IPO Season Is Heating Up in 2025
The Indian IPO market is roaring back. After a record-breaking 2024 where over ₹1.6 lakh crore was raised through public issues, 2025 is showing no signs of slowing down. SEBI has cleared a pipeline of over 80 companies that are ready to hit the markets.
But not every IPO is worth your money. We have done the research so you do not have to. Here are the 5 most anticipated IPOs of 2025 with everything you need to know before applying.
How We Evaluate IPOs
Before diving into the list, here is the framework we use to evaluate every IPO:
Business quality: Is the company in a growing industry? Does it have a competitive moat?
Financials: Is the company profitable? What is the revenue growth rate? How much debt does it carry?
Valuation: Is the IPO price reasonable compared to listed peers?
Use of funds: Is the money being raised for business growth or just for promoters to exit (Offer For Sale)?
Grey Market Premium (GMP): What is the unofficial market sentiment before listing?
1. Ola Electric IPO — EV Revolution on Dalal Street
Ola Electric is India's largest electric two-wheeler manufacturer with over 35% market share. The company is building its own cell manufacturing plant in Pune which could be a massive long-term advantage if it succeeds.
Price Band: ₹72 — ₹76 per share
Lot Size: 195 shares
GMP Today: ₹18 — ₹22 (approximately 25% premium)
Issue Size: ₹6,145 crore (Fresh issue + OFS)
Our View: High risk, high reward. Ola Electric is not yet profitable and competition from TVS iQube and Bajaj Chetak is growing. However if you believe in India's EV story for the next 5 years, this could be a compelling bet at the right price. Apply for listing gains cautiously. Long term investors should wait for post-listing correction.
2. Swiggy IPO — The Food Delivery Giant Goes Public
Swiggy's much-awaited IPO will be one of the biggest of 2025. The company competes head-to-head with Zomato in food delivery and is aggressively expanding its Instamart quick commerce vertical.
Expected Price Band: ₹371 — ₹390 per share
Lot Size: 38 shares
GMP Today: ₹25 — ₹30 (approximately 7% premium)
Issue Size: ₹11,327 crore
Our View: Subscribe for long term. Swiggy is still loss making but the path to profitability is clear. The company has strong brand recognition and Instamart is growing faster than food delivery itself. Compare valuations carefully with Zomato before applying. The IPO appears fairly priced at the expected band.
3. NTPC Green Energy IPO — Pure Play Renewable Stock
NTPC Green Energy is the renewable subsidiary of NTPC Limited — India's largest power generation company. This IPO gives retail investors direct exposure to India's clean energy ambitions through a government-backed entity.
Price Band: ₹102 — ₹108 per share
Lot Size: 138 shares
GMP Today: ₹8 — ₹12 (approximately 10% premium)
Issue Size: ₹10,000 crore (Fresh issue)
Our View: Subscribe with confidence. This is a pure fresh issue — no promoter exit. Government backing reduces business risk significantly. Solar and wind capacity targets are extremely aggressive which means revenue visibility is high. Best suited for conservative long-term investors.
4. HDB Financial Services IPO — HDFC's Lending Arm
HDB Financial Services is the NBFC subsidiary of HDFC Bank. It primarily lends to individuals and small businesses and has one of the cleanest balance sheets in the NBFC space.
Expected Price Band: ₹495 — ₹520 per share
Lot Size: 28 shares
GMP Today: ₹65 — ₹80 (approximately 15% premium)
Issue Size: ₹12,500 crore
Our View: Strong subscribe. HDFC Bank's parentage gives HDB access to low cost funds and strong corporate governance. The NBFC sector has faced headwinds but HDB has consistently maintained asset quality. This is a high quality IPO that could command a significant premium post listing.
5. Hyundai India IPO — Biggest IPO of 2025
Hyundai Motor India's IPO is expected to be the largest in Indian market history — surpassing LIC. Hyundai is India's second largest carmaker with strong SUV portfolio and is making a big push into electric vehicles with the Ioniq 5 and Ioniq 6.
Price Band: ₹1,865 — ₹1,960 per share
Lot Size: 7 shares
GMP Today: ₹35 — ₹60 (approximately 3% premium)
Issue Size: ₹27,870 crore (Pure OFS)
Our View: Caution advised. This is a pure OFS meaning no fresh capital goes into the business — existing investors are exiting. Valuation is at a premium to Maruti Suzuki which may limit upside. Good company but expensive IPO. Apply only if you have a 3 year horizon.
How to Apply for an IPO
Applying for an IPO in India is simple if you have a demat account. Here is the step by step process:
Step 1: Login to your broker app (Zerodha, Groww, Upstox, or AngelOne)
Step 2: Go to the IPO section
Step 3: Select the IPO you want to apply for
Step 4: Enter the number of lots and price (select cut-off price for best allotment chances)
Step 5: Authorize via UPI — funds are blocked but not debited until allotment
If you do not have a demat account yet, open one now. Most brokers offer free account opening and the process takes under 10 minutes.
Remember: IPO investing carries risk. Never apply for an IPO with borrowed money. Only invest what you can afford to keep locked for at least 1-2 years.
Disclaimer: This article is for educational purposes only. We are not SEBI registered. GMP figures are unofficial and indicative only. Please consult a registered financial advisor before investing.
