India’s initial public offering (IPO) market, which saw a record-breaking boom in 2024, is now facing a sharp slowdown. As per data from Prime Database, a total of 144 companies, with IPO plans worth Rs. 1.47 lakh crore, have put their listings on hold. Out of these, 67 firms are awaiting SEBI’s approval.
The Slowdown in IPOs
In January and February, companies raised only Rs. 16,000 crore through 10 mainboard IPOs, a steep 37 percent drop compared to December 2024. By March, the IPO market completely froze, with not a single mainboard IPO launched, showing just how much the primary market had slowed down.
Major Reasons Behind the IPO Slowdown
Market Volatility: Continued fluctuations in the stock market have led to increased uncertainty, prompting companies to delay their public offerings.
Investor Caution: Potential investors are exercising caution, leading to reduced demand for new listings.
Regulatory Scrutiny: Stricter rules from regulators have made the approval process tougher, leading to delays for some companies planning to launch their IPOs.
Here is the List of mainboard IPOs that are set to launch
Tata Capital
Tata Capital is the financial services arm of the Tata Group, offering a wide range of services including consumer loans, wealth management, commercial finance, and investment banking.
Tata Capital, the financial services arm of the Tata Group, has filed a Draft Red Herring Prospectus (DRHP) with SEBI for an IPO worth Rs. 16,000 crore through a confidential route. The IPO will consist of a combination of fresh issuance of 2.3 crore equity shares and an offer for sale (OFS) with a face value of Rs.10 each
JSW Cement
JSW Cement is a leading manufacturer of green cement in India, producing products like blended cement, GGBS, and ready-mix concrete. Part of the JSW Group, it has a significant presence across southern, western, and eastern India, with plans for pan-India expansion.
JSW Cement has received final approval from SEBI to launch its IPO, aiming to raise Rs. 4,000 crore. The IPO will consist of a fresh issue of Rs. 2,000 crore and an offer for sale of Rs. 2,000 crore by the existing shareholders and is expected to launch in July.
Zepto
Zepto is a Bengaluru-based quick-commerce startup founded in 2021, specializing in 10-minute grocery deliveries. With over 250 dark stores across major Indian cities, it has rapidly grown, attracting significant investments and becoming a prominent player in the grocery delivery market.
Zepto, a quick commerce startup based in Bengaluru, is getting ready to file its DRHP and plans to raise between Rs. 6,400 crore and Rs. 8,000 crore through its IPO. The company is adding more Indian investors ahead of the listing and is holding pre-IPO funding rounds. While there are some concerns about its valuation due to market volatility, Zepto is expected to go public in the third quarter of this year.
Ather Energy
Ather Energy, founded in 2013 in Bengaluru, is an Indian electric vehicle manufacturer specializing in electric scooters. Known for models like the Ather 450X and 450S, it also operates the Ather Grid, a network of EV charging stations across India.
Ather Energy has initially planned a Rs. 4,000 crore IPO, but that amount has now been reduced to around Rs. 3,000 crore. Its valuation has also dropped significantly, from Rs. 20,000 crore to Rs. 12,800 crore, according to sources. Ather has already submitted two updates to its draft red herring prospectus (DRHP), pushing the IPO launch to the end of this month.
Urban Company
Urban Company is a technology platform offering a variety of at-home services, including beauty treatments, cleaning, plumbing, and appliance repair. Serving over 12 million customers across 66 cities in five countries, it connects trained professionals with clients through its platform
Urban Company is currently taking a wait-and-see approach. The platform, which initially aimed for a valuation of Rs. 16,000-24,000 crore and hoped to raise around Rs. 3,000 crore through its IPO, has now reduced its target by 80 percent and plans to raise about Rs. 500 crore instead. However, the IPO timeline still seems to be on track for Urban Company.
LG Electronics India
LG Electronics India is a subsidiary of LG Electronics, South Korea, offering a wide range of consumer durables such as refrigerators, washing machines, and air conditioners. It has filed for an IPO to capitalize on the growing demand for consumer electronics in India.
LG Electronics India had planned a huge Rs. 15,000 crore offer-for-sale, which was expected to be one of the largest consumer IPOs in India. However, the plan has been put on hold for now. Sources say the delay is due to global economic uncertainties and changing investor sentiment, which have led the company to reconsider the timing of the IPO.
Written by Sridhar J
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