India’s IPO Tsunami 2025–26, 7 Points

Mumbai

1. IPO Boom in 2025–26

   • India’s primary market is witnessing a historic IPO rush with 50 mainboard IPOs already launched in 2025.

   • The momentum is expected to continue into late 2025 and the first half of 2026 with mega listings from Reliance Jio, Tata Capital, LG Electronics India, and Lenskart.

2. Tata Capital IPO – The ₹17,200 Crore Game-Changer

   • Issue size: ₹17,200 crore (USD 2 billion), possibly India’s largest-ever NBFC IPO.

   • Timeline: Expected in late September 2025.

   • Structure: Fresh issue of 21 crore shares + Offer for Sale (OFS) of 26.58 crore shares.

   • OFS Sellers: Tata Sons (23 crore shares) & IFC (3.58 crore shares).

   • Purpose: Strengthening Tier-1 capital base and complying with RBI’s listing mandate for upper-layer NBFCs.

3. Reliance Jio IPO – India’s Biggest IPO in the Making

   • Timeline: By June 2026, as announced by Mukesh Ambani at RIL AGM.

   • Potential Size: Could surpass Hyundai Motor India’s ₹27,870 crore IPO (2024).

   • Market Buzz: Expected 10% stake sale, which may set a record as India’s largest-ever public issue.

4. LG Electronics India IPO – ₹15,000 Crore Consumer Tech Debut

   • Issue Size: Around ₹15,000 crore.

   • Mode: 100% Offer for Sale (10.18 crore shares) by parent LG Electronics Inc.

   • Timeline: Likely in Q4 FY25.

   • Business Edge: Leading home appliances and electronics player catering to both B2C and B2B markets in India and abroad.

5. Lenskart IPO – Vision 2025 in Eyewear

   • Issue Size: ₹2,150 crore fresh issue + large OFS component (13.22 crore shares).

   • Promoters Selling: Peyush Bansal, Neha Bansal, Sumeet Kapahi, Amit Chaudhary.

   • Investors Offloading Stake: Schroders Capital, SoftBank Vision Fund, Kedaara Capital, Alpha Wave Ventures & others.

   • Use of Proceeds: Store expansion (CoCo model), brand marketing, tech and cloud infra, inorganic growth.

   • Brand Growth: Founded 2010, now India’s leading online + offline eyewear retailer.

6. Groww IPO – Fintech Unicorn Goes Public

   • Parent Company: Billionbrains Garage Ventures (Groww’s holding entity).

   • Fundraising Plan: Between USD 700 million – 1 billion.

   • Structure: Fresh issue + OFS (DRHP filed via confidential pre-filing route).

   • Timeline: Updated filings expected soon.

   • USP: One of India’s fastest-growing online brokerage and investment platforms.

7. HDB Financial IPO Still the Largest of 2025 (for now)

   • Issue Size: ₹12,500 crore.

   • Currently the biggest IPO of 2025, though Tata Capital may soon dethrone it.