From EVs to Organics: 5 Upcoming IPOs in May 2025

As India’s economy continues to expand, its capital markets are buzzing with activity, and May 2025 is shaping up to be a particularly dynamic month for IPO enthusiasts. A diverse set of companies, from electric vehicles to organic consumer goods, are entering the fray, offering investors a broad spectrum of opportunities. These IPOs reflect strong entrepreneurial momentum across sectors and signal where investor interest and government incentives are heading.

Let’s dive into the most awaited upcoming IPOs, arranged thematically for better insight.

Company Name	Sector	IPO Dates	Price Band (₹)	Lot Size	Issue Size (₹ Cr)	Listing Date	Remarks
Ather Energy	Electric Vehicles	Apr 28 – Apr 30	304 – 321	46	2,981	May 6	Strong institutional interest; GMP suggests flat listing.
Srigee DLM	Electronics Manufacturing Services	May 5 – May 7	94 – 99	1,200	16.98	May 12	Focus on mission-critical electronics; GMP yet to be disclosed.
Wagons Learning	Education Technology	May 2 – May 6	78 – 82	1,600	38.38	May 9	Offers corporate training solutions; moderate retail interest.
Kenrik Industries	Jewellery Manufacturing	Apr 29 – May 2	25 (Fixed)	6,000	8.75	May 9	Traditional jewellery maker; retail portion subscribed 88%.
Arunaya Organics	Organic Consumer Goods	Apr 29 – May 2	55 – 58	2,000	33.99	May 7	Specializes in organic products; fully subscribed by Day 2.

Srigee DLM IPO

Company: Srigee DLM
Sector: Electronics Manufacturing Services (EMS)
IPO Opening: May 5 to May 7
Price Band: ₹94–99
Allotment Date: May 8

Srigee DLM, part of the Srivaru Group, is an EMS company that designs and assembles mission-critical electronics. It caters to diverse verticals like defence avionics, industrial robots, aerospace instrumentation, and medical diagnostics. The Indian EMS industry is witnessing significant policy support via PLI schemes, import tariffs, and a push for indigenous defence production under Atmanirbhar Bharat. Srigee’s IPO taps into this momentum.

The firm plans to deploy IPO funds to add SMT lines, procure high-precision testing equipment, and strengthen R&D for embedded system design. With certifications including ISO 13485 for medical devices and AS9100 for aerospace, Srigee DLM holds a competitive edge in reliability and compliance. Although GMP traction is currently limited, the company’s fundamentals and sector tailwinds make it an attractive option for long-term institutional investors. (Source: www.livemint.com)

Wagons Learning IPO

Company: Wagons Learning
Sector: Education Technology
IPO Opening: May 2 to May 6
Price Band: ₹78–82
Lot Size: 1,600 shares

Wagons Learning is a Pune-based EdTech company specialising in skill development for corporates, especially in the BFSI, manufacturing, and telecom sectors. In the age of rapid digital transformation and compliance-driven upskilling, Wagons’ hybrid delivery models—combining in-person instruction with interactive e-learning—have carved a strong niche.

The IPO funds will go toward curriculum digitisation, platform enhancement, AI-based performance tracking, and market expansion across Tier 2 and 3 cities. Its robust client base, which includes ICICI Bank and L&T Financial Services, offers confidence in revenue predictability. Investors drawn to India’s growing learning & development (L&D) segment may find this IPO an entry point into vertical scaling with national workforce ambitions. (Source: www.livemint.com)

Kenrik Industries IPO

Company: Kenrik Industries
Sector: Jewellery Manufacturing and Retail
IPO Period: April 29 to May 2
Issue Size: ₹8.75 crore
Subscription Status (Day 2): Overall 45%, Retail 88%, NII 3%

Kenrik Industries manufactures handcrafted jewellery rooted in Indian tradition. Its designs are popular across Tier II and Tier III towns and distributed via retail outlets and digital storefronts. The brand relies heavily on seasonal demand and cultural festivals, which ensures recurring sales spikes.

With proceeds to expand its store footprint, automate inventory systems, and launch a new e-commerce app, Kenrik is modernising its traditional business model. While it lacks the scale of Titan or Kalyan Jewellers, it appeals to value investors familiar with grassroots consumer stories. The subdued institutional interest reflects concerns over scalability and thin margins in a highly competitive space. (Source: www.livemint.com) 

Arunaya Organics IPO

Company: Arunaya Organics
Sector: Consumer Goods (Organic & Ayurvedic Products)
IPO Period: April 29 onward
Price Band: ₹55–58
Subscription Status (Day 2): Fully subscribed; Retail 1.77x, QIB 1x, NII 24%

Arunaya Organics is a wellness brand offering organic personal care, herbal supplements, and Ayurvedic nutrition. It follows a direct-to-consumer (D2C) approach with active distribution on Amazon, Flipkart, and its website. Over the last two years, it has built a loyal customer base through influencer partnerships and content-driven brand storytelling.

The IPO aims to raise capital for expanding production units, enhancing logistics in northern India, and executing a brand refresh for new product verticals. Arunaya’s strong retail response mirrors India’s post-COVID consumer tilt towards health, wellness, and clean-label products. However, analysts advise closely monitoring execution discipline and brand differentiation in this crowded category. (Source: www.livemint.com) 

Ather Energy IPO

Company: Ather Energy
Sector: Electric Vehicles
IPO Size: ₹2,981 crore
IPO Status: Allotment on 2nd May 2025, Listing on May 6
GMP Trend: Peaked at ₹7, dipped to ₹1

Ather Energy is a Bengaluru-based EV startup known for its innovative, connected scooters that have captured significant attention in India’s urban mobility segment. With an expanding dealership network and aggressive R&D initiatives, Ather is well-positioned in the race to electrify India’s two-wheeler segment. The company is also building a proprietary charging network called Ather Grid, which adds another layer to its strategic moat. The IPO has attracted prominent institutional investors, and its listing performance will set a crucial precedent for other cleantech and EV firms waiting in the pipeline.

The company plans to use IPO proceeds to expand manufacturing at its Hosur facility, scale up charging infrastructure, and develop new scooter variants. However, the tapering GMP suggests that investors are mindful of high valuations and current competition in the EV space, primarily from Ola Electric and TVS iQube. (Source: www.livemint.com)

Investor Takeaway: What These IPOs Say About Market Trends

• Sector Diversity: From cleantech and manufacturing to education and wellness, the IPOs reflect India’s diversified entrepreneurial ecosystem.
• Growth Stage vs. Legacy Models: Companies like Ather and Srigee are innovation-driven, while Kenrik and Arunaya highlight grassroots demand and retail resilience.
• Retail vs. Institutional Appetite: Retail participation remains strong in consumer-facing sectors, while institutional players are backing technology-driven or import-substitute businesses.
• GMP Trends: Declining GMPs for larger IPOs point to cautious optimism and greater scrutiny over valuations.

May 2025’s IPO lineup provides a glimpse into India’s economic future. From the roads we ride (Ather) to the way we learn (Wagons) and the products we consume (Arunaya), these public offerings aren’t just about raising capital – they are about reshaping consumer and industrial landscapes.

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