Upcoming IPOs in 2025: Complete List, Dates & Expected Launches

Introduction

India's capital markets are poised for an exciting parade of yet-to-launch Initial Public Offerings (IPOs) in the remainder of 2025 and early 2026. With 72 companies having secured SEBI regulatory approval and a cumulative pipeline value exceeding ₹1.4 lakh crore, the upcoming IPO landscape represents significant opportunities for investors seeking exposure to high-growth Indian businesses. This comprehensive guide focuses exclusively on IPOs that have received regulatory approval but have not yet launched their public offerings, providing detailed insights into company profiles, business models, financials, and investment considerations.

Major Upcoming IPOs Expected in November-December 2025

1. Meesho: Social Commerce Revolution

Issue Size: ₹5,800–₹6,600 crore (estimated)

Expected Launch: Late 2025 (subject to market conditions)

Meesho stands as one of the most anticipated IPO launches of 2025, with SoftBank Vision Fund as a key backer. The company has revolutionized e-commerce by enabling small sellers and manufacturers to reach consumers directly through social commerce channels primarily WhatsApp, Instagram, and Facebook. This asset-light model has proven highly scalable, particularly in tier II and tier III cities where traditional e-commerce penetration remains limited.

Business Model & Financial Performance:

Meesho operates on a commission-based model, earning revenue primarily through seller commissions (60% of revenue), advertising services (20%), and financial services (15%). For FY25, the company reported operating revenue of ₹1,167 crore with net loss of ₹1,074 crore (though this represents significant improvement from ₹1,417 crore loss in FY24). Critically, Meesho achieved positive free cash flow of over ₹1,000 crore on an LTM basis, demonstrating operational maturity despite accounting losses.

As of the latest filings, Meesho maintained a fortress balance sheet with ₹5,700+ crore in cash and investments with zero debt. The company serves over 50 lakh sellers and 4.5 crore monthly active consumers across India.

Existing Investor Base:

Elevation Capital, Peak XV Partners, Y Combinator, and Venture Highway have backed Meesho's journey and are expected to show partial exits through the OFS component.

2. Shiprocket: E-commerce Logistics Enabler

Proposed Issue Size:₹2,000–₹2,500 crore

SEBI Approval Date:October 31, 2025

Expected Launch: November 2025 (subject to market conditions and company readiness)

Shiprocket, backed by Zomato and Temasek, represents one of India's most important logistics and supply chain technology platforms serving direct-to-consumer (D2C) brands and small sellers. The company provides seamless order fulfillment, delivery partner management, tracking, and return management across Indian and international markets.

Financial Performance & Metrics

For FY25, Shiprocket demonstrated remarkable improvement in profitability trajectory:

- Operating revenue: ₹1,632 crore (24% YoY growth)

- Net loss: ₹74 crore (substantially down from ₹595 crore in FY24)

- Cash EBITDA: Positive for the full year (critical milestone)

- Merchant base: ~4 lakh total merchants with 1.8 lakh active on platform

- Tier II/III city contribution: 66% of total deliveries

The company has also diversified into emerging verticals including quick commerce, cross-border shipping, and merchant financial services, with these new businesses recording 25% improvement in cash EBITDA.

Business Segments:

1. Core logistics and fulfillment (primary revenue driver)

2. Quick commerce (emerging high-growth vertical)

3. Cross-border shipping (international expansion)

4. Financial services for merchants (value-added offering)

3. Credila Financial Services: Education Lending Specialist

Issue Size:₹5,000 crore

Expected Launch: Late 2025 or early 2026 (subject to market conditions)

Credila Financial Services holds the distinction of being India's largest education finance company, specializing exclusively in education lending with deep expertise in underwriting educational credit risk.

Company Profile & History:

Founded in 2006 by HDFC Bank and subsequently sold to private equity Barring Asia (now EQT BPEA) and Cryscapital . Credila has built a dominant position in the education financing market. The company provides loans for:

- Indian higher education (domestic professional courses)

- Overseas education (international university programs)

- Skill development and vocational training

- Study abroad financing

Financial Performance (FY25):

- Loan book: ₹41,469 crore

- Net income: ₹990 crore

- Net profit margin: Healthy and sustainable

- HDFC Bank ownership: 9.99% post-merger

Sector Opportunity:

India's education finance market is experiencing robust growth driven by:

1. Rising aspirations for higher education and overseas studies

2. Increasing middle-class participation in professional courses

3. Government scholarship gaps creating private lending opportunity

4. Digitalization of education driving demand for education loans

Book-Running Lead Managers: Axis Capital Ltd, Citigroup Global Markets India, Goldman Sachs (India) Securities, IIFL Capital Services, Jefferies India

4. Shadowfax: Last-Mile Logistics Transformation

Issue Size: ₹2,000–₹2,500 crore (estimated)

Expected Launch: November 2025 (subject to market conditions)

Shadowfax Technologies, backed by Flipkart and TPG, operates one of India's most advanced hyperlocal logistics networks. Founded in 2015, the company has built a technology-driven platform serving e-commerce, quick commerce, FMCG, and pharmaceutical sectors.

