For investors who eagerly track new stock market listings, this week might feel a little empty. For the first time in months, Dalal Street is witnessing a complete pause in the IPO action with no mainboard listings, no SME buzz, just silence.
This will be the first IPO-free week since January 2024. And it is not just this week that the lull has been building up. March 2025 quietly marked a historic low, becoming the first month in over a year without a single mainboard IPO, a pattern last seen in February 2023, as per reports.
So, let’s take a look at what is really going on and when can we expect the IPO frenzy to return?
This sudden chill in the primary market is not just coincidence. Some of the major reasons behind this drought is due to a mix of global uncertainties, market corrections, and caution around the US President tariff announcements that has dimmed the prospect of primary market gains.
With rising volatility, many companies are choosing to wait it out, holding back their IPOs until conditions feel a little more predictable.
Dry spell this week, But a deluge awaits
This week may be IPO-free but a string of big-ticket public issues are lined up for the coming months. Here is a peek at what is brewing:
Reliance Jio Infocomm is expected to lead the charge with what could become India’s largest-ever IPO. The telecom arm of Reliance Industries is aiming to raise Rs 40,000 crore at a staggering valuation of Rs 10 lakh crore (approx. $120 billion). Though timelines are not yet confirmed, the buzz suggests a Q2 or Q3 2025 launch.
Close on its heels is Tata Capital, looking to mop up Rs 15,000 crore through a combination of 23 crore new shares and an offer-for-sale (OFS) by current shareholders.
PhonePe, the Walmart-backed digital payments leader, is planning a high-voltage listing at a valuation of $15 billion. It has already shifted its HQ to India and brought in top investment bankers to oversee the IPO process.
Meanwhile, Ather Energy, India’s second EV player after Ola Electric, has already received SEBI approval and is eyeing Rs 3,100 crore through a fresh issue, along with an OFS of 2.2 crore shares.
Another fast mover is Zepto, the 10-minute delivery startup, which is expected to file its DRHP by April 2025 and raise between $800 million and $1 billion.
Furthermore, in the fintech and NBFC space, HDB Financial Services and Hero FinCorp are preparing to raise Rs 12,500 crore and Rs 3,668 crore respectively. JSW Cement is also expected to launch its Rs 4,000 crore IPO this year.
Adding to the momentum is LG Electronics India, which recently secured SEBI’s approval for its Rs 15,000 crore IPO. The issue will be a pure OFS of over 10 crore shares by its parent, LG Electronics Inc, marking a 15% stake dilution. With nearly 98% of its products manufactured in India and strong financials (FY24 revenue of Rs 21,352 crore and profit of Rs 1,511 crore), LG’s offering is shaping up to be one of the most prominent consumer electronics listings. However, the timing could be adjusted depending on broader market sentiment.