The Indian IPO market is busy on releasing IPO’s. After a slow start to 2025, a new wave of high-profile listings is set to light up Dalal Street in the coming weeks. From homegrown tech success stories to fintech leaders and consumer brands, investors have to look forward and invest.
Here are six of the biggest IPOs expected to release between late October and mid-November 2025 — and what they mean for India’s stock market landscape.
Lenskart
The eyewear brand is finally ready to come in the market. With an estimated IPO size of ₹8,000 crore, Lenskart’s public issue is expected to open in early November.
Clear Vision for India’s Eyewear IPO
Lenskart has become a renowned name — blending affordability, fashion, and tech to redefining Indians taste in eyewear. The company’s online + 2,500+ physical stores has positioned it as India’s leading eyewear brand.
As per reports IPO include a fresh issue of around ₹2,150 crore, with the rest being an offer for sale (OFS) from existing investors.
The funds will probably be used to improve its tech infrastructure, and increase its retail presence.
Bigger Vision
Lenskart’s listing will mark the first-ever eyewear-exclusive IPO in India. A successful entity that paved the way more D2C brands to tap the public markets.
Analysts also view Lenskart’s profitability in FY25, a sharp turnaround from losses in FY24 being a strong signal for investor’s confidence.
It’s not just about glasses it’s about vision, and a test of whether Indian consumers still love this D2C stories on the stock market.
Groww
Groww, the investment platform that made stock trading simple for millions of new investors. With an expected issue size of around ₹7,000 crore, Groww’s IPO could be one of the anticipated tech listings of the year.
The Clear Vision
Groww’s contributed to India’s retail investing boom. Its clean, intuitive app has empowered millions to buy stocks, mutual funds, and ETFs with ease. Over time, Groww expanded beyond a trading platform to become a full-fledged financial ecosystem.
The upcoming IPO aims Groww’s position as a leader in the fintech space. Analysts expect strong demand from retail investors who already use its platform daily, a rare brand advantage few IPO-bound firms can claim.
It Matters
Groww’s IPO will be a litmus test for fintech valuations in India. After Paytm’s turbulent post-listing phase, the market will be watching how a profitable, more streamlined fintech handles public scrutiny.
Groww could either renew investor faith in India’s fintech future that how the space is competitive and regulated.
Pine Labs
While Lenskart and Groww represent consumer facing brands, Pine Labs operates quietly behind the scenes powering merchant payments across India.
With an estimated IPO size of ₹5,800 crore, Pine Labs’ listing is expected to draw strong institutional interest.
The Story
For years, Pine Labs has been the backbone of India’s digital payments revolution, providing point-of-sale and merchant commerce solutions to millions of retailers. Its ecosystem now spans payment processing, BNPL (Buy Now Pay Later) solutions, and digital invoicing.
The company has reportedly shifted its headquarters back to India ahead of the IPO and secured SEBI approval to proceed.
It Matters
This IPO could reinforce confidence in B2B fintechs businesses that serve merchants and enterprises rather than consumers. Given the scale of India’s digital commerce economy, Pine Labs’ offering could attract long-term institutional investors looking for stable fintech exposure.
Less flashy than consumer tech, but potentially more solid Pine Labs’ IPO is one to watch for those betting on India’s cashless future.
ICICI Prudential AMC
Amid the flurry of startup listings, traditional finance isn’t sitting out. ICICI Prudential Asset Management Company is reportedly preparing a ₹10,000 crore IPO, the largest among the upcoming listings.
Investors Care
India’s mutual fund industry has witnessed explosive growth, with retail investors pouring billions into SIPs each month. ICICI Prudential AMC, already one of the top players in the market, plans to leverage this momentum to raise capital and expand its offerings.
The company’s strong brand legacy under the ICICI group provides a sense of stability and trust — making it an attractive proposition for risk-averse investors seeking steady returns.
It Matters
In contrast to high growth startups, ICICI Pru’s initial public offering (IPO) show sectoral stability, dependable cash flow, and established governance. Its filing might draw long-term institutional capital and provide some balance to the IPO season. A traditional blue-chip investment for those who value principles above trends.
boAt
Known for its catchy marketing and youthful energy, boAt is gearing up for a ₹2,000 crore IPO.
The brand, which disrupted India’s audio and wearables market, is now looking to expand into global waters.
The Appeal
boAt’s success lies in understanding young India stylish, affordable, and aspirational. With strong online sales and a growing offline presence, the company has become the country’s go-to brand for headphones, earbuds, and smartwatches.
It Matters
This IPO will give investors exposure to India’s booming consumer electronics and lifestyle sector. It’s also a chance to see how D2C brands perform when the excitement of marketing meets the discipline of quarterly earnings.
From your playlist to your portfolio boAt’s IPO could make a splash with the millennial investor crowd.
PhysicsWallah
Edtech is back in the spotlight and PhysicsWallah is leading the charge. The company, once a YouTube education channel, is now eyeing a ₹3,820 crore IPO after receiving SEBI’s nod.
The Story of Growth
PhysicsWallah has developed a potent hybrid strategy that combines online learning with offline coaching facilities, rising from modest beginnings to become a full-fledged edtech unicorn.
This IPO could be a new era of lucrative, sustainable education businesses following a difficult few years for the edtech industry.
Matters
This could be India’s first major edtech IPO, setting the tone for others in the space. Investors will be watching its financials closely especially how it balances growth with profitability amid shifting student preferences. From a teacher’s desk to Dalal Street PhysicsWallah’s story is as inspiring as it is strategic.
The Bigger Picture ₹40,000 Crore IPO Wave
Together, these six companies represent an estimated ₹40,000 crore in public issues — one of the largest IPO waves India has seen post 2021.
These back to back IPO release is reflecting the maturity of India’s economy with a variety of industries IPO release, including fintech, consumer tech, edtech, asset management, and lifestyle.
Implications for Investors
- Rekindle Confidence: A strong run of initial public offerings (IPOs) might rekindle retail excitement and draw in new FII inflows following months of market prudence.
- Sector Diversification: Unlike past waves dominated by tech unicorns, this batch includes more balanced plays — from financial services to manufacturing-linked consumer goods.
- Valuation Reality Check: After the COVID IPO euphoria, markets have become more shrewd. Expect that investors will put sustainability and profitability ahead of egotistical valuations.
- Retail Investor Power: With record Demat accounts and SIP participation, retail investors are expected to play a decisive role in determining these IPOs’ success.
Concluding remarks
An important turning point for Indian financial markets is to occur during the late 2025 IPO season. Whether it’s Lenskart redefining consumer retail, Groww championing fintech, or PhysicsWallah reviving faith in edtech — each listing brings its own story of innovation, risk, and opportunity.
For investors, this is more than just a lineup of numbers. It’s a window into how India’s new-age enterprises are maturing — from startup dreams to public accountability.
If 2021 was the year of startup listings, 2025 might just be the year of sustainable IPOs.
Disclaimer: This is for information purposes only and should not be considered as financial advice. Please consult a financial advisor before making investment decisions.
