Ola Electric, Swiggy, and FirstCry to launch simultaneously, marking 2025’s biggest primary market event
Triple IPO Launch to Test Market Depth
India’s primary market is heading into its most high-octane week of 2025, with three major IPOs — Ola Electric, Swiggy, and FirstCry — worth ₹30,000 crore collectively — all set to open on October 8. This is poised to be India’s biggest IPO week of the year, testing investor appetite like never before.
- Ola Electric: ₹7,300 Cr
- Swiggy: ₹8,600 Cr
- FirstCry: ₹4,100 Cr
- Together, they account for over ₹20,000 Cr in new-age consumer tech alone.
Primary Markets Blaze While Equities Flicker
While India’s equity markets have been volatile in 2025, the IPO market has remained resilient.
- The first nine months of 2025 saw strong momentum, continuing 2024’s trend.
- The October IPO wave is expected to extend the primary market’s hot streak into the year’s final quarter.
October 8: The Crescendo of the IPO Season
The simultaneous launch of three large-scale IPOs is not just rare — it’s unprecedented in scale and will be a critical stress test for liquidity and investor selectivity.
- Institutional and retail investors will need to make hard allocation choices.
- High subscription rates are anticipated in the QIB and HNI categories.
Spotlight on the Star Issuers
- Ola Electric is India’s most prominent EV startup, aiming to tap the green mobility wave.
- Swiggy represents the digital consumption story, riding on India’s food delivery boom.
- FirstCry taps into the e-commerce and parenting product segment, a fast-growing niche with digital tailwinds.
Each of these IPOs is seen as a proxy for broader consumer tech and innovation plays, making them magnets for both growth-focused and thematic investors.
More to Come: Tata Tech and Hexaware Follow
The blockbuster October isn’t over after this week:
- Tata Technologies (₹3,300 Cr) opens on October 15
- Hexaware Technologies (₹4,600 Cr) launches on October 21
Combined with this week’s ₹30,000 Cr, October is on track to become the most active month for IPOs in years.
Outlook: A Record IPO Year in the Making?
India is on pace to exceed ₹1 lakh crore in IPO fundraising for 2025 if this momentum continues. Investors see this as a rebalancing opportunity, especially with underweight exposure to new-age companies in portfolios.
- Domestic liquidity remains strong, and foreign funds are beginning to re-enter the market.
- With elections and global volatility ahead, more firms are expected to go public before the window tightens.
