5 Big Ticket IPOs in 2025. 2 Ready to Storm Dalal Street in February

In 2024, India cemented its position as a global hotspot for IPOs, outshining markets worldwide despite economic and geopolitical uncertainties.

Backed by strong fundamentals, rising retail investor participation, and political stability, the Indian capital markets remained a magnet for both global and domestic investors.

With momentum expected to build further in 2025, this year could set new records in IPO size and volume. After a brief pause in January, big-ticket IPOs are gearing up to storm Dalal Street in February.

Here are five upcoming IPOs to keep on your radar.

# Upcoming IPOs in February 2025

#1 Hexaware Technologies

First on the list is Hexaware Technologies.

Hexaware Technologies, a leading IT and business solutions provider, is set to make a blockbuster return to the stock market.

Operating across six key segments-including financial services, healthcare, insurance, manufacturing, consumer, Hi-Tech, and professional services-the company has built a strong presence in the IT sector.

The IPO will be a pure offer-for-sale (OFS) worth Rs 87.5 billion (bn) by promoter CA Magnum Holdings, a subsidiary of Carlyle Group Inc., a US-based investment giant.

This marks a reduction from the initially proposed Rs 99.5 bn. Currently, CA Magnum holds a 95.03% stake in Hexaware.

This will be India's largest IT services IPO, surpassing TCS's record-breaking Rs 47.1 bn offering in 2004.

The company was delisted from the stock exchanges in September 2020 after its promoters accepted a buyout offer at Rs 475 per share.

At the upper price band, Hexaware's market capitalization is expected to reach Rs 432.5 bn.

Since then, Hexaware has demonstrated steady financial growth, with a 12.8% rise in profit to Rs 9.9 bn and revenue reaching Rs 103.8 bn in FY24. In the first half of FY25, profit climbed 6% to Rs 8.5 bn, while revenue surged 13.6% to Rs 88.2 bn.

As Hexaware prepares for its grand IPO, all eyes are on how the market will respond to this highly anticipated listing.

Here are the key details of the IPO.

Issue period: 12 February 2025 to 14 February 2025

Type of Issue: Book built issue of 123.6 million (m) shares

Face value: Rs 1 per equity share

Price band: Rs 674-708 per share

Lot size: 21 shares

Application limit: Maximum thirteen lots for retail investors. Retail investors can make an application for a minimum of Rs 14,868 for one lot (273 shares).

Tentative IPO allotment date: 17 February 2025

Tentative listing date: 19 February 2025

#2 Ajax Engineering

Next on the list is Ajax Engineering.

Ajax Engineering is a prominent manufacturer of concrete equipment in India, offering a wide range of solutions across the concrete application value chain.

Ajax Engineering holds a dominant position in the SLCM market in India, with a market share of 75%in 2024. 12% of the concrete produced in India in FY24 was processed through its SLCMs.

With four state-of-the-art manufacturing facilities in Karnataka, including one of the world's largest SLCM facilities by area, Ajax Engineering is well-equipped to meet increasing demand.

The IPO consists entirely of an offer-for-sale (OFS) of 20.1 m shares by its promoters and an investor stakeholder, amounting to Rs 12.7 bn at the highest price point.

As part of the OFS, Kedaara Capital plans to sell 743.7 m shares. As this public offering is entirely an OFS, Ajax Engineering will not receive any funds from the IPO.

At the upper end of the price range, the company's market capitalisation is estimated to be Rs 72 bn. The book running lead managers for the issue include ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management, and SBI Capital Markets.

Here are the key details of the IPO.

Issue period: 10 February 2025 to 12 February 2025

Type of Issue: Book built issue of 20.1 shares

Face value: Re 1 per equity share

Price band: Rs 599-629 per share

Lot size: 23 shares

Application limit: Retail investors can make an application for a maximum of one lot of Rs 188,071

Tentative IPO allotment date: 13 February 2025

Tentative listing date: 17 February 2025

# IPOs Awaiting Final Announcement

#3 JSW Cement

Next on the list is JSW Cement.

JSW Cement, a key player in India's cement industry, is gearing up for its highly anticipated IPO.

The company specializes in producing green cementitious products, including blended cement, Portland composite cement, and ground granulated blast furnace slag (GGBS).

It also manufactures ordinary Portland cement, clinker, ready-mix concrete, screened slag, construction chemicals, and waterproofing compounds.

The IPO will consist of a fresh equity issuance worth Rs 20 bn, along with an offer-for-sale (OFS) of up to Rs 20 bn by existing investors.

AP Asia Opportunistic Holdings and Synergy Metals Investments Holding will each offload shares worth Rs 9.4 bn, while State Bank of India will sell shares worth Rs 1.3 bn.

