Big IPOs Coming This December 2025! Complete Guide to India's Mega Listings
The month of December 2025 will be one of the most thrilling months of IPO investors in India! As blockbuster issues by Meesho, Fractal Analytics, boAt and two Coal India subsidiaries are launched in the market, the retail investors have never had such chances to invest in high growth areas. This full report will include all the details about the forthcoming IPOs in December 2025 such as dates, prices, firm fundamentals, and investment commentary.
The reason December 2025 is a Mega IPO Month.
The convergence of technology and e-commerce with government products is unprecedented in the Indian primary market. By December 2025, India is set to host the first AI unicorn, the biggest e-commerce marketplace IPO, and tactical deals closer to Coal India - all expected to raise in excess of 30000 crores. This varied portfolio helps in serving investors who want to be exposed to various high potential markets.
The IPO activity is high as there exists a high investor interest as almost 60 percent of the annual IPO volumes have historically taken place during the last quarter. The domestic and foreign institutional investors are also experiencing a strong demand, which is favorable to successful listings.
Meesho IPO: India's E-commerce Giant Goes Public
IPO Details at a Glance
Expected Opening: Second week of December 2025
Issue Size: ₹5,500-6,000 crore (approximately ₹6,500 crore)
Fresh Issue: ₹4,250 crore
Offer for Sale: ₹1,500-2,000 crore
Retail Allocation: 10%
Face Value: ₹1 per share
Listing: BSE & NSE
About Meesho: Revolutionizing Value Commerce
Founded in 2015 by IIT Delhi graduates Vidit Aatrey and Sanjeev Barnwal, Meesho has transformed from a social commerce platform into India's leading value e-commerce marketplace. The company serves over 120 million monthly active users across 15,000+ pin codes, making it the first pure-play horizontal e-commerce marketplace to list in India.
Key Business Strengths:
- Valmo Logistics: Meesho's in-house logistics arm manages 50% of all deliveries, significantly improving fulfillment costs and reliability
- AI-Powered Operations: Generative AI customer service bots handle over 60,000 calls daily in English and Hindi with minimal manual intervention
- Seller Network: Over 1.6 million sellers, with 80% being small businesses from non-metro areas
- Product Catalog: More than 50 million products spanning apparel, home décor, beauty, and kitchenware
Financial Performance & Use of Funds
Meesho reported a net loss of ₹3,941.7 crore in FY25, up from ₹327.6 crore in FY24, primarily due to one-time restructuring costs associated with relocating its holding structure from the US to India. Excluding these non-recurring expenses, the company's core business operations show steady traction.
The fresh capital will be deployed for:
- Cloud technology investments (₹1,390 crore)
- Marketing and market expansion (₹1,020 crore)
- Strengthening logistics and technology infrastructure
Key Investors & Partial Exits
Major investors partially exiting through the OFS include Elevation Capital (largest chunk), Peak XV Partners (formerly Sequoia India), Venture Highway, Y Combinator Continuity, and SoftBank. Founders Vidit Aatrey and Sanjeev Barnwal will also sell a small portion while retaining significant ownership.
Lead Managers: Kotak Mahindra Capital, J.P. Morgan India, Morgan Stanley India, Axis Capital, and Citigroup Global Markets
Fractal Analytics IPO: India's First AI Unicorn Listing
IPO Details at a Glance
Expected Opening: First week of December 2025
Issue Size: ₹4,900 crore
Fresh Issue: ₹1,279.3 crore
Offer for Sale: ₹3,620.7 crore
Retail Allocation: 10%
Face Value: ₹1 per share
Valuation: Over $2 billion (₹19,000 crore)
Listing: BSE & NSE
About Fractal Analytics: AI-Powered Enterprise Solutions
Established in March 2000 by five IIM Ahmedabad graduates, Fractal Analytics has evolved into a global enterprise AI and analytics powerhouse serving Fortune 500 companies. With over 4,500 employees worldwide across 17 global offices, Fractal became India's first AI unicorn in 2022.
Core Business Segments:
Fractal offers end-to-end AI solutions combining deep technical expertise with domain knowledge. The company serves major global enterprises including Citigroup Inc., Royal Philips NV, and Nestlé SA, helping them improve operational efficiency, design new products, and build sustainable supply chains.
Key Differentiators:
- OpenAI Partnership: Fractal uses OpenAI models to build cutting-edge generative AI solutions
- IndiaAI Mission: Submitted bids to develop indigenous healthcare large language models and reasoning models under government initiatives
- Industry Expertise: Strong presence across CPG & retail (39.3%), technology & telecom (29.9%), healthcare (13.8%), and BFSI (11.0%)
- Geographic Revenue: 65.2% of revenue from the United States in FY25
Financial Performance: Profitable Growth Story
Fractal turned EBITDA positive in FY24 and profitable in FY25. The company's topline has grown at a compounded annual growth rate of 18% since FY23. Revenue increased by 26% and profit after tax (PAT) surged by 503% between FY24 and FY25.
