Upcoming IPOs in March 2025 To Watch For

Introduction:

India’s IPO market has experienced a good start in 2025, with February 2025 witnessing a notable surge in IPO filings. Thirty-four companies submitting their Draft Red Herring Prospectuses (DRHPs) across BSE SME, NSE Emerge, and the mainboard platforms indicate a strong pipeline for upcoming public offerings. 

However, the momentum faced headwinds as the month progressed. Despite the temporary slowdown, the overall outlook for upcoming IPOs in 2025 remains optimistic, with projections suggesting that total equity fundraising through upcoming IPOs in India could top $23 billion, up from $19.6 billion in 2024. This optimism is further bolstered by the anticipation of several high-profile IPOs slated for March 2025, offering promising opportunities for investors.

Let’s briefly look at the complete IPO list for March 2025 to understand the projected IPO numbers for this month.

Open IPO: NAPS Global India Ltd IPO

Offer Price	Rs.90 per share
Face Value	Rs.10 per share
Total Issue Size (in Shares)	13,20,000 shares
Total Issue Size (in Rs.)	Rs.11.88 crore
Issue Type	Fixed Price Issue IPO
Lot Size	1600 shares
To be listed on	BSE SME

NAPS Global India Ltd, a leading player in the industrial automation sector, is making its public market debut to raise capital for expansion and technological advancements. The company has established a strong presence in automation solutions, catering to manufacturing, logistics, and energy industries. With its IPO, NAPS Global aims to fund the development of AI-powered automation tools and expand its footprint in international markets.

The IPO is entirely a fresh issue of 13.20 lakh shares. On Day 1 of this IPO, 4th March 2025, the IPO was subscribed 0.23 times. 

Closed IPO: Balaji Phosphates Ltd IPO

Offer Price	Rs.66-70 per share
Face Value	Rs.10 per share
Total Issue Size (in Shares)	71,58,000 shares
Total Issue Size (in Rs.)	Rs.50.11 crore
Issue Type	Book Built Issue IPO
Lot Size	2000 shares
To be listed on	NSE SME

Balaji Phosphates Ltd, a prominent manufacturer of phosphate-based fertilizers and industrial chemicals, recently concluded its IPO, attracting significant participation from institutional and retail investors. 

Incorporated in 1996, the company produces Single Super Phosphate (SSP), NPK Granulated and Mixed Fertilizers, and Zinc Sulphate, all compliant with India’s Fertilizer Control Order standards. It markets its products under the brands ‘RATNAM’ and ‘BPPL’ to retailers, wholesalers, and cooperatives, with farmers as end users. 

The IPO, which aims to scale production capacity and invest in sustainable manufacturing processes, was subscribed to 1.21 times by 4 March 2025. The public issue saw a 1.09 times subscription in the retail category, 1.26 times in the QIB category, and 1.34 times in the NII category. Balaji Phosphates Ltd.’s tentative listing date on the NSE SME is set for 7 March 2025.

IPO Awaiting Listing: Shreenath Paper Products Limited IPO

Shreenath Paper Products Limited, a notable player in the paper and packaging industry, completed its IPO and is now awaiting listing on the stock exchange. 

Offer  Price	Rs.44 per share
Face Value	Rs.10 per share
Total Issue Size (in Shares)	53,10,000 shares
Total Issue Size (in Rs.)	Rs.53.10 crore
Issue Type	Fixed Price Issue IPO
Lot Size	3000 shares
To be listed on	BSE SME

Incorporated in 2011, the company provides supply chain solutions for industries requiring various paper materials, such as coated, food-grade, machine-glazed, and adhesive papers. It also supplies sublimation base paper, thermal base paper, straw paper, cup stock paper, security PSA sheets, high-strength paper, C2S and C1S papers, and more. 

The company sources specialized manufacturers, tests samples, procures materials in required quantities, and supplies different paper grades made from recycled paper, bagasse, and virgin pulp. It serves FMCG, textiles, pharmaceuticals, packaging, food & beverages, and e-commerce industries. 

The IPO closed on 28th February 2025 and is awaiting listing tentatively on 5th March 2025. Shreenath Paper Products IPO was subscribed 1.85 times on Day 3. The public issue saw a 3.18 subscription in the retail category and a 0.52 subscription in the NII category.

Know More:  SEBI Registered Investment Advisory |  Stock Investment Advisory

Other Anticipated IPOs Of 2025:

Tata Capital: 

The Tata Group’s non-banking financial services arm is expected to launch its IPO with an issue size of around Rs.15,000 crore. The offering includes a fresh issue of 23 crore equity shares and an offer for sale by existing shareholders.

Reliance Jio: 

The telecom giant is targeting a record-breaking Rs.40,000 crore IPO, with a potential valuation of approximately $120 billion (Rs.10 lakh crore). Expected in the second or third quarter of 2025, this could be India’s largest IPO to date.

National Securities Depository Ltd (NSDL): 

The depository firm is preparing for a Rs.3,000-crore IPO, with additional regulatory approvals pending before the final listing.

LG Electronics: 

This Indian arm of the South Korean electronics company is set to go public with a Rs.15,000 crore IPO. The offer includes 10.18 crore equity shares, but no fresh issue component exists.

JSW Cement: 

A Rs.4,000 crore IPO is in the pipeline, with proceeds allocated for capacity expansion and debt reduction. The offering includes a fresh issue of Rs.2,000 crore and an offer for sale of Rs.2,000 crore.

Ather Energy: 

The electric two-wheeler manufacturer is set to launch an IPO worth Rs.3,100 crore and offer to sell 2.2 crore shares.

Excelsoft Technologies: 

The Karnataka-based global vertical SaaS company has filed its draft red herring prospectus (DRHP) with the SEBI for a Rs.700 crore IPO. The IPO offering includes a fresh equity issue of Rs.210 crore and an OFS (offer for sale) of Rs.490 crore. 

Bottomline:

The IPO landscape in India is witnessing growth, and March 2025 will introduce promising investment opportunities. As companies across diverse industries tap into the public markets, investors can participate in businesses with strong expansion potential. 

While IPO investments offer exciting prospects, thorough research and due diligence remain essential to making informed decisions. With a brief list of current new IPOs and guidance from trusted stock market advisory, investors can confidently navigate the evolving IPO landscape.

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