India's financial markets are buzzing with excitement as the country witnesses a remarkable IPO season. Several new-age disruptors and established business houses are lining up to raise capital, attracting keen investor interest for participating in the next growth phase.
Top 5 IPOs Everyone Is Watching Closely
The Indian primary market is set for significant activity with multiple high-profile companies preparing to launch their initial public offerings. These IPOs represent diverse sectors from education technology to consumer electronics, water purification, asset management, and power generation.
Physicswallah: Revolutionizing Ed-Tech Space
Physicswallah is leading a major transformation in Indian education technology, emerging as a powerful competitor against established players through high-quality courses offered at reasonable prices. The company has focused extensively on low-cost coaching for competitive examinations like JEE and NEET, driving consistent and rapid growth within the highly competitive e-learning sector.
This strong organic reach combined with a loyal student base has captured significant investor attention. Their proposed IPO represents a major step to accelerate expansion into newer geographic regions and educational segments including skill development and international markets.
IPO Details: Estimated size of ₹3,820 crore comprising fresh issue of ₹3,100 crore and Offer for Sale of ₹720 crore. Tentative IPO month is November 2025. The company reported operating revenue of ₹2,886.64 crore for FY2025.
Kent RO Systems: Water Purification Leader
Kent RO Systems, a dominant player in water purification and home appliances, stands as one of the most anticipated IPOs of 2025. The company benefits substantially from growing consumer concerns about water quality, health, and domestic hygiene, driving strong demand for its patented Reverse Osmosis technology products.
The upcoming IPO will primarily provide an exit opportunity for existing investors through an Offer for Sale structure. The company filed its Draft Red Herring Prospectus on January 21, 2025, though the exact IPO size remains undetermined.
Financial Performance: Kent RO reported operating revenue of ₹1,178.18 crore for FY2024, demonstrating strong market presence.
ICICI Prudential Asset Management Company
ICICI Prudential Asset Management Company, part of the ICICI Group, has initiated preparations for its public offering scheduled for 2025. As a significant player in India's mutual funds and asset management sector, the company stands to benefit from increasing financial literacy and higher savings flowing into capital markets.
The company commands impressive scale with approximately 14.6 million customers and massive Assets Under Management of around ₹10+ trillion as of Q2FY2026. Since the IPO comprises only an Offer for Sale involving 1,76,52,090 shares, the company will not receive any proceeds from the offering.
Revenue Strength: ICICI Prudential AMC reported operating revenue of ₹4,977.33 crore for FY2025.
boAt: Consumer Electronics Powerhouse
boAt (Imagine Marketing Limited), a prominent name in the Direct-to-Consumer space for audio products and wearables, is advancing toward its public listing. Investors can apply for shares using their demat accounts once the IPO launches.
The company has successfully established market leadership through aggressive branding strategies, focusing on the premium yet affordable segment, and continuously launching innovative products with increasing localization efforts. This expansion, particularly in premium categories, has substantially improved financial performance.
The IPO, which has already received SEBI approval, aims to raise funds for repaying existing debt and general corporate purposes. The estimated IPO size is ₹2,000 crore comprising ₹900 crore fresh issue and ₹1,100 crore Offer for Sale.
Financial Track Record: boAt reported operating revenue of ₹1,313.71 crore for FY2025.
Bajaj Energy: Power Sector Contender
Bajaj Energy, part of the renowned Bajaj Group, enters the IPO arena amid India's growing electricity demand and efforts to enhance energy capacity. The company's upcoming listing has generated substantial anticipation among investors.
The IPO, which secured SEBI approval earlier this year, represents a substantial issue primarily designed to finance a major strategic acquisition. The company plans to acquire 6.99 crore shares in Lalitpur Power Generation Company Ltd., a move that will consolidate and expand its power generation assets while increasing market share.
IPO Structure: The estimated size is ₹5,450 crore comprising ₹5,150 crore fresh issue and ₹300 crore Offer for Sale.
Investment Outlook and Market Implications
India's IPO market promises an exciting period ahead with major players like Physicswallah, Kent RO, ICICI Pru AMC, boAt, and Bajaj Energy preparing to become publicly listed stocks. However, investors should approach these opportunities with careful analysis rather than being swayed by market hype.
Critical Consideration: While these IPOs present attractive investment prospects, thorough examination of official filings and financial numbers should guide investment decisions rather than mere popularity or media attention.
The diversity of sectors represented in these upcoming IPOs reflects the breadth of India's economic growth story, from digital education and consumer technology to essential services like water purification and power generation.
