Top Startup IPOs Ahead? PhonePe, OYO, Lenskart & More Set Sights on Public Markets

Despite a shaky start to 2025, these Indian startups are preparing to light up the stock markets. Is this the new golden age of startup IPOs?

After a somewhat muted beginning to Calendar Year 2025, the Indian startup ecosystem seems to be regaining momentum, especially in the public markets. With 27 mainboard IPOs already hitting Dalal Street, including names like Smartworks and Ather Energy, the mood for the second half of 2025 and early 2026 appears cautiously optimistic.

While early 2025 saw mixed responses — including Ather Energy’s lacklustre listing at just a 2.18% premium and ArisInfra Solutions' disappointing 8% discount debut — market watchers say that the real action may be just around the corner. A fresh batch of well-known, investor-favourite Indian startups is gearing up to go public, signalling what could be a defining moment for India’s maturing startup ecosystem.

Top IPOs To Look For

Here’s a look at five high-profile startups that are preparing to make their public market debut soon. 

PhonePe: The Fintech Giant Preps for a Landmark IPO

Bengaluru-based fintech powerhouse PhonePe is arguably one of the most anticipated IPOs in recent memory. The digital payments and financial services platform, backed by global retail behemoth Walmart, is eyeing a grand entry into Indian capital markets.

In a significant strategic move, PhonePe shifted its domicile from Singapore to India, underscoring its long-term commitment to the Indian market.

In February this year, the company announced that it had kick-started the preparatory phase for its potential IPO, coinciding with its 10-year milestone. “This marks a significant milestone for the company, which will celebrate its 10-year anniversary this year and has grown to serve hundreds of millions of customers with innovative financial services and technology solutions,” it said in a press release.

The company has onboarded top investment banks including JP Morgan, Morgan Stanley, Kotak Mahindra Capital, and Citi as advisors. According to media reports, PhonePe may file its draft IPO papers as early as August 2025.

OYO: Hospitality Unicorn Inches Closer to IPO Reality

After years of speculation and restructuring, OYO appears ready to take the IPO plunge. As per recent reports, the SoftBank-backed hospitality chain is expected to file its draft red herring prospectus (DRHP) between August and September.

Founder and CEO Ritesh Agarwal, in a recent interview with Fortune India, maintained that the company is fully focused on IPO preparedness. “Once that foundation is in place, it will be up to the board to decide the right time for a public offering,” he stated.

OYO's financials are beginning to reflect that readiness — the firm posted a 172% jump in profit after tax to ₹623 crore in FY2024-25, up from ₹229 crore the previous year.

Meesho: E-commerce Disruptor Takes the Confidential Route

Social commerce and e-commerce platform Meesho, backed by SoftBank, has discreetly begun its IPO journey. The company has opted for the confidential IPO filing route, submitting its DRHP with market regulator SEBI in a way that postpones public disclosure until later in the process.

While the size of the IPO — which will primarily involve a secondary share sale — hasn’t been publicly revealed, Meesho’s market buzz and fast-paced growth have positioned it as one of the most exciting consumer-tech IPOs to watch.

Lenskart: Eyewear Giant Restructures Ahead of Listing

Peyush Bansal-led Lenskart, India’s largest eyewear brand, is in the final leg of IPO prep. The firm has already converted from a private limited to a public limited company, a regulatory requirement for launching an IPO.

According to the company’s RoC filing, the status change is a formal step toward the public issue. Backed by a stellar list of investors — including SoftBank, Temasek, KKR, Abu Dhabi Investment Authority, Alpha Wave Global, and TPG — Lenskart’s IPO could emerge as one of the strongest in the direct-to-consumer (D2C) space.

boAt: Second Attempt at Market Debut via Confidential Route

boAt’s parent company, Imagine Marketing, is once again on the IPO path — this time via the confidential route.

The audio and wearables brand had previously filed a DRHP in January 2022 for a ₹2,000 crore IPO but withdrew the plan, citing volatile market conditions. Now, the company is back in the game with Goldman Sachs, Nomura, and ICICI Securities onboard as merchant bankers.

Given boAt’s youth-driven brand recall and strong online traction, its second IPO attempt could be a crucial test for D2C brand listings in India.

IPO Pipeline: What This Signals for Indian Startups

These upcoming IPOs signal more than just liquidity events — they mark a maturation moment for the Indian startup ecosystem. After years of venture funding cycles and unicorn valuations, the public market debut is where valuation meets validation.

While global macroeconomic headwinds and domestic policy shifts could still play spoilsport, the startup IPO pipeline seems more robust and credible than ever before.

If these names — PhonePe, OYO, Meesho, Lenskart, and boAt — can navigate investor scrutiny, compliance rigor, and market sentiment, we could see the next phase of India’s startup revolution play out on Dalal Street.