Operational Footprint & Customers:

As of latest updates:

1. 2,200+ corporate clients including Flipkart, Amazon, BigBasket

2. 26,000+ delivery partners

3. Coverage across 400+ cities

4. 75% revenue from e-commerce (primary concentration)

5. 25% from quick commerce and hyperlocal deliveries

Financial Performance (FY24-H1 FY26):

- Operating revenue growth: 33% YoY in FY24

- EBITDA: ₹23 crore (operationally profitable)

- H1 FY26 net profit: ₹21 crore (doubled from prior year)

- Path to sustainable profitability: Clear and near-term

Technology & Competitive Advantages:

1. AI-driven dynamic routing optimization

2. Proprietary vendor onboarding automation

3. Real-time tracking and analytics

4. Integration of multiple delivery partners

5. Flexible partner economy enabling rapid scaling

Valuation Context: Expected valuation of ₹8,500 crore represents premium to February 2025 funding round valuation of ₹6,000 crore, reflecting market confidence in logistics sector growth.

5. Milky Mist Dairy Food: Packaged Dairy and Foods Leader

Issue Size:₹2,035 crore

Expected Launch:Late 2025 or early 2026 (TBA)

Lead Managers: JM Financial Ltd., Axis Capital Ltd., IIFL Capital Services Ltd.

Milky Mist Dairy Food Limited, incorporated in 2014, has emerged as a leading value-added dairy company operating an integrated farm-to-retail model. The company's product portfolio extends significantly beyond traditional milk products.

Product Diversity & Distribution:

Products include paneer, curd, ghee, butter, cheese, yogurt, ice cream, UHT (ultra-high temperature) long-life milk products, chocolates, sweetened condensed milk, and frozen foods (ready-to-eat/ready-to-cook items).

Operational Model:

- Direct farmer partnerships: 67,615 farmers within 400-km radius

- Manufacturing facilities: Main plant in Perundurai (Erode, Tamil Nadu); Bengaluru facility for frozen foods

- Logistics network: 44 milk vans, 252 reefer trucks, 34 ambient trucks

- Distribution: 3,062 distributors across 22 states and 5 union territories, reaching 3.5+ lakh retail touchpoints

Financial Performance:

- Revenue CAGR (FY23–FY25): 29.82%

- FY25 revenue: ₹2,349.50 crore (28.98% growth from FY24's ₹1,821.61 crore)

- Among fastest-growing packaged food companies in India (₹1,500+ crore revenue segment)

Market Opportunity:

India's dairy market is projected to grow at 6-8% CAGR, with value-added products (cheese, yogurt, ice cream) growing even faster at 10-12% CAGR. Milky Mist's premium positioning in the value-added segment positions it well for continued growth.

6. Wakefit: D2C Sleep and Furniture Innovation

Issue Size: ₹468 crore

Expected Launch: Late 2025

Wakefit has disrupted India's sleep and home furniture market through a direct-to-consumer model, building a strong brand in mattresses, pillows, bed frames, and sleep accessories. The company operates both online (e-commerce platform) and offline (experience centers) channels.

D2C Business Model Strengths:

1. Direct customer relationships eliminating middlemen

2. Data-driven personalization and product recommendations

3. Customer feedback integration for continuous improvement

4. Brand loyalty through premium positioning

5. Supply chain control enabling margin optimization

Seller Profile for Investors

- Peak XV Partners (early investor)

- Co-founders Chaitanya Ramalingegowda and Ankit Garg

7. Rayzon Solar: Solar Manufacturing Expansion

Issue Size: ₹1,500 crore (entirely fresh issue)

SEBI Approval Date : October 22, 2025

Expected Launch: Late 2025

Rayzon Solar manufactures high-efficiency solar photovoltaic modules, directly capitalizing on India's renewable energy expansion narrative and government PLI (Production Linked Incentive) schemes for solar manufacturing.

Use of Proceeds:

1. Manufacturing capacity expansion for solar PV modules

2. Production facility upgrades and modernization

3. Technology investments for efficiency improvement

4. Working capital for supply chain optimization

8. Imagine Marketing (boAt): Consumer Electronics and Wearables

Issue Size:₹1,500 crore

Expected Launch: Late 2025 or early 2026 (subject to market conditions)

Imagine Marketing Limited, operating the boAt brand, has established itself as India's largest digital-first audio and wearables company. Launched in 2014, boAt offers an extensive range of audio products (earbuds, headphones), smartwatches, and mobile accessories targeting young, trend-conscious consumers.

- Product revenue mix: 83% from audio, 14% from wearables, 3% other categories

- Market position: Dominant in affordable premium audio segment

- Distribution: Omnichannel (online + offline presence)

Market Opportunity:

India's hearable market is projected to grow at 25-35% CAGR, reaching ₹515-765 billion by 2025. The wearables market is expanding even faster at 40%+ CAGR as smartphone penetration plateaus but accessory demand accelerates.

