The Indian IPO market is poised for a surge in activity as several large technology companies plan to launch public issues soon after Diwali 2025, collectively expected to raise around $4–4.5 billion. Industry insiders have confirmed that companies including Groww, Lenskart, Meesho, Pine Labs, Fractal Analytics, and PhysicsWallah are actively preparing for both domestic and international investor roadshows as they gear up for their initial public offerings.
These developments mark a significant phase for the domestic capital markets, with new-age tech firms targeting a combination of domestic and international investors. Sources told Moneycontrol that most of these companies are planning to open their IPOs in late October or November, with some considering launches as late as December, depending on investor appetite and prevailing market conditions.
Investor Roadshows Underway
All the companies in this wave of tech IPOs are currently in various stages of investor roadshows. Both domestic and international roadshows are underway to generate interest in their upcoming public offerings. According to sources familiar with the plans, the companies are taking cues from the recent successful listing of Urban Company, which demonstrated strong investor demand for fresh paper from new-age companies with innovative business models.
This positive sentiment is expected to help the upcoming tech IPOs attract considerable investor interest. Experts suggest that the unique business models of these companies could be a key driver in generating subscriptions, particularly among institutional investors who are scouting for opportunities in the rapidly expanding technology and consumer services sectors in India.
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Domestic IPO Market Outlook
The domestic IPO market has shown strong traction lately, with record launches in September 2025 and several major issues lined up for October, including the much-awaited IPOs of Tata Capital and LG Electronics India. Market participants believe that the second half of the fiscal year will see heightened IPO activity, with multiple large deals, especially from technology firms, expected to hit the primary market.
Foreign investors, who have been selling Indian stocks in the secondary market, continue to participate actively in IPOs. Domestic demand is also reported to be robust. However, companies are factoring in a higher discount to attract investors due to market volatility, ensuring that their offerings remain well-subscribed.
Emails sent to representatives of Groww, PhysicsWallah, Meesho, Lenskart, and Fractal Analytics did not elicit a response at the time of publication, indicating that companies are maintaining a tight schedule around investor communications in the lead-up to their IPOs.
Company-Wise IPO Estimates
Industry sources and preliminary filings indicate significant fundraising targets for each of these upcoming IPOs. Pine Labs is expected to raise up to $700 million (approximately ₹6,200 crore) from its public issue, following reports first highlighted by Moneycontrol on September 18.
Lenskart, a leading eyewear retailer, is planning an IPO estimated at ₹7,500–8,000 crore (around $900 million), while social commerce platform Meesho is eyeing a share sale in the range of ₹8,000–8,500 crore (nearly $950 million). Ed-tech company PhysicsWallah is targeting ₹3,820 crore ($430 million) through its IPO, and analytics firm Fractal Analytics plans to raise ₹4,900 crore (nearly $550 million). Online investment platform Groww is looking to garner between $800 million and $1 billion (₹7,100–8,900 crore) from its listing.
Collectively, these six companies alone could contribute around $4–4.5 billion to the primary market, making this one of the largest waves of tech IPOs in recent times.
Timing and Market Strategy
The timing of these IPOs is strategic, coinciding with the period immediately after Diwali, which traditionally sees increased market activity and liquidity. Market participants are closely watching investor sentiment, particularly in the wake of prior successful IPOs that demonstrated strong subscription levels for new-age companies.
Sources note that while the market has been volatile in recent months, the appetite for quality IPOs remains strong. Companies are taking advantage of this environment by aligning their investor roadshows and pricing strategies to secure maximum participation from both domestic and foreign investors.
The IPOs are expected to be a mix of institutional and retail participation, with anchor investors likely to be allocated significant portions of the issue ahead of the public subscription. The companies are emphasizing their growth narratives, market positioning, and product differentiation to attract long-term investors.
Sector Trends and Investor Sentiment
The upcoming IPOs highlight a growing trend of new-age technology companies seeking public listings. Sectors such as fintech, social commerce, ed-tech, and analytics are seeing increased investor interest due to their scalable business models and growth potential.
The recent Urban Company IPO, which performed strongly despite market volatility, has set a benchmark, suggesting that investors are willing to back well-established private tech companies with robust revenue models and high growth prospects. This trend is expected to continue, with the upcoming batch of IPOs serving as a key indicator of the strength of India’s primary market for technology firms.
Outlook for Dalal Street
For Dalal Street, the influx of $4.5 billion in potential IPOs post-Diwali is expected to be a major boost, particularly for the technology sector. Analysts believe that if investor demand continues to be strong, these IPOs could provide a healthy start to the second half of the fiscal year, attracting both domestic retail investors and global institutional funds.
While the actual market performance of these IPOs will depend on investor response, pricing, and overall market conditions, the scale and profile of these companies suggest that they are likely to generate considerable attention.
Conclusion
In summary, the Indian IPO market is set to witness a significant surge in activity post-Diwali 2025, driven by a wave of large technology listings. Companies like Groww, Lenskart, Meesho, Pine Labs, Fractal Analytics, and PhysicsWallah are collectively aiming to raise around $4–4.5 billion, reflecting the growing investor appetite for new-age technology companies.
With investor roadshows underway and anchor book allocations scheduled in the coming weeks, these IPOs are poised to be among the most watched in the domestic primary market. Market participants will be closely observing subscription levels, pricing, and investor interest as these companies transition from private to public ownership.
The upcoming IPOs are likely to set the tone for the remainder of the fiscal year, indicating strong confidence in the growth prospects of India’s technology sector. For Dalal Street, this could be a defining moment, as the post-Diwali period may see one of the largest waves of tech IPOs in recent years, boosting both investor sentiment and primary market activity.
