Upcoming IPOs in 2025: NSDL to Flipkart & More

The Indian capital markets are gearing up for an exciting year, with several high-profile companies planning to go public. From tech unicorns to financial infrastructure giants, upcoming IPOs in 2025 promise diverse investment opportunities across sectors.

With favourable macroeconomic conditions, increasing retail investor participation, and supportive regulations, companies are looking to leverage IPOs to fund their next phase of growth. For investors, these offerings could unlock early-mover advantages and long-term wealth creation.

Let’s explore the top IPOs lined up for 2025—including NSDL, Flipkart, Zepto, boAt, Meesho, NSE—and even look ahead to Jio’s much-anticipated public debut in 2026.

Why IPOs Matter for Investors

Initial Public Offerings (IPOs) offer a unique opportunity for investors to enter a company’s growth journey right from the start of its stock market listing. Benefits include:

• Early access to high-growth companies

• Potential listing gains, particularly when Grey Market Premiums (GMPs) are strong

• Portfolio diversification across emerging sectors like e-commerce and fintech

• Transparency in financial reporting and corporate governance post-listing

List of Major Upcoming IPOs in 2025

Let’s delve into each of these in more detail.

🟩 NSDL IPO: Backbone of Indian Markets

Overview

National Securities Depository Limited (NSDL) is India’s first and largest depository. It plays a critical role in holding securities like shares and bonds in electronic form.

• DRHP Approval Date: 30th September 2024

• IPO Type: Offer for Sale (OFS)

• Listing: BSE and NSE

• Face Value: ₹2 per share

While the issue size and price band are yet to be disclosed, NSDL IPO is expected to be one of the most stable and sought-after listings due to its fundamental importance in Indian capital markets.

Investment Insight

Given its monopolistic edge, institutional trust, and consistent profitability, NSDL is considered a low-risk, stable investment option. It’s ideal for long-term investors.

🟩 Flipkart IPO: E-Commerce Giant Goes Public

Overview

Owned by Walmart, Flipkart is India’s largest online retail marketplace after Amazon. Flipkart is planning a mega IPO, targeting both institutional and retail investors.

• DRHP Status: To be filed in 2025

• Listing: NSE & BSE

• IPO Objective: Fund expansion, R&D, and logistics

What Makes Flipkart IPO Special?

• Flipkart could aim for a valuation of $40–60 billion

• It dominates Indian e-commerce alongside Amazon and Reliance’s JioMart

• Opportunity for retail investors to gain exposure to India’s digital commerce boom

Investor Verdict: If priced reasonably, Flipkart IPO could generate multibagger returns over the medium term, especially as e-commerce penetration increases in Tier 2–3 cities.

🟩 Zepto IPO: Quick Commerce Disruptor

Overview

Zepto has become synonymous with India’s quick commerce segment. Backed by investors like YC Continuity and Glade Brook, Zepto is planning to raise $1 billion via IPO.

• DRHP: In preparation

• Use of Funds: Infrastructure, dark stores, and tech development

• Listing: BSE & NSE

Key Highlights

• Operates in 10+ major cities

• Caters to urban millennials with 10-minute deliveries

• Faces competition from Blinkit (Zomato) and Swiggy Instamart

Growth Outlook: Given the rapid shift in consumer behavior toward convenience shopping, Zepto is expected to become one of the biggest disruptors in the B2C retail space.

🟩 boAt IPO: From D2C Brand to Market Debut

Overview

boAt, run by Imagine Marketing Pvt. Ltd., is a leading consumer electronics brand specializing in audio devices, wearables, and accessories.

• DRHP History: Filed in Jan 2022 and withdrawn

• Confidential Filing: Done in April 2025

• IPO Size: ₹2,000 crore

• Listing: NSE & BSE

Financial Strengths

• One of India’s top-selling wearable brands

• Deep online and offline distribution network

• Strong brand recall among Gen Z and millennials

Market Prediction: If valuations are moderate, boAt can ride on its D2C strength and digital consumer loyalty to create value.

🟩 Meesho IPO: Social Commerce Star

Overview

Meesho is India’s leading social commerce platform, helping small sellers and resellers grow their businesses through mobile-based e-commerce.

• DRHP Filed: With SEBI

• IPO Size: ₹8,500 crore

• Listing: NSE and BSE

Financial Highlights

• Strong YoY growth in active user base

• Focus on cost-effective delivery in Tier 2–3 cities

• Monetization of seller tools and ads

Analyst Take: Meesho’s unique model and rural penetration make it an attractive long-term bet. However, profit trajectory and valuations must be monitored carefully.

🟩 NSE IPO: India’s Top Exchange Plans Listing

Overview

The National Stock Exchange (NSE) is India’s largest stock exchange by volume. NSE may file a DRHP post-NOC approval in mid-2025 and list by Q4 FY26.

• IPO Type: Offer for Sale

• Investor Reservation: 35% Retail, 50% QIB, 15% NII

• Listing: Likely on BSE (not on itself)

What to Expect

NSE holds strategic importance in Indian financial infrastructure. As a profitable exchange with broad investor trust, its IPO could be oversubscribed heavily.

Investor View: NSE IPO will be a once-in-a-decade opportunity. Investors should plan their funds well in advance to subscribe early.

🔵 Jio IPO: The Mega Offering of 2026

While scheduled for 2026, Jio IPO deserves mention due to its sheer scale.

• Parent Company: Jio Platforms (Reliance)

• Expected Valuation: ₹7.5 lakh crore

• Target Raise: Up to ₹40,000 crore

• Listing: NSE and BSE

Investor Watchpoint: Jio IPO could be India’s biggest-ever listing. Expect strong retail and institutional demand.

How to Apply for an IPO in 2025

Investing in an IPO is a seamless digital process now. Here’s a simplified roadmap:

Step-by-Step Guide

1. Research: Review DRHP, GMP, financials, and subscription details.

2. Open a Demat Account: Required to hold IPO shares.

3. Login to Trading Platform: Choose your broker (Zerodha, Groww, ICICI, etc.).

4. Navigate to IPO Section: Select the IPO and place your bid in lots.

5. Approve UPI Mandate: Ensure sufficient bank balance.

6. Track Allotment: Use NSE or registrar portals (Link Intime, KFinTech).

Recent IPOs in 2025

IPO Investment: Pros & Cons

✅ Pros:

• Opportunity for quick gains via listing premiums

• Early investment in India’s next market leaders

• High transparency and regulatory compliance

❌ Cons:

• Allotment not guaranteed due to oversubscription

• Not all IPOs perform post-listing

• Requires research and timing

Final Thoughts

The upcoming IPOs in 2025 offer investors a golden chance to participate in India’s next wave of market leaders—from financial infrastructure (NSDL, NSE) to e-commerce and D2C disruptors (Flipkart, Zepto, Meesho, boAt).

Each IPO brings unique opportunities and risks. Investors are advised to:

• Track Grey Market Premiums

• Study DRHP documents

• Use IPO calendar alerts

• Consult certified financial advisors

By doing so, retail investors can maximize their chances of gaining both short-term listing benefits and long-term wealth appreciation.

🔗 For official IPO filings and alerts, visit: www.nseindia.com

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