The Indian stock market has a lot to look forward to in 2025, with a slew of IPOs set to catch the eye in 2025. Here are the companies worth keeping an eye on across sectors.
Financial Sector
National Securities Depository Limited (NSDL)
One of India’s largest securities depositories is planning a ₹3,500 crore IPO, showcasing the robustness of India’s financial infrastructure. NSDL’s critical role in securities management and strong institutional backing makes it a potentially stable investment in the financial services sector.
Avanse Financial Services
Specializing in education financing, Avanse is targeting a ₹3,500 crore IPO to capitalize on India’s growing education sector. Their focus on education loans positions them uniquely in the NBFC space, particularly as higher education costs continue to rise and demand for financing increases.
SK Finance
SK Finance’s focus on vehicle and MSME financing taps into two crucial growth segments in India. Their strategic position in these sectors could benefit from government initiatives supporting MSMEs and increasing vehicle ownership across India, making their ₹2,200 crore IPO worth watching out for.
Groww
The discount brokerage platform is eyeing a remarkable $6-8 billion valuation with plans to raise $600-800 million. Their timing is particularly interesting given recent regulatory changes in derivatives trading, though their diverse revenue streams and growing user base make them a significant player in India’s retail investment landscape.
Healthcare Sector
Paras Healthcare
With a ₹900 crore IPO planned, Paras Healthcare aims to expand its hospital network across India. Their focus on tier-2 and tier-3 cities could tap into the underserved healthcare markets, making them an interesting player in India’s growing healthcare sector.
Laxmi Dental
With plans for a ₹700 crore IPO, Laxmi Dental represents the growing specialized healthcare segment in India. Their focus on dental care services addresses a significant gap in India’s healthcare infrastructure, particularly as awareness and demand for dental care services increase.
Renewable Energy Sector
Reliance Jio
With an estimated valuation of $112 billion, Jio’s IPO could be one of India’s largest. Their dominant position in telecom and expanding digital services ecosystem makes them a potential market mover.
Ather Energy
Ather Energy represents India’s growing EV sector, and their ambitious ₹4,500 crore is one to watch out for. Their established brand presence and growing demand for electric vehicles make them a significant player in India’s mobility transformation.
BoAt
BoAt has successfully built a strong consumer electronics brand in India, making their $300-500 million IPO a keenly anticipated on. Their market leadership in audio products and expansion into new categories shows strong growth potential.
TruAlt Bioenergy
With talk of a ₹950 crore IPO on the anvil, TruAlt Bioenergy is positioning itself strongly in India’s growing renewable energy sector. Their focus on bioenergy provides a unique angle in the renewable space, particularly as India pushes for diverse clean energy sources.
Solarworld Energy Solutions
Solarworld Energy Solutions represents India’s growing solar energy sector, and their focus on manufacturing capacity expansion aligns well with government initiatives promoting domestic solar equipment production. This fitment of theirs, and a growing focus on shifting to renewable energy, makes their ₹490 crore IPO a bright spot for savvy investors.
Technology and New-Age Companies
Quadrant Future Tek
Talk is rife of a ₹275 crore IPO by Quadrant Future Tek, which focuses on innovative technology solutions. Their positioning in India’s digital transformation journey makes them an interesting prospect in the tech sector.
E-commerce and Digital Services
Zepto
Quick-commerce startup Zepto’s IPO represents the rapidly evolving Indian e-commerce landscape, and will look to raise in the ballpark of $500 million through their IPO. Their focus on quick delivery and strong unit economics makes them stand out in the competitive delivery space.
CarDekho
Aiming to raise ₹3,000-4,000 crore, CarDekho has built a strong presence in the automotive buying and selling space. Their expansion into car financing and insurance shows potential for diverse revenue streams.
PayU
PayU’s planned IPO, valued at north of $500 million, is a fascinating one. Their established presence in payment solutions and value-added services positions them well in the fintech space, but reports swirl of the IPO being deferred to FY26amid sectoral headwinds.
Education and Other Sectors
PhysicsWallah
Targeting a $5 billion valuation with a $500 million IPO, PhysicsWallah could become India’s first listed edtech company. Their capital-efficient model and strong brand presence in the education sector make them unique in the edtech space.
BlueStone
Planning to raise ₹1,000 crore, BlueStone represents the modernization of India’s jewelry retail sector. Their online-first approach and expansion into physical stores shows an evolving hybrid retail model.
Ecom Express
B2C logistics provider planning a ₹2,600 crore IPO, representing the crucial last-mile delivery infrastructure. Their focus on e-commerce logistics positions them well in India’s growing online retail sector.
InCred
InCred’s focus on new-age lending and financial services shows the evolution of India’s financial sector. Their tech-enabled approach to lending could make them an interesting player in the fintech space, and their ₹4,000-5,000 crore one to thus keep an eye out for.
