IPO fundraising in 2024 has set a new record, surpassing the 2021 high of ₹1.18 lakh crore.

With two months left in the year, IPOs have already raised over ₹1.22 lakh crore, about 70% of which was generated since August.

Subsidiaries of giants like Reliance and Tata are eyeing IPOs for 2025. Here are some key ones to look out for.

1. Reliance Jio

Reliance Jio, a key player in India's telecom sector, is reportedly gearing up for a 2025 IPO. The company offers services like 4G and free voice calls and platforms like JioTV and Jio Cinema.

Jio is India’s top telecom player with a subscriber base of 479 million. Analysts currently value the company at $100 Billion.

2. Tata Passenger Electric Mobility

Tata Motors launched Tata Passenger Electric Mobility (TPEML) to focus on manufacturing Electric Vehicles (EVs).

Tata Group is planning a $1–2 billion IPO for Tata Passenger Electric Mobility Ltd. (TPEML) in the next 12–18 months, depending on EV market conditions.

The company recently boosted its EV production by buying Ford India’s Sanand plant for ₹725.7 crore.

3. Imagine Marketing (boAt)

boAt was founded in 2013 as Imagine Marketing. It is a leading Indian brand in audio and smart wearables.

The company plans an IPO targeting a $1.5-2 billion valuation to fund brand expansion, new product categories, and technical development.

Co-founder Aman Gupta expects the IPO to launch next year, pending SEBI approval.

4. NLC India Green and SJVN Green

NLC India plans an IPO for its subsidiary, NLC India Renewables, in Q1 of the next financial year to fund clean energy expansion, aiming to grow renewable capacity from 1.4 GW to 6 GW by 2030. NLC also seeks soft loans to support this goal.

Similarly, SJVN is preparing an IPO for SJVN Green Energy Ltd (SGEL), targeting an ambitious capacity of 25,000 MW by 2030 and 50,000 MW by 2040. The IPO is expected after NTPC Green's offering in 2024, with final details pending.

5. HDB Financial

HDB Financial Services, the lending arm of HDFC Bank, filed for a ₹12,500 crore ($1.49 billion) IPO with SEBI on October 31.

The offering includes a ₹2,500 crore fresh issue and a ₹10,000 crore offer for sale by HDFC Bank, which holds a 94.6% stake.