📊 What Is an IPO and Why Investors Are Excited in 2025
An Initial Public Offering (IPO) is the first time a private company sells its shares to the public. It allows investors like you to own a piece of a company’s growth story — and for founders, it’s a major milestone to raise funds and gain public trust.
The year 2025 is shaping up to be one of the biggest IPO years globally. After a slow period during 2023–2024, companies are once again lining up to list on the stock exchanges. Both India and the U.S. are witnessing renewed investor confidence, thanks to cooling inflation, strong corporate earnings, and enthusiasm around AI, fintech, and green energy.
Let’s take a closer look at the top IPOs that are creating buzz this year.
🇮🇳 Major Upcoming IPOs in India (October–December 2025)
🏦 1. Tata Capital IPO
- Sector: Financial Services
- Issue Size: ₹20,000+ crore (approx. US$2.4 billion)
- Status: Anchor investors already subscribed ₹4,600+ crore
- Expected Listing: October 13, 2025
- Stock Exchange: NSE & BSE
Tata Capital’s IPO is one of the largest in Indian history. Investors are calling it a “mini HDFC Bank moment.” The company’s strong NBFC operations, diversified portfolio (loans, insurance, wealth management), and the Tata brand trust make it a must-watch listing. Analysts expect a healthy listing gain of 15–25% based on early GMP trends.
👓 2. Lenskart IPO
- Sector: Retail / Eyewear / E-commerce
- Issue Size: ₹8,000 crore
- Expected Listing: November 2025
- Lead Managers: Morgan Stanley, Kotak, and ICICI Securities
After changing how India buys glasses online, Lenskart is stepping into the stock market. The company has been profitable, backed by investors like SoftBank and Temasek. The IPO will include both a fresh issue and offer for sale (OFS). Market experts see Lenskart as a potential multi-bagger in the long term because of its strong digital presence and exclusive supply chain.
🛒 3. Swiggy IPO
- Sector: Food Delivery & Quick Commerce
- Expected Size: ₹10,000–12,000 crore
- Expected Timeframe: Q4 2025
- Competitor: Zomato (already listed)
Swiggy’s IPO will test the appetite of investors for another online delivery player. The company has been focusing on Instamart (quick commerce) and Swiggy One membership, both of which are growing fast. Analysts expect strong participation, especially after Zomato’s recent profit turnaround.
💰 4. OYO Rooms IPO
- Sector: Hospitality / Travel Tech
- Expected Issue Size: ₹7,000 crore
- Timeline: Late 2025 or early 2026
OYO has finally cleaned up its balance sheet after pandemic losses. The company has reduced debt and simplified ownership. It’s expected to attract retail and institutional investors interested in India’s booming domestic tourism market.
🚗 5. Ola Electric IPO
- Sector: Electric Vehicles / Manufacturing
- Expected Size: ₹5,500 crore
- Timeline: November–December 2025
Ola Electric’s IPO will be a milestone for India’s EV industry. The company is building one of the largest EV battery gigafactories and has launched affordable electric scooters. With India’s focus on clean mobility, this IPO could draw massive interest.
🧠 6. FirstCry IPO
- Sector: E-commerce (Baby & Kids Products)
- Issue Size: ₹4,000 crore
- Timeline: End of 2025
Backed by SoftBank, FirstCry is one of India’s largest online marketplaces for baby products. It competes in a growing niche market with strong brand loyalty. The company aims to use IPO funds to expand offline stores and invest in new product categories.
🧬 7. PharmEasy IPO (Re-entry)
- Sector: Healthcare / Online Pharmacy
- Expected Size: ₹2,500–3,000 crore
- Timeline: Early 2026
After withdrawing its earlier draft, PharmEasy is planning a smaller, more focused IPO to reduce debt and strengthen operations. With digital healthcare gaining traction, this IPO could bounce back stronger.
