India’s IPO landscape is buzzing with action once again. As the markets warm up to new-age disruptors and green energy giants, a slew of upcoming initial public offerings promises to reshape portfolios and set new benchmarks. From sustainability champions to digital-first innovators, here’s a strategic look at some of the most anticipated IPOs you need to watch out for.
INOX Clean Energy: Powering India’s Green Future
Touted to be the largest renewable energy listing in Indian history, INOX Clean Energy is gearing up for a blockbuster Rs 5,000 crore IPO. Having appointed top-tier banks like JM Financial, Motilal Oswal, ICICI Securities, and others, the firm plans to file its DRHP soon via the confidential route. The funds will be used to set up new solar and IPP (Independent Power Producer) facilities—aligning well with India’s ambitious 500 GW renewable energy target for 2030.
Valued at a projected Rs 50,000 crore, INOX Clean Energy stands out with a rare manufacturing-to-generation model. While companies like Waaree Energies focus purely on manufacturing, INOX integrates production and energy generation. This dual model gives it insulation from supply chain shocks and enhances revenue visibility—factors investors find increasingly attractive in a volatile macro landscape.
With support from INOX Wind, INOX Green, and INOX Renewable Solutions, the firm is building a fully integrated platform poised to shape the renewable energy narrative in India.
Wakefit: Dreaming Big in the Sleep Economy
Backed by Peak XV, Verlinvest, and Paramark Ventures, sleep and home solutions brand Wakefit is eyeing a Rs 1,500–2,000 crore IPO. From its humble origins as a D2C mattress startup in 2016, Wakefit has morphed into a home solutions powerhouse, with revenues surging from Rs 199 crore in FY20 to Rs 1,017 crore in FY24.
The company’s ability to scale while narrowing losses—down from Rs 146 crore to Rs 15 crore—demonstrates sound execution and financial discipline. With Axis Capital, IIFL, and Nomura on board, Wakefit’s listing could give early backers a lucrative exit and introduce a profitable consumer-tech player to the public markets.
As India’s urban middle class continues to prioritize comfort and quality, Wakefit’s expanding product portfolio and omnichannel play position it as a long-term bet in the consumer durables sector.
Bluestone: From Clicks to Carats
Bluestone, the omnichannel jewellery retailer, has received SEBI’s nod for its IPO—consisting of a Rs 1,000 crore fresh issue and an offer-for-sale component of 2.39 crore shares. The IPO will allow early investors like Accel, IvyCap Ventures, and Kalaari Capital to trim or exit their positions.
With 203 stores across 86 cities and a robust online presence, Bluestone is tapping into India’s growing affinity for branded jewellery. Its revenue soared 64% year-on-year to Rs 1,265 crore in FY24, showcasing both consumer appetite and brand strength. Strategic investments in manufacturing and design, spread across Mumbai, Jaipur, and Surat, give Bluestone a strong edge in quality and scale.
Aye Finance: Lending With a Purpose
Microlending platform Aye Finance has also received SEBI approval for its IPO, which includes a fresh issue of Rs 885 crore and a Rs 565 crore OFS. Investors like CapitalG and Alpha Wave Ventures are partially exiting, signaling a shift from VC-backed to public market validation.
The company posted an impressive 291.5% growth in profits, reaching Rs 171.7 crore in FY24, backed by 67% revenue growth. Aye’s focus on small business financing—largely underserved by traditional banks—positions it as a mission-driven, profit-generating fintech ready for primetime.
What Lies Ahead
Also on the horizon are listings by boAt (consumer electronics) and Indiqube (co-working solutions), each catering to very different but rapidly evolving consumer segments. BoAt’s confidential DRHP filing and Indiqube’s Rs 850 crore IPO approval underscore the breadth of India’s innovation economy.
From cleantech to consumer tech, India’s public markets are gearing up to host a new breed of companies poised to deliver scale, sustainability, and shareholder value, and these IPOs are certainly ones to watch out for.
