India’s IPO market has remained remarkably strong through 2025, reflecting sustained investor confidence and an active capital-raising environment. As December 2025 draws to a close, the momentum shows no signs of slowing, with several live IPOs currently open and a robust pipeline of high-profile listings expected in 2026. From established market leaders to fast-growing digital platforms, the IPO landscape offers a wide range of opportunities for retail and institutional investors alike.
This article provides a comprehensive overview of live IPOs in December 2025, major upcoming IPOs over the next few months, recently closed issues, and practical tips to help investors participate wisely.
Live IPOs in December 2025
As of December 22, 2025, investors can actively participate in IPOs across both the mainboard and SME segments. These offerings span diverse sectors such as healthcare, engineering, consumer services, and manufacturing.
One of the notable live offerings is Gujarat Kidney and Superspeciality IPO, which opened on 22 December 2025 and will close on 24 December 2025. The allotment is scheduled for 26 December 2025, with a tentative listing date of 30 December 2025. The IPO is being managed by MUFG Intime India as the registrar. Healthcare-focused IPOs like this often attract attention due to growing demand for specialized medical services in India.
Investors tracking live IPOs are encouraged to monitor subscription data closely, as it provides valuable insights into market demand and potential listing performance.
Major Upcoming IPOs to Watch (Next 3 Months)
Looking ahead, India’s IPO calendar for late 2025 and early 2026 features several headline-making names across telecom, fintech, e-commerce, hospitality, and asset management.
Among the most anticipated is Reliance Jio, expected to list in H1 2026, with a potential fundraising of over $6 billion at a valuation exceeding $112 billion. Another significant listing is NSE (National Stock Exchange), which may hit the markets by late 2025 or early 2026, subject to SEBI approvals.
E-commerce giant Flipkart is also preparing for a potential listing after completing its redomiciling to India, targeting a valuation of $60–70 billion. In fintech, PhonePe is expected to file confidentially with SEBI for a mid-2026 IPO, while Zepto continues to attract attention in the quick-commerce space.
Other notable names in the pipeline include OYO, boAt, CarDekho, Hero FinCorp, Curefoods, and SBI Mutual Fund, highlighting the diversity and depth of India’s upcoming IPO universe.
Broader IPO Pipeline Highlights
Beyond the immediate listings, several companies are preparing to enter the markets, although dates remain unannounced. These include Fabindia, Biba Fashions, Credila Financial, Navi Technologies, Deltatech Gaming, Fractal Analytics, Wellness Forever, and Clean Max Enviro Energy Solutions, among others. The wide sectoral representation—from technology and retail to healthcare and renewable energy—signals a vibrant and well-balanced IPO pipeline.
Recently Closed IPOs
December 2025 also saw several successful listings, including ICICI Prudential AMC, Meesho, AEQUS, Vidya Wires, and Wakefit Innovations. Earlier closures in November featured prominent names such as PhysicsWallah, Pine Labs, and Capillary Technologies. These completed IPOs provide useful benchmarks for pricing trends, investor appetite, and post-listing performance.
Smart Tips for IPO Investing
To make informed IPO decisions, investors should track live subscription status via NSE, BSE, or trusted brokerage platforms. Reviewing company fundamentals through DRHP filings is essential to understand financial health, growth prospects, and risks. Applying at the cut-off price can improve allotment chances, while diversification helps manage risk. Investors should also remain cautious about grey market speculation and stay aligned with broader market conditions.
Final Thoughts
The Indian IPO market in 2025 reflects a healthy mix of innovation-driven startups and established industry leaders entering public markets. Staying updated on live and upcoming IPOs allows investors to plan capital allocation strategically and avoid last-minute decisions. With informed analysis and disciplined investing, IPO participation can become a valuable part of a long-term wealth-building strategy.
