Mainboard IPOs on pause since February: Here's a look at the upcoming public issues in 2025

Upcoming IPOs: The primary market has witnessed a dry spell since February 14, when the last mainboard initial public offering was launched. Since then, no company has announced dates for their initial share sales amid market volatility.

However, many firms have received approval from the market regulator, the Securities and Exchange Board of India (SEBI), or filed draft IPO papers to raise funds via public offering. Here's a look at key IPOs to keep an eye on this year.

Ather Energy IPO

The IPO is expected to be a fresh issuance of equity shares as well as an offer-for-sale component.

The firm had received SEBI's approval to go public in December last year.

Its book-running lead managers are Axis Capital, JM Financial, Nomura, and HSBC. MUFG Intime India is the registrar.

The company designs and develops electric two-wheelers, battery packs, and charging infrastructure.

Zepto IPO

Quick commerce unicorn Zepto is expected to file its draft red herring prospectus (DRHP) soon. The company is looking to raise between $800 million and $1 billion.

The Bengaluru-based company is on a fundraising spree, raising $1.35 billion in a span of five months.

Recently, the firm appointed Akhil Gupta, vice-chairman of Bharti Enterprises, as an independent director to its board.

LG Electronics IPO

South Korean chaebol LG's subsidiary LG Electronics India has received SEBI's nod to raise ₹15,000 crore via public issue.

The IPO will be an OFS wherein the parent firm will sell more than 10.18 crore shares.

Tata Capital IPO

Tata Capital, the financial services arm of Tata Group, has filed DRHP with SEBI for a $2 billion IPO via a confidential route. The valuation is expected to be around $11 billion.

In a stock exchange filing, Tata Capital said, "The company has filed the Pre-filed Draft Red Herring Prospectus dated April 4, 2025, under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, with SEBI, BSE, and NSE in connection with its Initial Public Offering of equity shares of face value of ₹10 each."

The issue will be a mix of fresh issuance of 2.3 crore equity shares as well as an OFS.