Strategic Objective:

- Debt repayment and capital optimization

- General corporate purposes and working capital

- Potential inorganic growth through acquisitions

9. InCred Holdings: Financial Services and Digital Platform Leader

Issue Size: ₹3,000–₹4,000 crore

SEBI Filing Date: November 6, 2025 (Confidential DRHP)

Expected Launch: Late 2025 / Early 2026 (subject to SEBI observations and market conditions)

InCred Holdings, the parent holding company of NBFC InCred Financial Services, has filed its confidential Draft Red Herring Prospectus (DRHP) with SEBI on November 6, 2025, marking one of the most significant fintech IPO launches of 2025-2026. The company was founded in 2016 by Bhupinder Singh, former co-head of Investment Banking and Securities at Deutsche Bank for Asia Pacific.

Business Model & Three Verticals:

InCred Holdings operates through three strategic business verticals:

1. InCred Finance (Lending Arm): The core NBFC providing consumer and business loans across personal finance, education loans, home loans, and secured MSME lending. The company leverages proprietary underwriting technology and cash-flow based lending models, utilizing alternate ratios rather than traditional financial statements for credit assessment.

2. InCred Capital (Wealth & Asset Management): Provides institutional wealth management, asset management, and investment advisory services to high-net-worth individuals and institutional clients.

3. InCred Money (Digital Investment Distribution): A retail wealthtech and investment distribution platform enabling retail investors to access financial products digitally. In September 2025, InCred Money raised ₹250 crore from investors including Manipal Group chairman Ranjan Pai, former Deutsche Bank executive Ram Nayak, and Mankind Family Office.

Strategic Investor Base:

1. Abu Dhabi Investment Authority (ADIA) - Early investor

2. Teacher Retirement System of Texas (TRS)

3. KKR (Kohlberg Kravis Roberts) - 13.4% stake, expected partial exit

4. Ranjan Pai (via Manipal Education and Medical Group)

5. Zerodha Cofounders: Nithin and Nikhil Kamath acquired minority stake for ₹250 crore in June 2025

6. Oaks, Elevar Equity, Moore Venture Partners

Merger History & Ownership Structure:

InCred Finance successfully merged with KKR India Financial Services in 2022, creating a unified entity branded as InCred Finance. This consolidation strengthened the company's capital base and expanded its product offerings.

Market Opportunity:

India's retail credit market is experiencing robust growth at 17-18% CAGR, driven by:

- Rising consumer aspirations for quality of life improvement

- Formal credit market expansion into semi-urban and rural areas

- Digital lending platform proliferation

- MSME sector formalization and credit access expansion

- Education financing market growth

Investment Considerations for Upcoming IPOs

Before investing in any upcoming IPO, investors should systematically evaluate:

1. Business Model Assessment:

- Revenue stream diversification

- Scalability and unit economics

- Competitive positioning and moat

- Market size and TAM (total addressable market)

2. Financial Analysis:

- Profitability trajectory and path to sustainability

- Cash flow generation (critical for capital-intensive businesses)

- Debt levels and capital structure

- Working capital efficiency

3. Growth Drivers:

- Sector tailwinds and demographic trends

- Regulatory support and incentives

- Technology adoption acceleration

- Market consolidation opportunities

4. Risk Assessment:

- Competitive intensity and pricing pressures

- Regulatory and compliance risks

- Technology obsolescence risks

- Execution risks for growth plans

5. Valuation Reasonableness:

- Comparison with listed peers

- Premium/discount justification

- Long-term earnings power

- Historical IPO valuations for sector

The November-December 2025 period will see a concentrated wave of IPO launches, with multiple companies competing for investor attention and favorable market conditions. Retail investors should monitor:

1. Weekly IPO launch announcements

2. Market sentiment and subscription trends

3. Sector-specific news and catalysts

4. Macroeconomic conditions affecting valuations

Conclusion

India's upcoming IPO pipeline for 2025-2026 represents an unprecedented opportunity to invest in companies spanning diverse sectors from social commerce and logistics to renewable energy, fintech, and artificial intelligence. With 72 SEBI-approved companies and an estimated ₹1.4 lakh crore available for capital raising, the upcoming IPO market will define the next chapter of India's economic growth story.

Whether it's Meesho revolutionizing social commerce, Shiprocket enabling D2C logistics, Tata Capital expanding financial inclusion, or Reliance Jio transforming India's digital infrastructure, each upcoming IPO represents a unique value creation opportunity. However, success requires diligent research, realistic valuation assessments, risk awareness, and alignment with personal investment objectives.

For investors seeking exposure to India's highest-growth sectors, the upcoming IPO pipeline offers a diversified menu of opportunities. The key to successful IPO investing lies in thorough due diligence, long-term perspective, and selectivity based on fundamental analysis rather than momentum.

As India continues its trajectory toward becoming a $5 trillion economy and a global technology and innovation hub, the upcoming IPOs of 2025-2026 will play a critical role in channeling capital into tomorrow's market leaders and wealth creators.