IPO Pipeline Explosion: Major Public Offerings Expected in October-November
Major IPO wave expected in October-November 2025 with $4-5 billion pipeline. Tata Capital, LG Electronics, Groww, and Lenskart prepare for public listings in concentrated offering period
Vix Monitor 
India's initial public offering market is preparing for a significant wave of listings, with at least four major companies planning to raise $4-5 billion in the next 45-60 days. This activity represents one of the most concentrated periods of large-scale public offerings in recent memory.
Leading the Charge: Tata Capital and LG Electronics
Tata Capital's financial services arm is preparing the largest offering, targeting approximately ₹17,000 crore in the first week of October. The issue comprises both fresh equity and offer-for-sale components, with Tata Sons and International Finance Corporation expected to partially divest their holdings.
Simultaneously, South Korea's LG Electronics plans to launch its ₹15,000 crore Indian arm IPO, representing a 15% stake sale. Combined, these two offerings alone account for ₹32,000 crore in market activity.
Startup IPO Activity
The startup ecosystem contributes significantly to this IPO wave, with Groww preparing to file updated documents with SEBI for a November listing targeting $700-900 million at a $7-9 billion valuation. Lenskart follows closely with plans for a $900 million-$1 billion offering in late October or November.
PhysicsWallah's updated filing for a ₹3,820 crore IPO signals the edtech sector's recovery, while other startups including Meesho, PhonePe, and Boat maintain active IPO preparations for potential 2025 listings.
Market Conditions and Investor Appetite
The concentrated IPO activity tests investor risk appetite in India's increasingly active primary market. Nearly 30 IPOs have already raised over ₹60,000 crore in 2025, with strong subscription rates indicating continued investor interest despite global economic uncertainties.
However, recent listings have shown mixed performance, with some experiencing significant volatility post-debut. This creates pressure on upcoming issuers to demonstrate clear value propositions and sustainable business models.
Regulatory and Strategic Considerations
Several companies, including Groww, are completing domicile flips from overseas jurisdictions to India, reflecting regulatory preferences and improved market conditions for Indian listings. These structural changes, while complex, position companies for better long-term market access and compliance.
The Reserve Bank of India's directive for large NBFCs to list publicly has accelerated some offerings, creating additional supply in the market while improving transparency in the financial services sector.
