India’s primary market is gearing up for a blockbuster week as at least three homegrown unicorns — Groww, Pine Labs, and Physics Wallah — are set to launch their initial public offerings (IPO ‘s) next week, collectively aiming to raise around ₹17,000 crore.
According to market sources, Groww, India’s largest retail brokerage platform by client base, plans to raise about ₹7,000 crore, including an offer for sale (OFS) component worth ₹5,940 crore. Fintech major Pine Labs is targeting over ₹6,180 crore, while edtech player Physics Wallah is expected to mobilize close to ₹3,820 crore through its public issue.
Lenskart IPO Closing the Same Week
Adding to the action, the ₹7,278-crore IPO of Lenskart will close for public bids on November 4, making next week one of the busiest for the Indian capital markets. Collectively, total fundraising activity during the week is expected to cross $2 billion, as per investment bankers.
Citibank India CEO K. Balasubramanian recently said that the IPO pipeline remains robust, with $10–15 billion in expected issuances over the next two months.
Upcoming IPOs in the Pipeline
Several companies are waiting to tap the markets soon, including:
- Cleanmax Enviro Energy – ₹5,200 crore
- Casagrand Premier Builder – ₹1,100 crore
- KSH International – ₹745 crore
Other firms such as Veeda Clinical Research, Capillary Technologies, and Pranav Construction are also eyeing launches in the coming weeks, depending on market conditions.
The recent success of large IPOs — WeWork India, Tata Capital, and LG Electronics India — has further boosted investor sentiment. The momentum is expected to continue through November, with upcoming big-ticket offerings from Meesho and ICICI Prudential AMC.
Mega IPOs Coming Soon
The ₹10,000-crore issue of ICICI Prudential AMC is likely to debut by end-November, pending SEBI clearance. Meanwhile, SoftBank-backed Meesho is preparing for an ₹8,500-crore IPO, managed by JP Morgan, Morgan Stanley, and Citi.
Other notable IPOs in the queue include boAt, Hero Fincorp, and Orkla India, the local subsidiary of Norway’s Orkla ASA, which will launch its ₹1,667-crore issue this week. Helmet maker Studds Accessories and smaller players like Jayesh Logistics and Game Changers have also opened their bids.
Global IPO Rankings
Globally, the United States leads IPO fundraising with $53 billion, followed by Hong Kong ($23.4 billion) and China ($16.2 billion). India ranks fourth in global IPO volumes in 2025, reflecting strong investor confidence and domestic liquidity.
Market experts expect the positive trend to continue into early 2026, supported by a surge in retail participation and resilient market conditions. Kotak Equities estimates that over 200 companies could raise up to $35 billion in the next 12 months, including the highly anticipated Reliance Jio mega IPO.
On Monday, the Securities and Exchange Board of India (SEBI) cleared IPO proposals from Steamhouse, Milky Mist, Cure Foods, Kanodia Cement, and Gaja Alternative Asset Management, while the Sterlite Electric Ltd IPO (part of the Vedanta Group) has been placed on hold.
