As the year winds down, the Indian primary market is heating up with a lineup of exciting upcoming IPOs in March 2025. Investors and market enthusiasts alike are eagerly anticipating these entries, which promise to bring fresh opportunities and innovative business models to the forefront.
IPO Performance 2025
In the first two months of 2025, a total of 10 IPOs were listed in the Indian markets. These IPOs cumulatively raised INR 15,983.05 crore. Out of these 10 IPOs, three IPOs delivered negative returns. The average listing returns stand at 17.53%. It is quite low compared to IPOs listed in December 2024.
The SME landscape is not affected by ongoing market turmoil. As many as 39 IPOs were listed from 1 January to 28 February 2025. Out of these 39, thirteen IPOs landed in negative territory. The average listing returns stand at 18.60%. These IPOs cumulatively raised INR 1,827.94 crore from the market. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central. Let’s dive into the upcoming IPOs in March 2025.
Ather Energy – Most Awaited in Upcoming IPOs in March 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.
NSDL: Forthcoming IPO in March 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.
Vikran Engineering: Infrastructure Growth Play
Vikran Engineering, an Engineering, Procurement, and Construction (EPC) firm, is set to raise INR 1,000 crore via an IPO, comprising a fresh issue of INR 900 crore and an offer for sale worth INR 100 crore by the promoter.
The company has demonstrated impressive growth, with revenue rising from INR 479.57 crore in FY22 to approximately INR 791.44 crore in FY24, reflecting a CAGR of about 33% over three years. Vikran Engineering boasts a return on equity (ROE) of 35% and a return on capital employed (ROCE) of 31%, indicating robust financial health. The company operates across 22 Indian states, serving critical sectors such as power, water, and rail infrastructure. Backed by investors such as the India Inflection Opportunity Fund and Ashish Kacholia, Vikran Engineering’s IPO presents an attractive prospect for those seeking exposure to the infrastructure segment.
Avanse Financial Services: One of the Biggest IPO in March 2025
Avanse Financial Services is expected to launch its IPO in March 2025. Avanse Financial Services, India’s second-largest non-banking financial company (NBFC) specializing in education financing, is set to raise INR 3,500 crore through its IPO. The offering includes a fresh issue worth INR 1,000 crore to support loan book expansion and technological advancements.
The company has exhibited stellar financial performance, with revenue growing 75% year-on-year to INR 1,728.81 crore in FY24. Profit after tax (PAT) more than doubled to INR 342.4 crore in the same period. Backed by marquee investors such as Warburg Pincus and Kedaara Capital, Avanse Financial stands out for its data-driven underwriting model and low default rates. With India witnessing a rise in education loans, especially for overseas studies, Avanse’s IPO is expected to draw strong investor interest.
Belstar Microfinance: Empowering Rural India
Belstar Microfinance, backed by Muthoot Finance, plans to raise INR 1,300 crore through its IPO, comprising a fresh issue worth INR 1,000 crore and an offer for sale of INR 300 crore.
The company has experienced strong growth, with total operating revenue surging from INR 727 crore in March 2022 to INR 1,283 crore by December 2023. Meanwhile, net profit has soared from INR 45 crore to INR 235 crore in the same period. Operating predominantly through a self-help group (SHG) model, Belstar empowers women in rural and semi-urban areas while maintaining a strong financial position. With Muthoot Finance’s backing and a robust track record, the IPO offers an appealing opportunity for investors seeking exposure to the microfinance sector. Among these upcoming IPOs in March 2025, Belstar Microfinance is the only microfinance sector.
Investors will also get an opportunity to double their allotment chances by taking advantage of shareholder reservations.
Patel Retail: A High-Growth Supermarket Chain
Maharashtra-based Patel Retail is entering the market with an IPO comprising a fresh issue and an OFS by promoters. Initially, the fresh issue stood at 90.18 lakh equity shares, but after a pre-IPO placement of INR 15 crore at INR 300 per share, it was revised to 85.18 lakh shares. With 31 stores under ‘Patel’s R Mart’, the company is aggressively expanding into tier-III cities. The IPO proceeds will be allocated toward debt repayment, working capital, and general corporate purposes. Patel Retail’s recent growth trajectory makes it a compelling investment in the retail sector.
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NAPS Global IPO: SME IPO in March 2025
NAPS Global IPO is scheduled to open on 4 March 2025, making it the first SME IPO in March 2025. The company specializes in wholesale textile products and has a manufacturing and supply chain in Maharashtra. With a price band set at INR 90 per share and a total issue size of INR 11.88 crore, this IPO is a completely fresh issue.
NAPS Global is a wholesale importer of textile products, specializing in cotton and synthetic fabrics primarily sourced from China and Hong Kong. Based in Mumbai, the company operates on a business-to-business model. The company offers various fabrics, including cotton, super-soft velvet, knitted, scuba suede, and linen. Additionally, NAPS Global deals in garments such as women’s tops, men’s shirts and t-shirts, kids’ wear, and jeans. The company maintains efficient supply chain management and timely delivery. For the fiscal year 2024, the company reported sales of INR 44.08 crore in fabrics and INR 3.23 crore in garments.
Conclusion: A Market Brimming with Potential
As March 2025 approaches, these upcoming IPOs in March 2025 represent not just investment opportunities but also a chance to be part of innovative ventures shaping the future of various industries in India. Whether you’re looking to invest in electric vehicles and education finance to infrastructure and microfinance, these upcoming IPOs cater to diverse sectors, promising investors a range of lucrative opportunities. For the latest IPO Approval from SEBI stay tuned to IPO Central.