As the year winds start, the Indian primary market is heating up with a lineup of exciting upcoming IPOs in May 2025. Investors and market enthusiasts are waiting for these to come out and bring new opportunities and new business models to the forefront.
March and April was a complete IPO drought, an unusual break in what has been a very active year so far. Interestingly this is not the first time, over the past 3 years there have been 4 months without an IPO, February 2023 and multiple times in 2022 and 2021. Global instability, weak corporate earnings, FII outflows and sudden domestic policy changes have been the reasons for these dry spells.
IPO Performance 2025
In the first four months of 2025, a total of 10 Mainboard IPOs were listed in the Indian markets. Notably, there were no IPO listings in March and April 2025. Together these IPOs raised INR 18,963.81 crore. Hexaware Technologies was the biggest IPO in the last 4 months, which raised INR 8,750 crore. Out of the 10 IPOs, three delivered negative listing returns. Despite this, the average listing gain for the period stood at an impressive 17.53%. Ather Energy launched its IPO on 28 April 2025, the listing will be on 6 May 2025.
Over the past 4 months, SME IPOs have seen 59 IPOs in the primary market, raising INR 2,613.35 crore. Out of these, 24 IPOs debuted in the red. Despite this, the average listing return across all SME IPOs stood at a healthy 11.59%. Capital Numbers Infotech emerged as the largest IPO during this period, with an issue size of INR 169.37 crore. In contrast, Avax Apparels was the smallest offering, raising just INR 1.92 crore. Let’s dive into the upcoming in May 2025 Indian IPOs.
ArisInfra Solutions – Most Awaited in Upcoming IPOs in May 2025
ArisInfra Solutions is expected to launch its IPO in May 2025. ArisInfra is 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.
LG India – One of the Biggest IPO in May 2025
LG India’s mainboard IPO in May 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 units 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.
Vikran Engineering – Backed by Ashish Kacholio
Vikran Engineering, an Engineering, Procurement and Construction (EPC) company is raising INR 1,000 crore via an IPO, comprising fresh issue of INR 900 crore and offer for sale of INR 100 crore by the promoter.
The company has shown impressive growth, revenue has grown from INR 479.57 crore in FY22 to INR 791.44 crore in FY24, a CAGR of 33% over 3 years. Vikran Engineering has ROE of 35% and ROCE of 31%, very healthy financials. The company operates in 22 states of India and serves critical sectors like 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.
Schloss Bangalore (Hotel Leela) – Forthcoming IPO in May 2025
Schloss Bangalore, the parent company of The Leela Palaces, Hotels & Resorts, is set to launch India’s largest-ever hospitality IPO in May 2025, aiming to raise INR 5,000 crore. The offering includes a INR 3,000 crore fresh issue and a INR 2,000 crore OFS by Brookfield-backed Project Ballet Bangalore Holdings. Proceeds will primarily go toward INR 2,700 crore debt repayment and future expansion.
Founded in 2019, the company now operates 12 luxury hotels with 3,382 rooms across 10 cities and plans to add 8 more hotels (833 rooms) by 2028. Financials have improved sharply, with FY 2024 revenue at INR 1,226.5 crore and losses reduced to INR 2.13 crore, alongside a 49% EBITDA margin and 23% rise in RevPAR.
Avanse Financial Services
Avanse Financial Services is expected to launch its IPO in May 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.
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Wagons Learning – SME IPO in May 2025
Wagons Learning is scheduled to open on 2 May 2025, making it the first SME IPO in May 2025. Wagons Learning, a Pune-based corporate training and digital learning firm, is aiming to raise INR 38.38 crore. The issue includes a fresh issue of INR 25.26 crore and an OFS of INR 13.12 crore, priced between INR 78 – 82 per share. Investors must apply for a minimum lot of 1,600 shares, requiring INR 1.31 lakh at the upper band.
The IPO closes on 6 May with listing expected on the BSE SME platform on 9 May. Proceeds will fund working capital, debt repayment, tech upgrades, and general purposes. The company, founded in 2013, serves clients across sectors in India and abroad, including the UAE, and is poised to benefit from growing demand for corporate upskilling.
Srigee DLM IPO – May 2025 Indian IPOs
Srigee DLM, a Noida-based plastic products manufacturer, is launching its SME IPO on 5 May 2025, to raise INR 16.98 crore through a fresh issue. The price band is INR 94 – 99 per share, with a minimum lot size of 1,200 shares (INR 1,12,800 at the upper band). The IPO closes on 7 May allotment is on 8 May and listing is on the BSE SME platform on 12 May.
Founded in 2005, the company serves OEM and ODM clients across sectors like consumer durables and automotive. Proceeds will fund a new plant in Uttar Pradesh, machinery purchases, and general purposes. FY24 revenue stood at INR 54.42 crore with a PAT of INR 3.09 crore. The GMP is INR 10.5, indicating moderate investor interest.
Manoj Jewellers IPO
Manoj Jewellers, a Chennai-based gold and diamond jewellery company, is launching its SME IPO on the BSE SME platform from 5 May 2025 to 7 May 2025. The IPO is a fresh issue of 30 lakh shares at a fixed price of INR 54, aiming to raise INR 16.20 crore. The minimum investment for retail investors is INR 1,08,000 (2,000 shares).
Founded in 2007, the company offers 22KT BIS hallmarked jewellery through its Sowcarpet showroom, serving both retail and wholesale clients. FY24 revenue reached INR 43.38 crore, with a PAT of INR 3.24 crore. IPO proceeds will be used for debt repayment, general corporate needs, and issue expenses. Listing is scheduled for 12 May 2025, with a 50-50 split between retail and non-institutional investors.
Conclusion: A Market Brimming with Potential
As May 2025 approaches, these May 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 home appliances and consumer electronics and financial infrastructure or construction materials, hospitality and EPC, these May 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.