The IPO market in 2025 has shown significant strength, with 80 new IPOs launched by the end of September, raising over ₹80,000 crore. October witnessed substantial IPOs from Tata Capital and LG Electronics India. The remaining months of 2025 could potentially see an additional ₹41,000 crore raised. Key upcoming IPOs include: ICICI Prudential AMC, which aims to raise approximately ₹9,000–10,000 crore through an offer for sale (OFS), meaning the funds will benefit existing shareholders rather than the company itself. Groww’s parent company, Billionbrains Garage Ventures, plans to raise ₹6,500 crore through an IPO that will feature both fresh shares and OFS, making it a fully book-built issue.
Lenskart is looking to raise around ₹6,000 crore, with ₹2,150 crore coming from fresh shares and the remainder from an OFS where co-founders like Peyush Bansal will sell some shares. Pine Labs plans to raise ₹5,500 crore through its IPO, which will include fresh shares estimated at around ₹2,600 crore. Lastly, PhysicsWallah aims to raise ₹3,800 crore, comprising ₹3,100 crore from fresh shares and ₹720 crore from OFS, with the funds allocated for the establishment of new offline and hybrid learning centers.
