If you’re wondering what’s on the horizon for Indian markets, the next big IPO in India is shaping up to be one of 2025’s most exciting stories — and Finnpick is here to bring you the inside track. As India’s capital markets continue to heat up, a number of high-profile companies across telecom, finance, EV, and infrastructure are preparing to go public, and these could reshape the landscape for investors.
One of the most anticipated is Reliance Jio. Reports suggest that Jio’s IPO could raise as much as ₹ 40,000 crore, potentially making it India’s largest-ever listing. With its dominance in telecom, 5G, and digital services, a Jio IPO would be a landmark event.
In the financial services space, HDB Financial Services, a non-banking finance company (NBFC) tied to the HDFC ecosystem, is also gearing up for a major public debut. Industry watchers expect this listing to be one of the biggest in 2025. Similarly, Tata Capital, part of the iconic Tata Group, is another NBFC in the IPO pipeline, drawing strong interest from both institutional and retail investors.
There’s more than finance in the mix. Ather Energy, a leading EV (electric vehicle) maker, is expected to go public in 2025. Given its scale-up in India’s two-wheeler EV segment, the IPO could be a play on the country’s growing shift toward sustainable mobility. On the infrastructure side, Arisinfra Solutions is also slated for a fresh issue IPO.
Another interesting entry is NSDL, the National Securities Depository Limited, which provides key market infrastructure services in India. Its IPO is expected to be largely an offer-for-sale, giving existing shareholders an exit while providing public investors with a rare way to tap into the backbone of India’s capital markets.
On the healthcare front, NephroPlus, a chain of dialysis clinics, has reportedly received SEBI approval for its IPO. Meanwhile, in the retail space, RSB Retail India has filed its DRHP to raise around ₹500 crore via its own IPO.
Notably, Fractal Analytics, an AI-focused analytics firm, has also secured SEBI’s approval, marking a potential debut for India’s first AI-centric IPO. Given its roster of global clients — including tech giants — Fractal’s listing could be a strong signal of investor appetite for high-growth, tech-enabled businesses.
What makes 2025 especially compelling is not just the number of IPOs, but their diversity — from telecom and fintech to EVs, healthcare, and AI. These are not just companies going public; they’re sectors that could define India’s economic trajectory for years.
At Finnpick, we’re tracking all these developments and more. Whether you’re a seasoned investor or someone looking to explore IPO opportunities for the first time, our platform offers deep analysis, rich insights, and curated content to help you make informed decisions.
Stay tuned to Finnpick for regular updates on IPO timelines, valuation metrics, subscription trends, and expert perspectives on which companies could truly be the “next big IPO in India.”
