Top Upcoming IPOs in 2025 – ICICI, Groww, Lenskart, Pine Labs & PhysicsWallah

The IPO market in 2025 has been very strong. Until the end of September, 80 new IPOs were launched, raising over ₹80,000 crore. October saw big IPOs from Tata Capital and LG Electronics India. The remaining months of 2025 could see another ₹41,000 crore raised.

Upcoming Key IPOs:

ICICI Prudential AMC IPO

ICICI Prudential Asset Management plans to raise around ₹9,000–10,000 crore via IPO. This is an offer for sale (OFS), so the money will go to existing shareholders, not the company.

Groww IPO

Groww’s parent company, Billionbrains Garage Ventures, plans to raise ₹6,500 crore. The IPO will include both fresh shares and OFS, making it a 100% book-built issue.

Lenskart IPO

Lenskart will raise around ₹6,000 crore. Part of the IPO is fresh shares worth ₹2,150 crore, and part is an OFS. Co-founders like Peyush Bansal will sell some of their shares.

Pine Labs IPO

Pine Labs plans an IPO of ₹5,500 crore, including both fresh shares and OFS. Fresh shares will raise around ₹2,600 crore.

PhysicsWallah IPO

PhysicsWallah will raise ₹3,800 crore, including ₹3,100 crore fresh shares and ₹720 crore OFS. The money will be used to open new offline and hybrid learning centers