India’s IPO market is entering yet another blockbuster phase, with a massive fundraising spree worth nearly ₹40,000 crore lined up for November and December. After the stellar debuts of LG Electronics India and Tata Capital, several big names — including Lenskart, Groww, Pine Labs, ICICI Prudential AMC, and boAt — are ready to test investor appetite once again.

With this, India’s capital markets are gearing up for one of their busiest and most significant quarters in recent memory. Analysts say that while enthusiasm is high, the success of these upcoming IPOs will hinge on two critical factors: the discipline in pricing and the fundamental strength of the businesses going public.

A Year of Revival: From a Slow Start to a Strong Rebound

So far in 2025, Indian companies have collectively raised over ₹1 lakh crore through IPOs, despite what many described as a cautious and uneven start to the year. The turnaround has been swift — the last three months alone have witnessed more than 100 new listings, marking one of the most active quarters in recent years.

October, in particular, stood out as a defining month for India’s primary market, led by two heavyweight IPOs — LG Electronics India and Tata Capital.

The ₹11,600-crore LG Electronics India IPO became the showstopper of the season, listing at a massive 50% premium over its issue price after receiving more than 54 times subscription. Market watchers hailed it as one of the most successful large-cap IPOs in recent years, cementing investor confidence in India’s primary market.

Tata Capital, on the other hand, launched a ₹15,500-crore issue that, while robustly subscribed, had a relatively flat debut. Analysts said that even though the company’s fundamentals remain strong, investors appeared cautious in the short term due to muted near-term triggers and broader market volatility.

“A Clear Revival of Confidence,” Say Analysts

According to Nitin Jain, Senior Research Analyst at Bonanza, the success of LG Electronics marked a turning point for India’s IPO landscape.

“After a quiet year, the main market has rebounded as seen by the two huge IPOs in October that tested investor appetite. LG’s performance was among the best in recent years, while Tata Capital’s issue reflected a more cautious sentiment,” Jain observed.

However, he also highlighted that not every listing has mirrored LG’s success. Out of the 12 mainboard IPOs launched in October, eight are currently trading below their issue price. Jain noted this as a sign that issuers may have been too aggressive with their valuations, leading retail investors to become more selective and discerning.

The market, he added, is now rewarding “sound fundamentals and fair pricing” rather than speculative or overhyped offerings.

What’s Coming Next: 10 Mega IPOs Worth ₹40,000 Crore

The next two months — November and December — are expected to bring another flurry of high-profile IPOs. Analysts project that five large IPOs alone could raise over ₹35,000–₹40,000 crore, spanning fintech, asset management, consumer electronics, and lifestyle sectors.

This next wave of listings will not only test whether the current bullish momentum can sustain into 2026 but could also set the tone for India’s equity markets in the post-festive quarter.

• Lenskart’s ₹8,000-Crore IPO

Eyewear retail giant Lenskart is preparing to launch its much-awaited ₹8,000-crore IPO in early November. The omnichannel retailer, backed by global investors such as Temasek and KKR, plans to channel the proceeds into expanding its presence across Tier-2 and Tier-3 cities while strengthening its manufacturing and digital infrastructure.

Founded in 2010, Lenskart has become one of India’s most recognizable direct-to-consumer brands, offering affordable eyewear through both online and offline channels. Its investor roster includes heavyweights like Abu Dhabi Investment Authority (ADIA), TPG Inc., and Kedaara Capital.

According to its draft red herring prospectus (DRHP), the IPO will include a fresh issue of ₹2,150 crore (approximately $242 million) and an offer for sale (OFS) of 132.3 million shares by existing investors. Selling shareholders include SoftBank, Alpha Wave Ventures, and Kedaara Capital, alongside the company’s founders.

Earlier in June 2024, Lenskart raised $200 million from Temasek Holdings and Fidelity Management & Research, at a valuation of $5 billion. According to Avendus Capital, which advised the deal, Fidelity later revised its internal valuation of the company to $6.1 billion, based on its April 2024 portfolio disclosures.

