Upcoming IPO

Upcoming IPO refer to initial public offerings that are in the pipeline. They aren’t open to bidding, but they are expected to open soon. Companies looking to go for IPOs submit their draft red herring prospectus to SEBI for review. Once SEBI reviews and gives a green signal, companies go ahead with the IPO exercise. You can know about all such IPOs here.

• Non-institutional Investors

They are another category of investors who can invest in upcoming IPOs. These investors are also big players and can invest a significant amount of money. They are known as NIIs. NIIs generally invest more than ₹2 lakhs in an IPO. While QIBs are defined institutions, NIIs can be entities or individuals like QIBs, their participation in large numbers is also viewed positively by investors.

• Retail Individual Investors

Retail individual investors are small investors. These investors can invest a maximum of up to ₹ 2 lakhs in an IPO. When an IPO is oversubscribed, shares are allotted to retail investors on a lottery basis.

Apart from these, companies also reserve a certain portion of their shares for their employees. You can find the maximum and minimum percentage for each category in the company’s red herring prospectus.

List of Upcoming IPOs in 2025

As the year progresses, several companies are set to launch their initial public offerings (IPO) in the Indian Market. Here are some noteworthy names to watch out for in 2025:

Gujarat Kidney and Super Speciality IPO: Open date: December 22, 2025; Closing date: December 24, 2025; Listing date: December 30, 2025. The IPO is a 100% book-built issue comprising a fresh issue of 2.20 crore equity shares with no offer for sale. The price band is set at ₹108–₹114 per share. The minimum retail investment is ₹14,592 for 1 lot of 128 shares. Gujarat Kidney and Super Speciality is a healthcare company focused on kidney care and super speciality medical services in India.

NSE IPO:

Open date: TBA; Closing Date: TBA; Listing date: TBA. The NSE issue size has not yet come out. The National Stock Exchange (NSE) is valued at ₹5 lakh crores. The National Stock Exchange of India (NSE) is the leading stock exchange in India and one of the largest in the world by trading volume. The NSE was established in 1992 to modernize the Indian capital market by introducing a transparent, fully automated, and electronic trading system.

Zepto IPO:

Open date: TBA; Closing Date: TBA; Listing Date: TBA. Zepto is aiming for an $800-$1 billion IPO, translating to roughly ₹4500 crores. The quick commerce giant’s valuation is $7 billion. Zepto is an Indian quick-commerce company founded in 2021 by Aadit Palicha and Kaivalya Vohra, who are Stanford dropouts. The company's main service is delivering groceries and essentials in under 10 minutes using a network of "cloud stores" or micro-warehouses.

Flipkart IPO:

Open date: TBA; Closing Date: TBA; Listing Date: TBA. Flipkart aims to raise ₹20,000 crores from its IPO. Flipkart’s valuation is $35 billion or $36 billion. The consumer-tech company’s valuation is between $60-$70 billion. Flipkart is a major Indian e-commerce company, founded in 2007 by Sachin and Binny Bansal, that started as an online bookstore and now offers a vast range of products like electronics, fashion, and groceries.

Reliance Jio IPO:

Open Date: TBA; Closing Date: TBA; Listing Date: TBA. Reliance Jio is aiming for an IPO of ₹30,000 crores. The company’s valuation is between $120 billion and $154 billion. Reliance Jio Infocomm Limited is an Indian telecommunications company and a subsidiary of Jio Platforms, headquartered in Navi Mumbai. It operates a national LTE network with coverage across all 22 telecom circles. Jio offers 5G, 4G and 4G+ services all over India. Its 6G service is in the works.

PayU IPO:

Open Date: TBA; Closing Date: TBA; Listing Date: TBA. PayU aims to raise $300 million from its upcoming IPO. PayU’s valuation is estimated to be $2.9 billion to $4.2 billion. PayU is a global payment and fintech company that provides online payment gateway solutions to businesses. It serves over 450,000 merchants worldwide with more than 150 payment options, including credit/debit cards, UPI, net banking, and wallets.

Bajaj Energy IPO:

Bajaj Energy aims to raise ₹5450 crores through its IPO. It comprises a fresh issue of 5,150 crores and an offer for sale of ₹300 crores. The market capitalisation of the company is ₹3397 crores. Bajaj Energy is one of the largest private-sector thermal generation companies in India. The company excels in innovating & operating sustainable power.

