6 Big IPOs Coming Soon – What Investors Should Know
The next couple of months promise a heavy IPO wave in India, with six major companies planning to list: Lenskart (~₹8,000 Cr), Groww (~₹7,000 Cr), Pine Labs (~₹5,800 Cr), PhysicsWallah (~₹3,820 Cr), boAt (~₹2,000 Cr) and ICICI Prudential AMC (~₹10,000 Cr). This is a blockbuster line-up for retail and institutional investors alike.
Here’s a sector-wise look at each IPO — business model, financial details, risks, and whether they are worth subscribing or skipping.
Lenskart – Eyewear & Retail
IPO Size: Around ₹8,000 crore Expected Date: Early November Type: Fresh Issue + OFS
Lenskart operates an integrated eyewear business covering design, manufacturing, and retail of spectacles, sunglasses, and contact lenses through both online and offline stores. The company has built its brand around affordability, quality, and convenience, with more than 2,000 stores across India.
| Metric | FY25 | Remarks |
|---|---|---|
| Revenue | ₹6,653 crore | Strong 33% YoY growth |
| EBITDA Margin | 14.6% | Improved from 6.9% FY23 |
| RoCE | 13.8% | Turned positive after losses |
- Strong omnichannel presence driving customer convenience.
- Profitability turnaround adds credibility.
- Risk: heavy dependence on imported materials and high valuation.
Verdict: Attractive long-term consumer play, suitable for medium-risk investors seeking steady growth rather than immediate listing gains.
Groww – Fintech Investment Platform
IPO Size: ~₹7,000 crore Segment: Fintech Type: Fresh + OFS
Groww is an online investment platform that allows users to invest in equities, mutual funds, ETFs and IPOs. Its user base is expanding rapidly among younger investors who prefer DIY investing.
- Fresh Issue of ₹1,060 crore and Offer for Sale of ~574 million shares.
- Regulatory compliance is critical under SEBI and RBI norms.
- Still early in profitability curve; monetisation key for valuation.
Verdict: Growth-oriented IPO with long-term promise but uncertain profitability. Ideal for high-risk investors looking for fintech exposure.
Pine Labs – Merchant Payments & Fintech
IPO Size: ~₹5,800 crore Business: POS, BNPL, Merchant Solutions
Pine Labs provides digital payment and merchant commerce services. It operates in India and Southeast Asia, offering POS devices and payment gateways to merchants.
- High scalability due to growing merchant digitalisation.
- Recurring revenue model gives cash flow visibility.
- Risk: profitability still limited; intense competition in fintech space.
Verdict: A thematic fintech opportunity; apply only if valuation reasonable and long-term digital payment growth story fits your portfolio.
PhysicsWallah – EdTech Revolution
IPO Size: ~₹3,820 crore Focus: Education & Hybrid Learning
PhysicsWallah runs one of India’s fastest-growing education platforms, offering both online and offline learning for competitive exams like JEE and NEET. Revenue grew from ₹744 crore in FY23 to nearly ₹2,900 crore in FY25 — an exceptional CAGR near 97%.
- Hybrid model reduces customer acquisition cost compared to fully online peers.
- Strong offline expansion; over 190 centres nationwide.
- Risk: rapid expansion may affect margins and quality consistency.
Verdict: High-growth but high-volatility IPO. Suitable for aggressive investors with long-term horizon in education theme.
boAt – Consumer Electronics & Wearables
IPO Size: ~₹2,000 crore Category: Audio & Smart Wearables
boAt, operated by Imagine Marketing Ltd., sells affordable audio products and smart-watches. It holds over 30% market share in India’s earwear segment.
- Well-known youth brand with strong e-commerce sales.
- Expanding globally to diversify dependence on Indian demand.
- Risk: thin operating margins and price competition from global players.
Verdict: Smaller-ticket IPO with brand appeal. Suitable for those comfortable with consumer-electronics volatility.
ICICI Prudential AMC – Financial Services
IPO Size: ~₹10,000 crore Type: Offer for Sale (OFS)
ICICI Prudential AMC, one of India’s largest mutual fund managers, plans an IPO to unlock shareholder value. It earns income based on assets under management (AUM), providing predictable cash flows.
- Sector tailwinds from India’s rising retail SIP participation.
- Low penetration of mutual funds ensures long runway for growth.
- Risk: fee compression and competition from passives.
Verdict: A stable business suited for moderate-risk investors seeking steady financial exposure rather than rapid growth.
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Investor Takeaway
Indian-Share-Tips.com Nifty Expert Gulshan Khera, CFP®, who is also a SEBI Regd Investment Adviser, notes that this upcoming IPO season brings a balanced mix of high-growth and steady businesses. Lenskart and ICICI Prudential AMC appear safer plays, while Groww and PhysicsWallah offer aggressive growth. Investors should allocate selectively, prioritising valuation discipline and portfolio fit over hype.
Discover more market insights at Indian-Share-Tips.com, which is a SEBI Registered Advisory Services.
Related Queries on Upcoming IPOs
- Which IPOs in 2025 may offer strong listing gains?
- How to judge IPO valuations and risks before applying?
- Are fintech IPOs riskier than traditional finance offerings?
SEBI Disclaimer: The information provided in this post is for informational purposes only and should not be construed as investment advice. Readers must perform their own due diligence and consult a registered investment adviser before making any investment decisions. The views expressed are general in nature and may not suit individual investment objectives or financial situations.
