Top 5 Upcoming IPOs in India

The Indian IPO market is heating up again in 2025, with several high-profile companies preparing to go public.Is this the opportunity for you to have a share in the growing India to invest. Whether you’re a seasoned investor or a beginner looking to grab early opportunities, here are the top 5 upcoming IPOs you should keep an eye on, as you never know when these will become the best purchase of your life. Here I have talked about the key details like about the company, issue size, sector, and listing date.

Top 5 Upcoming IPOs

Company	Sector	IPO Status	Key Business
Reliance Jio	Telecommunications	Expected 2025 (Q2/Q3)	Leading telecom and digital services provider with a 40%+ market share
Lenskart	Eyewear Retail	Opens October 31 – November 4, 2025	India’s largest omnichannel eyewear retailer, founded by Peyush Bansal.
Groww	Fintech	Expected soon (potential Nov 2025)	India’s largest digital investment platform by active users on NSE
PhonePe	Fintech	Filed for IPO (Confidential DRHP).	India’s leading digital payments app, majority-owned by Walmart.
Zepto	Quick Commerce	IPO Filing Expected soon	A pioneer in the quick commerce (10-minute grocery delivery) space in India.

1. Reliance Jio

Let’s start with Reliance Jio first as it is India’s largest telecom operator, offering mobile, broadband, and digital services nationwide. It is the largest operator in the country no one is even close to Reliance. Reliance Jio provides affordable 4G/5G data, voice calls, digital apps, and streaming platforms to it’s users. Jio has a subscriber base which crosses over 506 million users in September 2025, with over 191 million 5G users. Chairman Mukesh Ambani announced the long-awaited IPO is planned to hit the market in first half of 2026. The listing is viewed as a “mega event” for the Indian capital markets and the telecom sector.

Issue Size

Expected issue size of Reliance Jio is to be estimated at around ₹40,000–₹50,000 crore. The valuation is projected to be around ₹12.8 lakh crore. The final stake offered is projected around 2.5–5% of equity. It will give global investors such as Google and Meta partial exits from their 2020 investments to Reliance Jio.

2. Lenskart

Lenskart is a leading eyewear retailer using both online and offline channels to sell eyeglasses, sunglasses, and contact lenses, plus home eye-test services. Lenskart uses technology to personalize shopping and has started expanding globally. And has become one of the most trusted brands in India. Lenskart has 6.7 million Gold members and an overall Indian customer base exceeding 25 million in 2025, with an additional 2.5 million international customers. The Lenskart IPO will hit the Indian markets in mid of November 2025, dates (31st October – 4th November). Listing date 10th November, 2025 Monday.

Issue Size

The issue consists of a ₹2,150 crore fresh equity issue and an offer for sale of 13.23 crore shares. It will raise around ₹7,500–8,000 crore. Therefore, we can expect the valuation to be around $8.5 –9 billion. Price Band is around ₹382 to ₹402 per equity share. Investment banks such as Kotak Mahindra and Morgan Stanley are managing the offering.

3. Groww

It is a fintech platform for investing and wealth management, offering customers the access to stocks, mutual funds, F&O, and more through a modern app. The company’s customer base exceeds over 18 million in 2025, with total users across all investment products exceeding over 30 million. Groww’s IPO will hit the Indian markets in November this year.

Issue Size

The company aims to raise ₹7,000 crore, split between a ₹1,060 crore fresh issue and ₹5,940 crore OFS by existing investors. The valuation expected to be around ₹80,000 crore. It is backed by major investors like Peak XV, Tiger Global, and Microsoft CEO Satya Nadella. This will mark one of India’s first major fintech listings post-2023.

4. PhonePe

It is the largest digital payments and financial services platform in India. Famous for its popular mobile app, PhonePe offers UPI payments, wallet services, mutual funds, insurance, and bill payments to it’s users. By March 2025, the platform surpassed 600 million registered users and processed 330 million transactions daily. PhonePe is preparing for a mid-2026 public debut, likely between April and July 2026.

Issue Size

The company targets raising ₹10,000–13,000 crore through a mix of a fresh issue and OFS, estimated valuation of $15 billion (₹1.2 lakh crore). It will be managed by Kotak Mahindra Capital, JP Morgan, Citigroup, and Morgan Stanley.

5. Zepto

It is a quick commerce company, specializes in delivering groceries and daily essentials to customers within few minutes. It targets urban millennial customers, focusing on convenience and speed. Zepto plans to file its DRHP in late 2025, with a potential listing late 2025 or early 2026. By mid-2025, it reached 4 million monthly active users and was expanding to Tier-II cities in India.

Issue Size

The IPO size is projected between $800 million and $1 billion (₹6,700–8,400 crore), combining primary capital and an OFS. The expected valuation thought to exceed $5 billion. Main bankers for Zepto includes Goldman Sachs and Morgan Stanley.

Summary Table

Company	Sector	Size	Estimated Valuation	Expected Date
Reliance Jio	Telecommunications	₹52,000–67,500 Cr	$121–154B	Early 2026
Lenskart	Eyewear Retail	₹7,500–8,000 Cr	$8.5–9B	Nov, 2025
Groww	Fintech	₹7,000 Cr	$8B	Nov, 2025
PhonePe	Fintech	₹10,000–13,000 Cr	$10–12B	Mid 2026
Zepto	Quick Commerce	₹6,700–8,400 Cr	$5B	Early 2026

Customer Base of Upcoming IPOs

Company	Sector	Customer Base
Reliance Jio	Telecommunications	506 million
Lenskart	Eyewear Retail	25 million
Groww	Fintech	30 million
PhonePe	Fintech	600 million
Zepto	Quick Commerce	4 million

Disclaimer: IPO dates, price bands, and valuations are subject to market conditions, regulatory approval from SEBI, and final company decisions. This information is based on reports and company announcements available as of the current date. And this whole post is for educational purpose only, no recommendations of any sort.

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