Three major unicorns in India are set to launch their initial public offerings (IPOs) next week, aiming to raise a total of approximately Rs 16,800 crore, equivalent to around $2 billion. The companies involved are Groww, Pine Labs, and Physics Wallah. Groww, the largest brokerage in India by client base, is expected to raise about Rs 7,000 crore, which includes Rs 5,940 crore from an offer for sale (OFS). Fintech company Pine Labs plans to raise over Rs 6,180 crore after scaling down its offering, while edtech firm Physics Wallah aims to mobilise around Rs 3,820 crore.

In addition, the IPO of Lenskart, which seeks to raise Rs 7,278 crore, will close for public bids on November 4. Investment bankers predict that the total fundraising and launches next week could reach around $2 billion. The IPO market has shown strong activity over the past year, with Citibank CEO K Balasubramanian forecasting a potential $10 billion to $15 billion in fundraising through IPOs in the next two months.

Other companies in the IPO pipeline include Cleanmax Enviro Energy (Rs 5,200 crore), Casagrand Premier Builder (Rs 1,100 crore), and KSH International (Rs 745 crore). Veeda Clinical Research, Capillary Technologies, and Pranav Construction are also preparing to launch their IPOs soon, depending on market conditions.

The recent success of large IPOs, such as those from WeWork, Tata Capital, and LG Electronics India, has energised the primary markets. The momentum is expected to continue into November, with significant upcoming offerings from e-commerce platform Meesho and asset manager ICICI Prudential AMC. ICICI Prudential’s Rs 10,000 crore IPO is anticipated to launch by the end of November, pending approval from the Securities and Exchange Board of India (Sebi). Meesho, backed by SoftBank, aims to raise up to Rs 8,500 crore with assistance from major banks like JP Morgan and Morgan Stanley.

Additionally, the Rs 1,667-crore IPO of Orkla India, a subsidiary of Norway-based Orkla ASA, will open for bids this week, along with the IPO of helmet-maker Studds Accessories. Smaller issuances, such as Jayesh Logistics and Game Changers, are also set to open for bids.

Market analysts expect the IPO momentum to persist into early 2026, driven by robust domestic liquidity and increasing retail participation. Kotak Equities has noted that over 200 companies are projected to raise around $35 billion in the coming year. A prominent banker from Citigroup has estimated that $20 billion worth of IPOs are expected in the same timeframe, including the anticipated mega-IPO of Reliance Jio, which could set a new record for issuance size. Currently, the US leads globally in IPOs with about $53 billion raised, followed by Hong Kong and China. India ranks fourth in IPO volumes for 2025. Recently, Sebi approved IPOs for several companies, including Steamhouse and food firms MilkyMist and Cure Foods, while placing the IPO of Sterlite Electric Ltd on hold.