India IPO pipeline 2025: key issues, dates, sizes

Primary market activity picks up as Nifty nears highs

India’s primary market is seeing a fresh build-up in IPO activity as the Nifty trades close to record highs and investor sentiment remains upbeat. Multiple reports and deal pipelines point to heavy issuance across mainboard and SME platforms in the coming months. The upcoming calendar spans near-term issues expected over the next month, a busy November week with several offerings across sectors, and a separate set of mega IPOs being prepared for a larger fundraise target. The deal mix also highlights how the market is balancing consumer brands, fintech, manufacturing, renewables, pharmaceuticals, and services.

Five IPOs said to be lined up over the next month

As many as five IPOs are set to enter the market over the next month, with companies collectively looking to raise around ₹3,500 crore, according to two sources familiar with the matter. The reported pipeline includes Advit Jewels Ltd, Turtlemint Fintech Solutions Ltd, Aastha Spintex Ltd, Waterways Leisure Tourism Ltd and Knack Packaging Ltd. Of these five upcoming issues, Advit Jewels and Turtlemint Fintech have already announced their timelines. The rest have been named in the pipeline, but without specific dates or issue sizes in the information provided.

Advit Jewels: dates are out

Advit Jewels’ IPO is scheduled to open on June 23 and close on June 25. Beyond the subscription window, no further details such as price band, offer structure, or targeted size were provided in the supplied text. Still, the confirmed dates make Advit Jewels one of the first in the near-term list to move from pipeline to schedule.

Turtlemint Fintech: IPO window and a large size estimate

Nexus Venture Partners-backed insurtech startup Turtlemint Fintech Solutions is expected to launch its IPO between June 19 and June 23. The issue size is estimated at ₹1,500-2,000 crore, as per the sources cited in the provided material. This estimated size positions Turtlemint as the largest offering among the five near-term names mentioned in the same pipeline. The text does not provide a price band or a breakdown between fresh issue and offer-for-sale for Turtlemint.

A busy November week: mainboard and SME issues

Separately, the primary market is described as gearing up for a busy week with five upcoming IPOs, including three on the mainboard and two in the SME segment. These offerings are expected to raise over ₹10,000 crore in total. The sectors listed include education, clean energy, automotive technology, and pharmaceuticals. The information provided names specific issuers and, in some cases, gives detailed terms such as price bands and dates.

PhysicsWallah: ₹3,480 crore issue with price band

Edtech firm PhysicsWallah is set to launch a ₹3,480 crore IPO on November 11. The price band is ₹103-109 per share. The issue is scheduled to close on November 13, with shares to be listed on both BSE and NSE. These details make PhysicsWallah one of the more fully specified offerings in the set of November launches described.

Tenneco Clean Air India and Emmvee Photovoltaic Power

Tenneco Clean Air India, a subsidiary of global automotive systems leader Tenneco Inc., is slated to launch its ₹3,600 crore IPO on November 12. In renewable energy, Emmvee Photovoltaic Power is set to launch its ₹2,900 crore IPO on November 11. The provided text does not include price bands or closing dates for these two issues. However, the issue sizes and launch dates indicate the scale and concentration of issuance expected in that particular week.

SME issues: Mahamaya Lifesciences and Workmates Core2Cloud

Among SME listings, specialty pharmaceutical company Mahamaya Lifesciences will launch its IPO on November 11. Another tech solutions provider, Workmates Core2Cloud Solution, will also launch an SME listing next week. Workmates’ ₹69.84 crore IPO opens on November 11 with a price range of ₹200-204 per share, and Horizon Management is named as the lead manager. The information provided does not include the subscription close date for the SME issues.

Mega IPOs worth ₹35,000 crore and the valuation debate

Another set of reports points to five mega IPOs worth about ₹35,000 crore planned over the next two months, including Lenskart, Groww, Pine Labs, ICICI Prudential AMC, and boAt. The same information notes this follows successful listings of LG Electronics India and Tata Capital, which together raised over ₹27,000 crore. It also cites commentary that the focus is shifting toward profitability and valuations. A key contrast highlighted is that LG Electronics’ ₹11,600 crore IPO was among the most successful in years and listed at a 50% premium, while Tata Capital’s ₹15,500 crore issue had a muted debut.

Other deals and the broader calendar: NSDL and May 2025 launches

Beyond the mega names, NSDL (National Securities Depository Ltd.) is referenced with an estimated IPO size of ₹3,400-3,500 crore, described as a pure offer-for-sale (OFS). The calendar also includes the week starting Monday, May 26, 2025, when multiple IPOs were scheduled to open. Schloss Bangalore Ltd, backed by Brookfield and operator of The Leela luxury hotels, is looking to raise approximately ₹3,500 crore through a mix of a ₹2,500 crore fresh issue and a ₹1,000 crore OFS, and its IPO opens on May 26 and closes on May 28. Aegis Vopak Terminals is also set to open on May 26, targeting ₹2,800 crore, with the same May 28 close date.

Key IPO terms mentioned (selected list)

Market impact: why this wave matters

The set of IPO line-ups described points to a market attempting to translate strong secondary-market sentiment into primary issuance. The appearance of multiple large issues in the same window can concentrate investor attention and liquidity, particularly when several offers are mainboard-sized. The contrasting listing outcomes cited for LG Electronics India (50% premium) and Tata Capital (muted debut) underline that demand may vary sharply by valuation and issue structure. For retail investors and institutions, the cluster of offerings across education, clean energy, automotive-linked manufacturing, fintech, and pharmaceuticals suggests wider sector participation, but also raises the need to compare price bands, sizes, and timelines carefully when multiple subscription windows overlap.

Conclusion

India’s IPO calendar, as described in the provided information, spans near-term June launches, a heavy November week with mainboard and SME issues, and a separate pipeline of mega IPOs targeting about ₹35,000 crore. Among the most clearly scheduled near-term deals are Advit Jewels (June 23-25) and the expected Turtlemint window (June 19-23), while PhysicsWallah anchors the November list with a stated price band and dates. With Nifty near record highs and several large names preparing issues, the next milestones to watch are the confirmed launch windows and final offer terms as they are announced.