Since 2025 was a defining year for Indian business, marked by bold strategic shifts and renewed regulatory vigilance, several companies came up with landmark listings. New-age companies such as Meesho signalled investor appetite for disruptive, asset-light models, while established players like LG Electronics accelerated their India ambitions through category expansion and localisation.
Financial heavyweights including Tata Capital and HDB Financial Services navigated a tightening regulatory environment as they pursued scale, consolidation and stronger compliance frameworks. Meanwhile, NSDL’s market-linked developments reaffirmed the critical role of market infrastructure institutions in safeguarding investor trust. Together, these storylines captured the changing rhythm of India Inc – dynamic, disciplined and decisively future-focused.
Here are some of the major IPOs in India in 2025, that changed the dynamics of the Dalal Street.
Meesho IPO
Meesho’s IPO was one of the biggest in 2025 in the e-commerce sector, attracting an overwhelming response with bids worth roughly Rs 2.5 trillion (about $28 billion), making it among the most subscribed public offerings in India’s history.
The e-commerce platform’s IPO was worth RS 5,421.20 crore, comprising of a fresh issue of Rs 4,250 crores as well as an offer for sale component worth Rs 1,71 crore. The IPO’s price band was set at Rs 105- Rs 111 per share. The offer was subscribed 79.02 times and the shares listed around 46 per cent above the issue price opening at Rs 162.50. The proceeds of the IPO went towards the company’s cloud infrastructure, AI/ML team salaries, marketing, inorganic growth and corporate purposes.
LG Electronics India IPO
This IPO was one of the largest offerings of the year from the consumer electrics sector, raising about $1.3 billion (approximately Rs 11,607 crore) and becoming the most subscribed billion-dollar IPO in nearly two decades. It saw very strong demand from institutions including BlackRock and sovereign wealth funds.
The issue was worth Rs 11,607 crore, which was entirely an offer for sale. The price band for the IPO was set between Rs 1,080 – Rs 1,140 per share and the shares listed on the bourses on October 14. Investors could buy the shares in the lot size of 13 shares at an upper price of Rs 14,820. The issue was a success as it opened 50 per cent above its issue price.
Tata Capital IPO
Tata Capital, a financial services firm’s public offer was among the year’s largest, aiming to raise around Rs 15,000 crore. It attracted broad market interest given its strong parentage and financial services positioning.
The IPO was expected to raise Rs 17,000 crore and it was a combination of a fresh issue as well as an offer for sale (OFS)component. The purpose behind the issue was to reduce the holding of Tata Sons from 88.6 per cent to 78.8 per cent. Additionally, capital requirements including onward lending as well as equity base expansion also needed to be taken care of using the proceeds.
HDB Financial Services IPO
HDB Financial Services, a non-banking financial company, launched a large IPO in 2025, planning to raise around Rs 12,500 crore and drawing attention as one of the key financial sector listings.
The HDB Financial Services IPO’s issue was worth Rs 12,500, including a fresh issue of Rs 2,500 crore and an OFS component of Rs 10,000 crore. The price band was set between Rs 700 – Rs 740 per share. The shares were listed on the bourses on July 2, 2025. Investors could invest in lot sizes of 20 shares with a minimum investment of Rs 14,800 at the upper price band. The shares listed around 12.8 per cent higher at Rs 835 per share. The proceeds were used to strengthen Tier-1 capital and support lending growth.
NSDL (National Securities Depository Ltd) IPO
NSDL’s offering (around Rs 4,000 crore) was among the notable financial infrastructure-related listings, benefiting from strong investor interest in defensive, stable businesses.
The NSDL IPO, an offer-for-sale Rs 4,012 crore, saw existing shareholders, including IDBI Bank, NSE, SBI and HDFC Bank, diluting their stakes to meet regulatory ownership limits. The price band for the issue was set at Rs 760 – Rs 800 per share, and the subscription window ran from 30 July to 1 August 2025. The IPO drew strong investor interest, becoming fully subscribed within hours, and the shares were ultimately allotted at the upper end of the price range.
Lenskart IPO
The shares of Lenskart opened below the issue price, around Rs 395 on the NSE and Rs 390 on the BSE versus the Rs 402 issue price, making it one of the few large IPOs of 2025 to list at a discount despite strong subscription. The IPO’s performance was disappointing and analysts raised questions about the sustainability of Lenskart’s first reported net profit in FY25, noting it was supported heavily by non-core income.
The offer was a combination of fresh issue and offer for sale (OFS) with a significant OFS component, leading to concerns that early investors were exiting rather than funding future growth. The IPO size was worth Rs 7,278 crore and it was subscribed 28.26 times overall. The shares got listed on the bourses on November 10, 2025.
Other Noteworthy IPO Performers
Several mid-to-small cap IPOs made a notable impact on the market in 2025, delivering strong post-listing returns. Stallion India Fluorochemicals recorded impressive gains after its debut, while Quality Power Electrical emerged as one of the top performers with robust listing gains. Aditya Infotech also stood out as a high-performing IPO, and technology and services segment listings such as Prostarm Info Systems and Quadrant Future Tek drew significant investor attention. In the EV sector, Ather Energy’s IPO received a positive market response, reflecting strong investor interest in emerging technology-driven companies.
These offerings reflect a record year for the Indian primary market, with IPO proceeds and participation reaching multi-year highs and diverse sectors, from tech and consumer to financial services and industrials, attracting investor interest.
