2025 is expected to be a busy year for the Indian IPO market
After a prolonged slump that has impacted the Indian stock markets, notably in terms of raising of new capital, a large number of companies are getting ready with their Initial Public Offerings and with a number of well-known companies getting ready to go public, 2025 is expected to be a busy year for the Indian IPO market. These offerings are anticipated to attract a lot of interest from investors, including tech innovators, logistics leaders and giants in the hospitality industry. Here are five such IPOs that are currently open or set to hit the market shortly.
Schloss Bangalore (Leela Hotels)
Schloss Bangalore, operating under the renowned Leela Hotels brand, has opened its IPO from May 26-28. The company plans to raise INR 35 billion, with a price band of INR 413 to INR 435 per share, on a share with face value of INR 10, putting a Price to Earnings (PE) ratio between 210-221, as against industry average of 93 and broader market average of 23. As one of India’s premier luxury hospitality chains, Leela Hotel’s public debut is expected to draw interest from both institutional and retail investors.
Blue Water Logistics
Blue Water Logistics, a key player in the logistics and supply chain sector, will open its IPO from May 27-29, aiming to raise INR 405 million through a fresh issue of 3 million equity shares, each with a face value of INR 10. The IPO price band is set at INR 132-135 per share, putting a Price to Earnings (PE) ratio between 37.2 – 38 times, as calculated based on FY25 earnings per share (EPS) of approximately INR 3.55. This PE ratio stands as against the logistics industry average of around 30 times and the broader market average of about 22 times, reflecting a premium valuation for the offering. The company’s focus on integrated logistics solutions positions it well in a sector witnessing rapid growth due to e-commerce expansion and supply chain modernisation.
Aegis Vopak Terminals
Aegis Vopak Terminals, a major operator in liquid storage and logistics, has launched its IPO from May 26-28, aiming to raise INR 28 billion through a fresh issue of 119.1 million shares, each with a face value of INR 10 and shares priced in the range of INR 223-235 per share. The IPO puts a Price to Earnings (PE) ratio between 32-34 times, as against the industry average of around 28 times and the broader market average of approximately 22 times. This IPO is notable for its scale and the company’s strategic role in energy infrastructure of India, making it a potential favourite among large institutional investors.
Astonea Labs
Astonea Labs, a pharmaceutical and healthcare company, is set to open its IPO from May 27-29 with an issue size of INR 376.7 million and a price band of INR 128-135 per share on a share with a face value of INR 10. The IPO will be listed on the BSE SME platform, and retail investors can apply for a minimum lot of 1,000 shares, amounting to an investment of INR 135,000 at the upper end of the price band. The company reported an earnings per share (EPS) of 5.01, putting a Price to Earnings (PE) ratio between approximately 25.5-26.9 times at the lower and upper price bands, respectively. This PE ratio stands as against the industry average of 37.9 times (as seen in peer Beta Drugs Limited), and is also lower than the broader market average PE ratio, which typically ranges above 30 for the pharmaceutical sector in India. With the healthcare sector remaining a focus area for investors, Astonea Labs’ public offering is likely to attract attention from those seeking exposure to India’s growing pharma industry.
Prostarm
Prostarm Info Systems, specialising in power backup and energy management solutions, is opening its IPO from May 27-29, offering shares with a face value of INR 10 each, priced in the range of INR 95-105 per share. The mainboard IPO aims to raise INR 1.68 billion, and the company is putting a Price to Earnings (PE) ratio between 6.9-7.4 times based on FY24 earnings, as against the industry average of around 24 times and the broader market average of approximately 22 times. Prostarm’s products cater to industries, data centres and critical infrastructure and the capital raised will be used for scaling operations, product development and working capital needs.
The variety and vibrancy of the Indian economy in 2025 are reflected in the impending IPOs. These businesses, which range from pharmaceuticals and energy management to luxury hospitality and logistics, are using public markets to finance expansion, innovation and infrastructure. A busy IPO calendar awaits investors, each of which presents an opportunity to get involved in industries that are expected to grow in the upcoming years.