Pre-IPO Valuation: In a secondary transaction before DRHP filing, shares were traded at ₹5,550 per share (adjusted to ₹1,110 post-bonus issue), valuing the company at approximately ₹19,000 crore.
Promoters Holding: Group CEO Srikanth Velamakanni and CEO Pranay Agrawal each own approximately 10% of the company and are not selling shares in the IPO.
Lead Managers: Kotak Mahindra Bank, Morgan Stanley, Axis Capital, and Goldman Sachs
Coal India Subsidiaries: Strategic Disinvestment IPOs
Bharat Coking Coal Limited (BCCL) IPO
Expected Timing: December 2025 (SEBI approval received)
Issue Size: ₹5,000 crore (46.57 crore shares)
Issue Structure: 100% Offer for Sale by Coal India Ltd
Face Value: ₹10 per share
Company Status: Wholly-owned subsidiary of Coal India
Business Overview:
Established in 1972, BCCL is India's largest coking coal producer, accounting for 58.50% of domestic coking coal production in Fiscal 2025. The company operates 32 mines across Jharia (Jharkhand) and Raniganj (West Bengal) coalfields, covering a total leasehold area of 288.31 square kilometres.
Key Strengths:
- Massive Reserves: Estimated coking coal reserve of approximately 7,910 million tonnes as of April 1, 2024
- Critical Supplier: Primary coking coal supplier to India's steel industry
- Strong Revenue Base: Revenue of ₹14,597.53 crore in FY25
Financial Snapshot:
- Revenue grew 1% from ₹14,452 crore (FY24) to ₹14,597.53 crore (FY25)
- PAT decreased 21% from ₹1,564.46 crore to ₹1,240.19 crore
- Total assets: ₹17,283.48 crore
- Zero debt
Lead Managers: IDBI Capital Markets & Securities Limited, ICICI Securities Limited
Central Mine Planning & Design Institute (CMPDI) IPO
Expected Timing: December 2025 (SEBI approval received)
Issue Size: OFS of 7.14 crore shares
Issue Structure: 100% Offer for Sale by Coal India Ltd
Face Value: ₹2 per share
Company Status: Wholly-owned subsidiary of Coal India, Mini Ratna Category I
Business Overview:
Incorporated on November 1, 1975, CMPDI is India's largest coal and mineral consultancy by market share in Fiscal 2025. The institute provides comprehensive services across geological exploration, mine planning and design, infrastructure engineering, environmental management, and geospatial solutions.
Key Strengths:
- 50+ Years of Expertise: Over five decades of operational excellence
- Preferred Consultant: Primary consultant to Coal India Limited and Ministry of Coal
- Advanced Infrastructure: Operates 8 well-equipped laboratories across various coalfields
- Multidisciplinary Services: End-to-end solutions for coal and mineral sectors
Financial Performance:
- Revenue: ₹2,102 crore in FY25
- PAT: ₹600 crore in FY25
- Consistent track record of growth
Lead Managers: IDBI Capital Markets & Securities Limited, SBI Capital Markets Limited
ICICI Prudential AMC IPO: India's Largest Fund House Listing
IPO Details at a Glance
Expected Timing: December 2025- January 2026
Issue Size: ₹9,000-10,000 crore
Issue Structure: 100% Offer for Sale (1.77 crore shares by Prudential Corporation Holdings)
Face Value: ₹1 per share
Valuation: Approximately ₹1 lakh crore ($11 billion)
Retail Allocation: Minimum 35%
About ICICI Prudential AMC: Mutual Fund Powerhouse
Established in 1993, ICICI Prudential AMC is a joint venture between ICICI Bank (51% stake) and UK-based Prudential Plc (49%). As of June 2025, the company managed ₹9.44 lakh crore in assets under management (AUM), making it India's second-largest fund house after SBI Mutual Fund with approximately 13% market share.
Product Portfolio:
- 135 mutual fund schemes across equity, debt, hybrid, ETFs, and fixed maturity plans
- Portfolio Management Services (PMS)
- Alternative Investment Funds (AIF)
- Advisory services to offshore clients
Distribution Network:
- 250+ branches and partnerships with 80,000+ distributors
- Customer base of 14.6 million investors
- Among top 3 AMCs in monthly SIP book (~₹1,500 crore/month)
Financial Performance: Highly Profitable
ICICI Prudential AMC ranks among India's most profitable asset management companies, driven by consistent fee income, operational efficiency, and strong retail SIP inflows.