• Groww’s ₹7,000-Crore IPO

Alongside Lenskart, India’s leading online investment platform Groww — officially operated by Billionbrains Garage Ventures Ltd. — is set to make its own market debut. The Bengaluru-based fintech firm is expected to launch a ₹7,000-crore IPO in the first week of November, with stock listing anticipated around November 10.

According to sources familiar with the matter, the IPO will comprise a fresh issue worth ₹1,060 crore and an offer for sale of up to 574.2 million shares. Backed by Microsoft CEO Satya Nadella, Groww’s offering represents one of the most anticipated tech IPOs of the year.

Groww, which has over 10 million registered users, has become one of the most influential platforms in India’s retail investing revolution, offering direct access to stocks, mutual funds, and ETFs through an intuitive app-first model.

• Other Expected Listings Before Year-End

In addition to Lenskart and Groww, several other major names are expected to hit Dalal Street before 2025 closes:

• Pine Labs

• ICICI Prudential AMC

• boAt

• Sunshine Pictures

• Hero Fincorp

• Omnitech Engineering

• Orient Cables

• Priority Jewels

These offerings span diverse sectors — from fintech and entertainment to manufacturing and consumer lifestyle — reflecting the broad-based confidence driving India’s primary market.

Brokerages Stay Bullish on IPO Outlook

Brokerages and market experts remain broadly optimistic about the IPO pipeline. In a recent note, Kotak Equities stated that the IPO market remains “robust and well-balanced,” with over 200 companies expected to raise nearly $35 billion over the next 12 months.

However, the report highlighted a key trend — smaller IPOs are dominating the market. Offerings below ₹1,000 crore now account for two-thirds of total issuances, whereas mega issues above ₹5,000 crore make up only 4% of the total number of IPOs but contribute to nearly a quarter of overall fundraising.

For investors, Kotak’s takeaway was straightforward: “Pricing discipline, brand credibility, and profitability” will separate long-term winners from short-term hype-driven listings.

India’s IPO Boom Gains Global Attention

The Indian IPO market’s resurgence hasn’t gone unnoticed globally. According to Bloomberg data, Indian companies have already raised over $15 billion in 2025, following a record $21 billion in 2024.

What’s notable is that many new-age, homegrown startups — like Lenskart and Groww — are now choosing domestic listings over foreign bourses such as NASDAQ. Analysts say this reflects the increasing maturity and liquidity of Indian capital markets, as well as the growing participation of retail investors.

Indeed, both Lenskart and Groww’s IPOs come on the heels of October’s twin blockbusters — Tata Capital Ltd. (₹15,500 crore) and LG Electronics India Ltd. (₹11,600 crore). Together, these four large issues are set to make October and November record months for India’s IPO history, with proceeds surpassing $5 billion in just a few weeks.

While final details for both Groww and Lenskart are still being finalized, insiders suggest that listing dates could be confirmed soon, depending on regulatory approvals and market conditions.

What This Means for Investors

The upcoming wave of IPOs represents both opportunity and caution for investors. On one hand, India’s equity markets are witnessing unprecedented liquidity, strong retail participation, and renewed global interest. On the other, analysts warn that aggressive valuations and over-enthusiastic pricing could lead to short-term corrections.

Experts advise investors to focus on fundamentals — such as revenue growth, profitability, and scalability — rather than hype or short-term listing gains. Companies like Lenskart and Groww, with proven business models and strong investor backing, are expected to draw significant attention, but selective participation remains key.

The Bottom Line

India’s IPO market is once again in the spotlight — vibrant, fast-moving, and full of promise. With marquee names like Lenskart and Groww leading a fresh ₹40,000-crore wave, and others like Pine Labs and ICICI AMC in the wings, the next few months could redefine India’s capital market narrative.

As investors weigh risk against reward, one thing is clear — the country’s IPO boom is no longer just a trend. It’s a reflection of India’s maturing economy, global investor confidence, and a new generation of innovative homegrown companies ready to take center stage on Dalal Street.

With inputs from agencies

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