Mumbai, September 24, 2025 — India’s primary markets could be headed for another blockbuster stretch. JPMorgan now expects 2025 IPO proceeds to surpass 2024’s record $20.5 billion, citing a heavier pipeline, faster approvals and healthy equity valuations. As of August, companies had already raised $8.2 billion via 49 IPOs, with about $13 billion worth approved and another $18.7 billion awaiting the regulator’s nod—setting up a crowded slate for the rest of the year.
The Big Five to Track
1) PhonePe (Fintech/UPI)
The Walmart-backed payments leader has filed via SEBI’s confidential route, a key milestone that lets the company refine disclosures before going public. Reports peg the raise around $1.5 billion, while filings show narrowing FY25 losses and stronger operating revenue—useful optics into pricing. Timing and valuation will hinge on risk sentiment and policy headlines around UPI economics.
2) Pine Labs (Merchant payments & BNPL)
SEBI has approved Pine Labs’ IPO, positioning the long-awaited fintech float for launch once windows open. Investors will watch revenue mix (merchant cloud vs payments), take-rate durability and credit exposure in BNPL products through cycles. Size guidance is pending, but the green light de-risks execution.
3) Groww (Online broking & investments)
The fast-growing retail brokerage confidentially filed for up to $1 billion earlier this year; local reports indicate it has since received regulatory clearance. Focus points: monetisation beyond equities, derivatives risk controls, and the durability of new-to-market cohorts amid volatility.
4) LG Electronics India (Consumer durables)
Reuters has repeatedly flagged LG’s India unit as IPO-bound; the company is also building a $600 million plant to expand capacity—helpful for growth visibility into listing. As a consumer cyclical, sensitivity to rupee weakness and import costs will matter for margins.
5) Tata Capital (NBFC)
Tata Capital filed its DRHP in August, with both fresh issuance and a sizable OFS component from Tata Sons and IFC. Investors will parse asset quality, funding mix and growth in retail/SME lending. As one of the cycle’s larger financial floats, timing will track rates and liquidity conditions.
By the Numbers (India IPOs)
Market Reaction
Bankers expect a busy final four months, including several $1bn+ deals, helped by SEBI’s faster approval cycle and tweaks to public float rules for large offerings. Still, foreign selling in the secondary market and tariff/visa headlines have kept background risk high, making deal timing crucial.
Risks to Watch
- FX & Tariffs: A weaker rupee and higher U.S. tariffs can pressure earnings multiples and investor risk appetite.
- Crowded Calendar: Bunching of large deals could stretch liquidity, raising execution risk.
- Policy/Compliance: Fintech names face evolving rules (payments economics, data & credit), affecting valuations.
Outlook
With JPMorgan’s bullish call and a pipeline featuring marquee consumer-tech, fintech and financial names, India’s 2025 IPO run could set a new high-water mark—provided macro and currency crosswinds don’t shut windows. For investors, the edge will come from selectivity: prioritising issuers with clear profitability paths, resilient unit economics and room for post-listing growth.
