quite low compared to 29.15% for the IPOs listed in November and December 2024.
SME landscape is not affected by ongoing market turmoil. As many as 39 SME IPOs were listed from 1 January to 28 February 2025. Out of these 39, 13 SME IPOs landed in negative territory. The average listing returns stand at 18.60%. These SME IPOs cumulatively raised INR 1,827.94 crore from the market. Let’s dive into the upcoming IPOs in April 2025.
Ather Energy – Most Awaited in Upcoming IPOs in April 2025
Ather Energy, a leading player in India’s fast-growing electric vehicle (EV) sector, is poised to enter the public market with an IPO that will consist of a fresh issue of INR 3,100 crore and an offer for sale (OFS) of 2.20 crore equity shares. The company, known for its high-performance electric scooters such as the Ather 450X, has seen a surge in valuation, reaching around USD 2.5 billion from USD 1.3 billion within months, following a successful funding round led by the National Investment and Infrastructure Fund (NIIF).
With India’s EV market projected to grow at a compound annual growth rate (CAGR) of 40-44% over the next five years, Ather Energy plans to allocate IPO proceeds toward manufacturing expansion and research & development (R&D). The company’s market entry follows the recent success of Ola Electric’s IPO, further fueling investor confidence in the EV space.
Investors will also get an opportunity to double their allotment chances by taking advantage of shareholder reservations.
Avanse Financial Services: One of the Biggest IPO in April 2025
Avanse Financial Services is expected to launch its IPO in April 2025. Avanse Financial Services, India’s second largest NBFC in education financing, is raising INR 3,500 cr through its IPO. The issue includes a fresh issue of INR 1,000 cr to support loan book growth and technology upgradation.
The company has shown impressive financials, with revenue growing 75% yoy to INR 1,728.81 cr in FY24. PAT more than doubled to INR 342.4 cr in the same period. With marquee investors like Warburg Pincus and Kedaara Capital backing Avanse, it stands out for its data driven underwriting model and low default rates. With education loans seeing a surge in India, especially for overseas studies, Avanse’s IPO is expected to see good interest from investors.
ArisInfra Solutions: Capitalizing on Infrastructure Growth
ArisInfra Solutions, a key player in the construction materials industry, is gearing up for an INR 600 crore IPO. This offering will be entirely a fresh issue, with no offer-for-sale component, reinforcing the company’s commitment to expansion rather than capital exits by existing shareholders.
The IPO funds will be utilized to repay debt, enhance working capital, and invest in its subsidiary, Buildmex-Infra. ArisInfra reported a revenue of INR 702.36 crore for FY24 and has secured INR 80 crore in pre-IPO funding, signaling strong investor confidence. With a robust client base including Tata Group and Larsen & Toubro, and its technology-driven procurement solutions, ArisInfra is well-positioned to capitalize on India’s infrastructure boom.
NSDL: Forthcoming IPO in April 2025
Among the most anticipated offerings is the National Securities Depository (NSDL) IPO, which stands out due to its pivotal role in India’s financial infrastructure. As the country’s largest depository firm, NSDL has demonstrated consistent profitability, recording a 32.6% year-on-year (YoY) net profit growth in the first nine months of FY 2025. The IPO is structured as a full Offer for Sale (OFS), signaling existing stakeholders’ confidence in unlocking value. Despite initial regulatory delays, NSDL’s strong market position, stable earnings, and the growing digitization of financial transactions in India make it an attractive investment opportunity.
LG India IPO
LG India’s mainboard IPO in April 2025 is creating a lot of buzz after getting SEBI approval. The IPO is an Offer for Sale (OFS) where parent company LG Electronics Inc will be divesting up to 10,18,15,859 equity shares. As a market leader in home appliances and consumer electronics, LG India has strong financials, a wide distribution network and robust after-sales service. The IPO will see a lot of investor interest and a chance to invest in a well-established and trusted brand.
The company has two manufacturing units in Noida and Pune, with a combined capacity of 13.99 million products as of FY 2024. LG Electronics India is also planning to increase its capacity by setting up a new unit in Andhra Pradesh. The company’s localized supply chain strategy is another highlight, with 58.29% of raw materials sourced from domestic suppliers as of the three months ended 30 June 2024.
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iWare Supplychain: SME IPO in April 2025
iWare Supplychain Services, an integrated logistics company operating across India, is set to launch its SME IPO in April 2025. The company specializes in five key service areas: Warehousing (including third-party logistics and Carrying & Forwarding Agent services), Transportation, Rake Handling Services, Business Auxiliary Services, and Rental Income. Over the years, iWare Supplychain has expanded its fleet from 15 vehicles in FY2022 to 47 vehicles, demonstrating significant growth.
The IPO comprises of fresh issue of 2,856,000 shares with 50% allocated for retail investors and will be listed on NSE EMERGE. The funds raised will be used to support the company’s expansion plans and enhance its service offerings in logistics segment.
Conclusion: A Market Brimming with Potential
As April 2025 approaches, these April 2025 IPOs are not just investment opportunities but also a chance to be a part of innovative companies that will shape the future of various industries in India. Whether you want to invest in electric vehicles and financial infrastructure or construction materials and consumer electronics, these April 2025 IPOs cover various sectors and offer investors multiple opportunities to make money. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.