🇺🇸 Top Upcoming IPOs in the U.S. Market (Late 2025–2026)
⚡ 1. Fermi Energy & Data Systems
- Sector: AI + Energy Infrastructure
- Expected Size: US$715 million
- Stock Exchange: NASDAQ
- Expected Listing: October–November 2025
Founded by former U.S. Energy Secretary Rick Perry, Fermi builds hybrid data centers powered by nuclear and renewable energy — tailor-made for AI computing. The IPO will test investor appetite for the booming AI infrastructure sector.
🧺 2. Alliance Laundry Systems
- Sector: Industrial / Manufacturing
- Expected Issue Size: US$750 million
- Expected Listing: Late 2025
Known for brands like Speed Queen, Alliance Laundry has a global business in commercial laundry machines. The IPO signals renewed strength in traditional manufacturing sectors adapting to automation.
💳 3. Zelis Healthcare
- Sector: HealthTech / FinTech
- Valuation: Around US$17 billion
- Expected IPO Date: Q1 2026
Zelis provides payment and claims processing technology to healthcare providers and insurers. It’s one of the biggest fintech-health IPOs expected, backed by private equity giants like Bain Capital.
🧠 4. OpenAI (Rumored)
- Sector: Artificial Intelligence
- Valuation: $100+ billion (private)
- IPO Status: No formal filing yet, but discussions with investment banks ongoing.
OpenAI — the creator of ChatGPT — is reportedly exploring an IPO or structured share sale in 2026. If it happens, it could become one of the largest tech IPOs of the decade.
💹 Global IPO Trends 2025
- Return of Tech & AI Companies:
The AI wave is creating massive investor excitement. Companies tied to semiconductors, data centers, and robotics are seeing renewed valuations. - Green Energy and EVs:
From India’s Ola Electric to the U.S. firm Fermi, the clean-tech sector is expected to dominate IPO headlines through 2026. - Healthcare & FinTech Convergence:
With rising healthcare costs, digital solutions are booming. IPOs like Zelis and PharmEasy reflect that global trend. - India as a Hotspot:
India’s stock market has become one of the best-performing in the world. Retail participation, mutual fund inflows, and government reforms are fueling massive demand for new listings.
💡 Grey Market Premium (GMP) Snapshot (As of October 2025)
| Company | Estimated GMP (₹) | Expected Listing Gain |
|---|---|---|
| Tata Capital | ₹115–₹130 | +20–25% |
| Lenskart | ₹70–₹90 | +15–20% |
| Ola Electric | ₹60 | +10–12% |
| FirstCry | ₹45 | +8–10% |
| Swiggy | ₹80–₹100 | +15–18% |
Note: GMP values are unofficial and fluctuate daily based on investor sentiment.
🧭 How to Choose the Right IPO
Investing in IPOs can be rewarding — but only when done wisely. Here are some tips:
- Read the DRHP (Draft Red Herring Prospectus): Understand the company’s financials, debt, and risk factors.
- Check the Promoter Track Record: Established groups like Tata or Reliance usually offer more trust and stability.
- Look at Sector Growth: Fast-growing industries like EVs, fintech, and healthcare often deliver better long-term returns.
- Avoid Hype: Not every high-profile IPO performs well after listing (remember Paytm’s lesson).
- Diversify: Don’t put all your money in one IPO. Spread your investments across sectors.
🏁 Final Thoughts
The IPO market of 2025–2026 is a story of resurgence and opportunity.
After two years of global slowdown, companies are again turning to public markets to raise funds for expansion, AI infrastructure, and green innovation.
From Tata Capital and Lenskart in India to Zelis and Fermi in the U.S., investors have a buffet of choices ahead. The combination of improving economic indicators, stronger corporate earnings, and investor optimism could make the next 12 months one of the most exciting IPO cycles in recent memory.
However, as every seasoned investor knows — research before you apply. IPOs are gateways to opportunity, but also carry risk.
Whether you’re a seasoned trader or a first-time investor, 2025 could be your moment to own shares in the next generation of global giants.
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