JSW Cement plans to utilise Rs 8 bn from the fresh issue to partially fund the construction of a new integrated cement unit in Nagaur, Rajasthan.

Additionally, Rs 7.2 bn will be allocated for debt repayment. The company has already invested Rs 2.9 bn in its Nagaur project as of June 2024, with the total estimated cost standing at Rs 26.9 bn.

The remaining funding will come from IPO proceeds (Rs 8 bn) and a project loan of Rs 16.1 bn.

Financially, JSW Cement reported revenue growth in FY24, with its operating revenue rising to Rs 60.3 bn from Rs 58.4 bn in the previous year.

However, net profit declined from Rs 1 bn to Rs 0.6 bn.

Beyond the IPO, JSW Cement has ambitious expansion plans, including mega projects in Odisha. These include a 10 MTPA cement plant, a 900 MW power plant, a 52 MTPA greenfield jetty port, and a 13.2 MTPA steel plant.

With its focus on sustainable cement production and large-scale expansion, JSW Cement's IPO is set to attract significant investor interest.

The details of dates and price bands are yet to be announced but are expected to launch their public offerings later this month.

#4 Ather Energy

Next on the list is Ather Energy.

Ather Energy, the Bengaluru-based EV startup, has made a name for itself in India's electric two-wheeler space.

Founded in 2013, the company designs and manufactures electric scooters, battery packs, and charging infrastructure-all in-house. Its lineup includes the popular Ather 450 and the newly launched Ather Rizta series, offering a total of seven variants.

In 2024, Ather became the fourth-largest electric two-wheeler brand in India, trailing behind Ola Electric, TVS Motor, and Bajaj Auto. According to data from the Vahan portal, the company sold around 1.25 lakh vehicles last year, solidifying its place in the competitive EV market.

Now, Ather is gearing up for its stock market debut, set to become the second Indian EV manufacturer to go public after Ola Electric's listing in August 2024.

The company has received regulatory approval for its IPO, which will include a fresh issue of shares worth Rs 31 bn and an offer-for-sale (OFS) of 22 m shares by its promoters and existing investors.

The fresh funds from the IPO will be used for setting up a new EV manufacturing facility in Maharashtra, clearing debt, boosting R&D efforts, ramping up marketing, and covering other corporate expenses.

While the final IPO dates are yet to be announced, Ather's strong sales growth and ambitious expansion plans make this a highly anticipated listing in India's booming EV space.

The IPO dates and further details are yet to be announced.

#5 Vikram Solar

Next on the list is Vikram Solar.

Vikram Solar, one of India's leading solar module manufacturers, is gearing up for its IPO as it expands its footprint in the renewable energy sector.

The company specializes in end-to-end solar energy solutions, covering engineering, procurement, construction (EPC), operations, and maintenance for both domestic and international markets.

With manufacturing units in Falta SEZ, Kolkata, and Oragadam, Chennai, Vikram Solar offers a range of products and services, including:

• Solar PV module manufacturing
• Solar EPC and rooftop solutions
• Operations and maintenance services

The company plans to raise Rs 20 bn through its IPO, which includes a fresh issue of Rs 15 bn and an offer-for-sale (OFS) of 17.4 m equity shares by promoters Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary.

Currently, promoters hold a 77.64% stake, while public shareholders, including Arpit Khandelwal and Asnu Finvest, own the remaining 22.36%.

A significant portion of the IPO proceeds-Rs 7.9 bn-will be allocated for setting up a 3,000 MW solar cell and module manufacturing facility in Tamil Nadu under subsidiary VSL Green Power (Phase-I). An additional Rs 6 bn will fund the expansion of this facility to 6,000 MW under Phase-II.

Financially, Vikram Solar posted impressive growth in FY24, with net profit surging 450% to Rs 797 m from Rs 145 m in the previous year. Revenue from operations grew 21.1% to Rs 25.1 bn, compared to Rs 20.7 bn in FY23.

Looking ahead, the company is executing ambitious greenfield and brownfield expansion projects to boost its capacity to 10.50 GW by FY26 and 15.50 GW by FY27. However, the final IPO details are yet to be announced.

Conclusion

Investing in big-ticket IPOs can be appealing, especially when they involve well-established companies with strong market positioning.

These IPOs often attract significant investor interest, leading to high liquidity and a promising debut on the stock exchanges.

However, size alone doesn't guarantee profitability. Many large IPOs are aggressively priced, which can limit immediate upside and increase the risk of post-listing corrections.

Additionally, the stock may face selling pressure once the lock-in period for early investors ends.

Before investing, it's crucial to compare the IPO's valuation with listed peers, assess its revenue growth and profitability trends, corporate governance practices, and understand how the company plans to use the funds.

For more information on IPOs, check out the list of upcoming IPOs.

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