India’s primary market is gearing up for a landmark phase with the next wave of IPOs poised to shake up capital markets. According to data compiled by The Financial Express, more than 80 public issues have already come to the market in 2025, raising over ₹80,000 crore thus far.
As the year draws to a close, the IPO pipeline remains energetic. The next 10 weeks alone are expected to see another ₹41,000 crore raised, driven by high-visibility filings from fintech, consumer goods, and education tech companies. Firms like Groww, Lenskart, and PhysicsWallah are already in focus.
Groww is planning an IPO around ₹6,500 crore, aiming to scale its brokerage and investment platform operations.
- Lenskart’s public listing is estimated at around ₹6,000–₹8,000 crore, positioning itself for expansion in omni-channel eyewear and manufacturing.
- PhysicsWallah, an ed-tech player, is earmarked for an IPO of approximately ₹3,100 crore (fresh issue) + ₹720 crore (OFS).
Experts say that while investor appetite appears robust, the listing outcomes of these issues will depend heavily on valuation discipline, business quality, and execution plans. The upcoming tranche of larger issues will test whether the IPO boom can sustain momentum into 2026.
India’s IPO market appears poised for a historic finish to 2025, but success will hinge on how well these marquee listings perform post-listing and whether the market accepts their pricing and growth propositions.
