The Indian IPO boom continues into mid‑2025, with several high-profile tech and AI companies opening for public subscription. Here are the must-watch listings that could redefine India’s innovation economy this summer.
🚀 1. Fractal Analytics (AI Analytics)
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What they do: Global AI & advanced analytics solutions
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Valuation & raise: $2.44 billion valuation; raised $170 million via secondary sale IPO Watch+4Zerodha+4The Economic Times+4Axios+1The Economic Times+1
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IPO status: IPO-bound; strong investor interest; likely to draw attention from tech and institutional investors
Why it matters: As a unicorn in AI analytics raising significant secondary funds, Fractal is poised to attract hefty demand upon listing.
📡 2. Capillary Technologies (Customer Engagement Tech)
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Business focus: Retail loyalty and engagement platforms
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IPO details: DRHP filed to raise ₹430 crore fresh funds and ₹18.3 million via OFS Angel One+3Groww+3The Economic Times+3
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Growth potential: Positioned for global retail penetration and scaling omnichannel services
💳 3. Pine Labs (Fintech/Payments)
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What they do: Merchant PoS systems & fintech tools
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IPO planning: Filed confidentially with US SEC in 2022; seeking ~$500 million IPO at $5.6 billion valuation Wikipedia
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Why it’s big: Strong offline-to-digital payment play in India + international expansion narrative
🏦 4. NSDL (Digital Infrastructure / Fintech)
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Role: India’s largest securities depository
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IPO pipeline: Expected mainboard IPO in July 2025, raising ~$400 million Groww+14Reuters+14The Times of India+14Zerodha+1ICICI Direct+1
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Investor appeal: Monopoly in securities servicing + steady fee-based revenue stream
🏛️ 5. LG Electronics India & Tata Capital (Tech-Adjacent Giants)
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LG Electronics India: Device & consumer electronics — IPO may open late July Reuters+1Zerodha+1
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Tata Capital: NBFC backing tech-investments — valuation ~$2 billion; IPO cleared by SEBI Reuters+6Reuters+6ICICI Direct+6
📈 IPO Market Outlook
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India is on track for a record-breaking IPO year, raising $6.7 billion through June; July may top $2.4 billion Financial Times+1Reuters+1
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Citi India expects a wave of billion-dollar IPOs in fintech, coworking, and AI sectors Reuters
🔎 What Investors Should Know
| Key Factor | Insights |
|---|---|
| 💰 Valuation | IPO valuations range from mid-$100 m (Capillary) to multi‑$billion (Fractal, NSDL, Pine Labs) |
| 📅 Timeline | Subscribe between July–Aug 2025; watch roadshows closely |
| 📌 Why Tech? | Rapid adoption of AI analytics, fintech infrastructure, and digital platforms in India |
| ⚠️ Risks | Global macro volatility, interest rate changes, and execution post-listing |
🧭 Final Word
This summer offers a diversified tech-heavy IPO lineup—from pure-play AI (Fractal) to fintech innovation (Pine Labs, NSDL) and digital loyalty (Capillary). If you’re building a curated portfolio in tech IPOs India 2025, these names deserve early attention.
Stay tuned to srtak.com for in-depth IPO reviews, GMP tracking, allotment updates, and listing-day strategies—coming soon!