Key Financials (FY25):
- Revenue: ₹4,977 crore
- Profit: ₹2,650 crore
- EBITDA Margin: 39.3%
- Return on Equity (RoE): 30%+
Record IPO Setup: The company has appointed a record 18 merchant bankers to manage the IPO—the highest number of lead managers for any AMC listing in India.
IPO Objective & Strategic Rationale
Since this is a pure OFS with no fresh capital raise, all proceeds go to the selling shareholder (Prudential Corporation Holdings). The primary objectives are to:
- Unlock value for existing stakeholders
- Provide liquidity to investors
- Enhance brand visibility through public listing
- Establish benchmark valuation for the AMC sector
ICICI Bank, holding 51% stake, will not sell any shares in the IPO.
boAt IPO: India's Wearables Leader Dives into Public Markets
IPO Details at a Glance
Expected Timing: Late November/Early December 2025
Issue Size: ₹1,500 crore (reduced from ₹2,000 crore)
Fresh Issue: ₹500 crore
Offer for Sale: ₹1,000 crore
Face Value: ₹10 per share
Company Name: Imagine Marketing Limited
About boAt: From Startup to Market Leader
boAt has emerged as India's leading audio and wearables brand, offering products under its flagship "boAt" brand, along with other brands including "RedGear" (gaming accessories), "TAGG" (premium audio), "Misfit" (personal care), and "DEFY" (value audio).
Market Position & Brand Strength:
- Digital-first platform capabilities enabling growth across multiple consumer categories
- Strong brand recall with founder Aman Gupta's visibility from Shark Tank India
- Popular products: smartwatches, true wireless stereo earbuds, headphones, and wearables
Financial Turnaround: Path to Profitability
boAt achieved a remarkable financial turnaround, turning profitable in FY25 after posting a net profit of over ₹60 crore, compared to a loss of ₹80 crore in FY24. The transformation was driven by product innovation and rigorous cost control.
Recent Performance (H1 FY26):
- Operating revenue: ₹628 crore (10% YoY growth)
- Net profit: ₹30 crore vs. net loss of ₹43.9 crore in H1 FY25
Use of Proceeds
Fresh issue proceeds will be allocated for:
- Working capital requirements: ₹225 crore
- Branding and marketing: ₹150 crore
Selling Shareholders
South Lake Investment will sell the largest chunk in the OFS, followed by Fireside Ventures and Qualcomm Ventures. Co-founders Aman Gupta and Sameer Mehta will offload stake worth ₹300 crore.
Lead Managers: ICICI Securities, Goldman Sachs, Nomura, and JM Financial
Market Context & Challenges
The IPO comes at a time when the Indian wearables market has declined for five consecutive quarters, falling 9.4% to 26.7 million units in Q2 2025, hurt by reduced supplies of smartwatches and TWS earbuds. However, boAt's strong brand positioning and profitability make it an attractive investment proposition despite broader market headwinds.
How to Apply for December 2025 IPOs: Step-by-Step Guide
Eligibility & Requirements
- Demat Account: You need an active demat account with a registered broker
- UPI ID: For retail applications, UPI mandate is required
- PAN Card: Mandatory for KYC compliance
- Bank Account: Linked to your demat account
December 2025 IPO Calendar: Mark Your Dates
Frequently Asked Questions (FAQs)
Q1: Which is the biggest IPO in December 2025?
A: Meesho's ₹6,000 crore IPO is expected to be the largest, followed by Bharat Coking Coal (₹5,000 Cr) and Fractal Analytics (₹4,900 Cr).
Q2: When will Meesho IPO open?
A: Meesho IPO is expected to open in the second week of December 2025.
Q3: Can I apply for all December IPOs?
A: Yes, you can apply for multiple IPOs simultaneously if you have sufficient funds. However, ensure you evaluate each IPO's fundamentals before applying.
Q4: What is the minimum investment required?
A: Minimum investment depends on the lot size and price band, which will be announced closer to the IPO opening date. Typically, retail investors can apply with ₹10,000-15,000 per IPO.
Q5: Which IPO is best for long-term investment?
A: Fractal Analytics and ICICI Prudential AMC appear stronger for long-term investment due to their profitability and established business models. However, conduct your own research and consult a financial advisor.
Q6: How do I check IPO allotment status?
A: Visit the registrar's website (KFin Technologies, Link Intime, etc.) or check on IPO Ji's allotment status page with your PAN number or application number.
Q7: Are these IPOs risky?
A: All investments carry risks. Meesho is currently loss-making, while boAt operates in a declining market. However, Fractal Analytics is profitable, and Coal India subsidiaries offer PSU stability. Assess your risk appetite before investing.
Disclaimer: This blog is for informational and educational purposes only. IPO Ji does not provide investment advice. Investors should conduct thorough research, read the DRHP, assess their financial situation, and consult certified financial advisors before making investment decisions. Past performance does not guarantee future results. IPO investments are subject to market risks.
