Upcoming IPOs in India 2025: Key Listings, GMP, and Investment Guide

India’s IPO market is set for a busy 2025 with multiple big and mid-cap companies entering the market. Here’s a detailed look at upcoming IPOs, dates, GMP, and investment outlook.

Introduction

Upcoming IPO listings in India are generating significant buzz among investors in 2025. Companies across technology, fintech, e-commerce, and manufacturing are lining up to raise capital. This article covers upcoming IPOs, their market expectations, GMP, and whether investors should consider them for their portfolios.

The Current IPO Market Sentiment

After a robust 2024, the IPO pipeline in India remains strong in 2025. Market experts indicate favourable liquidity conditions, improved retail investor participation, and rising risk appetite despite global uncertainties. However, regulatory norms and SEBI scrutiny continue to ensure disciplined listings.

Major Upcoming IPOs in 2025

Ola Electric IPO

Ola Electric is expected to launch its IPO in the coming months. The EV maker plans to raise around ₹7,200 crore to expand manufacturing capacity and battery research.

Expected Date: Q3 2025
GMP Trends: Early grey market premiums suggest strong investor interest due to the EV sector’s growth potential.

FirstCry IPO

FirstCry, India’s leading baby product retailer, is targeting an IPO to raise funds for market expansion and debt repayment.

Expected Issue Size: ₹4,000 crore
Valuation: Approximately ₹26,000 crore post-IPO
Key Risks: Competitive e-commerce sector pressures margins.

OYO IPO

Hospitality startup OYO is reportedly reviving its IPO plans this year after earlier delays.

Expected Date: Q4 2025
Issue Size: ₹8,000 crore (expected)
Market Sentiment: Mixed due to past losses but growth-focused investors remain optimistic.

Swiggy IPO

Foodtech major Swiggy is eyeing its public listing in 2025.

Expected Valuation: ₹90,000 crore+
Key Use of Proceeds: Delivery tech upgrades, market expansion, and Zomato competition.

PharmEasy IPO

PharmEasy may launch its IPO to raise funds for debt reduction and expansion into diagnostics.

Estimated Size: ₹6,500 crore
Investors Should Note: The company’s financial health is under SEBI scrutiny due to past losses.

Bajaj Housing Finance IPO

Part of Bajaj Finance group, Bajaj Housing Finance plans its IPO in 2025 to comply with RBI’s NBFC listing norms.

Expected Issue Size: ₹5,000 crore+
Market View: Strong fundamentals backed by parent group credibility.

Grey Market Premium Trends

Grey market premium (GMP) continues to act as an early indicator of IPO demand. Companies like Ola Electric and FirstCry are already commanding premium GMP rates ahead of DRHP approvals.

Note: GMP is unofficial and speculative. Investors must analyse fundamentals alongside GMP before subscribing.

Should You Invest in Upcoming IPOs?

Analysts suggest investors:

Review DRHP filings and balance sheets.
Assess business scalability and sector growth.
Avoid subscribing purely based on hype or GMP.
Consider medium-to-long-term holding instead of short-term listing gains alone.

Risks Associated with Upcoming IPOs

Market Volatility: Macroeconomic factors can impact IPO listing day performance.
Regulatory Scrutiny: SEBI’s strict compliance norms may delay or alter IPO structures.
Company Valuations: Some startups aim for higher valuations despite limited profitability.
Liquidity Concerns: Oversubscription may lead to low allotment for retail investors.

Government Disinvestment IPOs in Pipeline

Alongside private IPOs, the government plans to launch disinvestment IPOs like:

IRFC FPO
Coal India OFS
LIC further dilution

These aim to boost fiscal collections while offering value investments for retail buyers.

FAQs

1. What is GMP in IPO?

GMP (Grey Market Premium) indicates the premium at which IPO shares are trading unofficially before listing.

2. Which upcoming IPO is the biggest in 2025?

Swiggy and Ola Electric IPOs are expected to be among the biggest in 2025.

3. Can I apply for multiple IPOs at once?

Yes, investors can apply for multiple IPOs if they have sufficient funds in their trading accounts.

4. Should I trust GMP for investing?

GMP is an indicator but not a guarantee. Always analyse financials before applying.

Helpful Resources

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Conclusion

Upcoming IPOs in India for 2025 include diverse sectors from EV to fintech. While GMP trends remain positive, disciplined fundamental analysis is crucial for long-term gains.

The IPO market offers opportunities, but investors should remain cautious, diversify portfolios, and avoid over-leveraging for IPO investments.