Dalal Street Awaits Start-Up Frenzy, Over 25 IPOs Set for 2025 Debut

Indian start-ups are making new wave on Dalal Street amid IPO (Initial Public Offering) frenzy. This wave also sailed high in 2024 with the majority of the IPOs observing a successful listing. It is expected to soar higher as around 25 startups are expected to launch their IPOs in 2025.

These new-age businesses include Ather Energy, ArisInfra, boAt, Avanse, Aye Finance, Bluestone, Cardekho, Captain Fresh, DevX, Ecom Express and Fractal are eyeing to hit the Dalal street this year, as per list compiled by MoneyControl.

Other firms which are expected to go pubic include Infra.market, a construction and supply chain platform; Shadowfax, a logistic company; trailblazer, an online jewellery business; Innoviti, Indiqube, Incred and Physics Wallah.

The primary reason behind the IPO optimism is healthy market activity and strong performance of previously listed start-ups. If all of these listings are successfully executed, it would mark the highest number of startup IPOs in a calendar year.

Also Read: Pine Labs Eyes $1 Billion Initial Public Offering in Indian Market: Report

Start-Up IPOs in 2024

Last year, nearly 13 start-ups went public and raised together over Rs 29,000 crore. These included Swiggy, Mobikwik, Ola Electric, FirstCry and others. Food and grocery delivery platform Swiggy was the biggest startup IPO last year of 11,327 crore. The company's shares debuted with a premium of 7.69 per cent and have soared an impressive 26 per cent since listing.

Similarly, Ola Electric’s Rs 6,145 crore was listed at a premium but saw its greatest fall (51 per cent from record high level) soon after. MVK Agro Food Product had one of the most underwhelming listing on the NSE Emerge platform on March 7. Its shares listed at Rs 79, a steep 34.2 per cent discount from its IPO price of Rs 120. The company shares have dropped 20 per cent in the last three months.

Also Read | 2024 Wrap-Up: Record Funding Propel Indian Start-ups; Deeptech & Sustainability Key for 2025

Start-Ups Funding in 2024

The year 2024 portrayed a transformative picture for the investments in the Indian start-up ecosystem, marked by record breaking IPO activity and a significant surge in venture capital investments. The country’s start-ups attracted a total of $16.11 billion funds from VCs from January to November 2024, while 13 new-age businesses went public to raise billions, according to Bloomberg data. Swiggy’s $1.35 billion IPO became the main highlight of the year, and Zepto alone has raised over $1 billion from VCs and family offices.

The IPO market also looked lucrative to venture capitalists throughout the year. They reaped the rewards of their long term investments, earning more than $4 billion through IPOs and public market sales ---  double returns from 2023, and 2.5 times that of 2022. IPOs have also been the most favoured exit route for the start-up investors. To name a few here, Zomato, which began as a startup and has now risen to rank among the top 30 listed companies on Dalal Street, saw its investors offload shares worth Rs 375 crore during its IPO in 2021.