SBI Mutual Fund AMC IPO:

Open Date: TBA; Closing Date: TBA; Listing Date: TBA; SBI Mutual Fund AMC IPO has filed an IPO of ₹8000 crores. The company’s valuation is ₹1.2 lakh crores. SBI Mutual Fund was established on June 29, 1987, as a Trust, with State Bank of India (SBI) acting as the sponsor and SBI Mutual Fund Trustee Company Private Limited serving as the Trustee. It received registration from SEBI on December 23, 1993. A significant development occurred on April 13, 2011, when an agreement was inked between SBI and AMUNDI Asset Management, transforming the fund house into a joint venture.

PhonePe IPO:

Open Date: TBA; Closing Date: TBA; Listing Date: TBA; The payments giant is eyeing a $1.5 billion IPO. PhonePe’s current valuation is $12 billion. PhonePe is a digital payments and financial services company headquartered in Bengaluru, India. It was founded in 2015 and is a leading mobile payment app in India, leveraging the Unified Payments Interface (UPI) to facilitate a wide range of transactions.

Snapdeal IPO:

Open Date: TBA; Closing Date: TBA; Listing Date: TBA; Snapdeal’s parent company, Ace Vector, has filed an initial public offer of up to ₹500 crores. It includes a fresh component and an offer for sale component. As of December 2024, the company’s valuation was over $800 million. Snapdeal is an Indian e-commerce company, based in New Delhi, India. It was founded in February 2010 by Kunal Bahl and Rohit Bansal. Snapdeal is one of the top 5 online marketplaces in India.

OYO IPO:

OYO plans to raise up to $800 million through its upcoming IPO. OYO’s valuation is currently $3.65 billion. OYO is a global platform that empowers entrepreneurs and small businesses with hotels and homes by providing full stack technology that increases earnings and eases operations. Bringing affordable and trusted accommodation that guests can book instantly.

boAt (Imagine Marketing Ltd) IPO

Renowned for its audio and electronics wearables, boAt aims to launch its IPO in Mid-September. The company is aiming for a ~$1.5 billion valuation.

Kent RO IPO:

Open Date: TBA; Kent RO IPO Closing Date; Kent RO IPO Listing Date: TBA: Kent is well-established and is recognised as the pioneer in introducing reverse osmosis (RO) technology in the water purifier product category in India. The company’s water purifiers have received the NSF/ANSI 58 (an American national standard for point-of-use revenue osmosis systems) certification, making it the first and only water purifier manufacturer in India to obtain this certification.

Follow Kotak Securities to know more about the upcoming IPOs in 2025.

What is the Process of Investing for an Upcoming IPO Online?

To invest in an upcoming IPO online:

• Select the IPO

The first step is to choose the IPO in which you want to invest. You can find a list of upcoming IPOs on Kotak Securities. You can read about them individually too. Make sure to know their financials, strengths, risks and other essential parameters.

• Have the three important accounts

Ensure you have an active Demat account, a trading account and a bank account. While a Demat account holds your shares in an electronic format, a trading account helps you buy and sell shares. You need a bank account for funding using the ASBA facility.

Once you have these ready, log into your Demat account with the credentials and visit the IPO section. Choose the IPO you want to invest in, enter your bid and the application lot size. Block funds through the ASBA facility. If allotted, the shares will be credited into your account. If not, you will get a refund.

Prerequisites for Applying for an Upcoming IPO

Before applying, make sure to have these ready:

• A valid PAN: PAN is essential for all transactions. PAN also lets you check your IPO allotment status.
  
• Demat account: A Demat account with a SEBI-registered broker like Kotak Securities where your shares are credited electronically.
  
• Bank account: You need a valid bank account from where you can make payments. Payments done through other accounts may lead to a rejection. Make sure your account has sufficient funds.
  
• A trading account: While a trading account may not be necessary while applying for an IPO, it’s needed for buying and selling shares post listing.
  

How to Apply for an Upcoming IPO?

You can easily apply for an IPO through Kotak Securities. Open a Demat account with us and then:

• Log in to your Kotak Securities Demat account - Log in to your Demat account. Next, select the current IPO section.
  
• Specify IPO details - Input the number of lots and the price you wish to apply for.
  
• Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.