The Indian IPO landscape, which witnessed a remarkable surge in 2024, has hit a rather sluggish start in 2025. Following an exhilarating year filled with numerous public offerings, the current scenario appears starkly different, with the IPO calendar almost barren. As the earnings season unfolds, only one small SME IPO is on the horizon this week, while major players like PhonePe, Tata Capital, Zepto, and Ather Energy remain poised to enter the market.

This Week’s Highlight: Tankup Engineers IPO

Despite the mainboard’s silence, the SME sector has ignited a spark of activity. Tankup Engineers is gearing up to launch its IPO from April 23 to April 25, with a total issue size of ₹19.53 crore. This offering includes 13.95 lakh shares, providing a fresh opportunity for investors.

• Price Band: The shares are priced between ₹133 and ₹140 each.
• Key Dates: Share allotment is expected by April 28, and trading is anticipated to commence on the NSE SME platform by April 30.
• Management: The IPO is being managed by Hem Securities, with Bigshare Services serving as the registrar.

The Current State of the IPO Market

The Indian IPO scene has dramatically cooled off in 2025, with minimal activity in mainboard listings. Reports indicate that around 144 companies, with proposed IPOs totaling ₹1.47 lakh crore, have postponed their plans.

• Approximately 67 companies are still pending approval from SEBI.
• In January and February, only ₹16,000 crore was raised through 10 mainboard IPOs, marking a 37% decline from December 2024.
• March witnessed a complete halt, with no mainboard IPOs launched at all.

As of April, only seven companies have made it to the market compared to 25 at the same time last year.

Anticipated IPOs for 2025

PhonePe: A Major Player

One of the most eagerly awaited IPOs is from PhonePe, the digital payments powerhouse backed by Walmart. After transitioning from a private to a public entity, the company’s IPO is generating significant buzz.

• Background: PhonePe moved its headquarters from Singapore to India in 2022, paying ₹8,000 crore in taxes.
• Listing Plans: While the exact timeline remains undisclosed, a listing on the NSE and BSE is anticipated this year.

LG Electronics India: A Household Name

LG Electronics India has set its sights on a substantial ₹15,000 crore offer-for-sale, which would see a 15% stake dilution from its South Korean parent.

• Local Focus: With over 98% of its products manufactured in India, the company reported a revenue of ₹21,352 crore in FY24.
• Delays: Global economic uncertainties have led to a postponement of their IPO plans.

Tata Capital: Entering the Spotlight

Tata Capital, the financial services arm of the Tata Group, is preparing for a ₹16,000 crore IPO.

• Structure: The offering will include a fresh issue of 2.3 crore equity shares alongside an offer for sale.
• Significance: This could become one of the largest IPOs in the financial domain in recent years.

Reliance Jio Infocomm: A Potential Record-Breaker

Reliance Jio Infocomm is expected to lead the pack with a colossal ₹40,000 crore IPO, potentially the largest in India’s history.

• Valuation Goals: The company aims for a valuation of ₹10 lakh crore (approximately $120 billion).
• Timing: While the exact date is not yet confirmed, market analysts predict a listing in Q2 or Q3 of 2025.

Additional Companies on the Horizon

• Zepto: The rapid delivery service is looking to file its DRHP soon, aiming to raise between ₹6,400 crore and ₹8,000 crore.
• Ather Energy: This electric vehicle manufacturer has revised its IPO target to ₹3,000 crore due to a valuation drop.
• Urban Company: Originally targeting ₹3,000 crore, it has scaled back its goal to ₹500 crore.

Other Noteworthy IPOs

Additional companies in the pipeline include HDB Financial Services and Hero FinCorp, looking to raise ₹12,500 crore and ₹3,668 crore, respectively. JSW Cement is also set to launch its ₹4,000 crore IPO this year, aiming to enhance the depth of India’s primary market.

In summary, while the IPO scene has slowed considerably in 2025, several significant players are awaiting their turn to make a splash in the market. Keep an eye on these developments as they unfold in the coming months!