Upcoming IPOs: Figma, Tata Capital, Milky Mist & 6 More – Full Calendar Inside
As investors gear up for an eventful year ahead, the Upcoming IPOs Calendar 2025 is already generating significant buzz in financial markets. With promising companies like Figma, Tata Capital, and Milky Mist preparing to go public, investors are closely tracking timelines, valuations, and market sentiments. If you’re seeking the latest updates and a detailed IPO roadmap for 2025, this guide will serve as your complete resource.
Why 2025 Is Expected to Be a Big Year for IPOs
The Indian and global markets have witnessed a cautious rebound post-2023's slow IPO activity. Market analysts predict 2025 to be a breakout year for initial public offerings. A combination of improved investor confidence, favorable economic indicators, and reduced market volatility has set the stage for several companies to go public.
Top 9 Upcoming IPOs to Watch in 2025
Here’s a list of some of the most anticipated IPOs lined up for 2025. These companies span various sectors, including technology, finance, food & beverage, and more.
1. Figma IPO
One of the most anticipated IPOs in the tech industry is that of Figma. Known for its collaborative design tools used by millions of designers globally, Figma is expected to command a strong valuation. After Adobe’s failed acquisition attempt in 2023, market analysts are now closely watching how Figma positions itself for a public debut. The IPO is likely to list in the first half of 2025 and may provide a new growth avenue for tech investors hungry for innovative SaaS companies.
2. Tata Capital IPO
The Tata Capital IPO marks a significant milestone for the Tata Group’s financial services arm. With a wide portfolio including personal loans, wealth management, and infrastructure financing, Tata Capital is expected to attract both institutional and retail investors. Regulatory filings suggest the company is looking to raise over ₹20,000 crore through the offering, and the listing is anticipated in Q2 2025.
3. Milky Mist IPO
Among the more exciting consumer IPOs, the Milky Mist IPO could become a benchmark for food and dairy startups in India. Based in Tamil Nadu, Milky Mist has established a strong presence in the southern states with products ranging from paneer to ready-to-eat dairy snacks. With rising demand for organic and fresh dairy products, investors are optimistic about its growth potential post-IPO.
4. Ola Electric
Ola Electric is expected to be a game-changer in the EV segment. Already a major player in the two-wheeler EV market, its IPO could offer investors direct access to India’s rapidly expanding electric vehicle ecosystem.
5. Swiggy
After fierce competition with Zomato, Swiggy is ready to enter the stock market arena. The food delivery giant’s IPO is expected to be among the largest tech offerings from India. With a strong user base and diversified revenue from grocery and Instamart, this IPO will be closely watched.
6. Navi Technologies
Founded by Flipkart co-founder Sachin Bansal, Navi Technologies operates in digital lending, mutual funds, and health insurance. This fintech unicorn’s IPO will likely draw significant interest from digital-first investors.
7. FirstCry
A leader in baby products and early childhood needs, FirstCry’s IPO could reflect the rising power of e-commerce and niche online marketplaces in India.
8. BYJU’S (Tentative)
Though surrounded by recent valuation concerns and corporate governance issues, BYJU’S may still push for an IPO in late 2025. If the edtech giant can stabilize, the offering might turn heads globally.
9. OYO Rooms
OYO has faced ups and downs but remains one of the largest hotel aggregation platforms globally. The IPO is likely to test investor sentiment around India’s travel and hospitality rebound.
Full Upcoming IPOs Calendar 2025
Here is a tentative IPO calendar to help you keep track:
Company | Expected IPO Date | Sector | Estimated Issue Size | Figma | Q1 2025 | SaaS/Tech | $4–6 Billion | Tata Capital | Q2 2025 | Finance | ₹20,000 Crore | Milky Mist | Q2–Q3 2025 | Dairy/FMCG | ₹1,000 Crore+ | Ola Electric | Q1–Q2 2025 | Electric Vehicles | ₹5,500 Crore | Swiggy | Q3 2025 | FoodTech | ₹8,000–₹10,000 Crore | Navi Tech | Q2 2025 | Fintech | ₹4,000 Crore | FirstCry | Q2–Q3 2025 | E-commerce/Babycare | ₹2,000 Crore | BYJU’S | Q4 2025 (tentative) | Edtech | $1–2 Billion | OYO Rooms | Q3–Q4 2025 | Hospitality | ₹3,000–₹4,000 Crore |
What Do You Need to Know in 2025 Before Investing in IPOs?
With many high-profile IPOs expected, here are a few tips to navigate this competitive market:
Do Your Research: Examine the business's revenue sources, historical performance, and DRHP (Draft Red Herring Prospectus) at all times.
Avoid Hype Investing: Not every IPO is a winner. Focus on fundamentals, not just buzz.
Diversify: Consider balancing IPO investments with existing portfolio assets to reduce risk.
Final Thoughts: Should You Invest in 2025 IPOs?
From global tech firms like Figma to homegrown giants like Tata Capital and promising consumer brands like Milky Mist, 2025 promises a diverse mix of IPO opportunities. While IPO investing can be lucrative, it requires careful analysis and patience.
The Upcoming IPOs Calendar 2025 offers a roadmap to potentially high-growth opportunities across multiple industries. As always, consult your financial advisor before making any investment decisions.

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