The Indian IPO market has been buzzing with activity in FY2024-25, and April 2025 is shaping up to be no different. With companies across sectors lining up to raise capital and get listed on the NSE and BSE, investors have a variety of opportunities to explore. This article provides a detailed overview of the upcoming Indian IPOs in April 2025, analyzing their company profiles, grey market premiums (GMP), expert opinions, and likely listing outcomes.
Whether you’re a seasoned investor or a newcomer to the primary market, this guide will help you make informed decisions on participating in the right IPOs.
🏢 Company Details – IPOs to Watch in April 2025
Below is a detailed look at some of the most talked-about IPOs scheduled or expected to launch in April 2025:
1. Allied Blenders & Distillers Ltd. (ABD)
Industry: Alcohol & Beverages
Issue Size: ₹2000 Cr (Fresh + OFS)
IPO Dates: Expected around April 15–18, 2025
Lot Size: TBD
Overview:
ABD is one of India’s largest IMFL (Indian Made Foreign Liquor) companies, known for brands like Officer’s Choice. The company has shown consistent revenue growth and is expected to use the IPO funds for debt repayment and brand expansion.
NSE India Page: Link to NSE
2. EbixCash Ltd.
Industry: Fintech & Payment Solutions
Issue Size: ₹6000 Cr
IPO Dates: Likely in third week of April 2025
Lot Size: TBD
Overview:
EbixCash offers domestic remittance, foreign exchange, utility payments, and insurance distribution. It aims to leverage the IPO proceeds for business growth and acquisitions.
Strengths:
- Wide customer base
- Cross-border payment platform
- Backed by strong parent Ebix Inc (US)
3. FirstCry (BrainBees Solutions Pvt. Ltd.)
Industry: E-commerce – Baby & Kids Products
Issue Size: ₹1800 Cr (Fresh Issue + Offer for Sale)
IPO Dates: Expected late April 2025
Lot Size: TBD
Overview:
FirstCry is India’s top online-first baby product platform. It has a robust online and offline network, supported by investments from SoftBank.
Concerns:
- Loss-making currently
- Heavy competition from Amazon & Flipkart
4. Ola Electric Mobility Ltd.
Industry: Electric Vehicles (EV)
Issue Size: ₹5500 Cr
IPO Dates: Late April or early May 2025
Lot Size: TBD
Overview:
Ola Electric, backed by Bhavish Aggarwal and SoftBank, is entering the capital markets with ambitions to expand manufacturing and battery production capacity.
Pros:
- Strong brand recall
- Focus on India’s EV future
Cons:
- Operational losses
- Delivery issues in past
5. Go Digit General Insurance Ltd.
Industry: Insurance
Issue Size: ₹1250 Cr
IPO Dates: April 2025
Lot Size: TBD
Overview:
Backed by cricketer Virat Kohli and Fairfax, Go Digit is a tech-driven general insurance company offering flexible motor, health, and travel insurance.
📈 Grey Market Premium (GMP) – Latest Unofficial Prices
Disclaimer: GMPs are unofficial and change frequently. Always cross-check before applying.
| Company Name | Expected GMP (₹) | Estimated Listing Gain (%) |
|---|---|---|
| Allied Blenders | ₹25–₹30 | 15–20% |
| EbixCash | ₹40–₹50 | 10–12% |
| FirstCry | ₹60–₹70 | 18–22% |
| Ola Electric | ₹20–₹25 | 8–10% |
| Go Digit Insurance | ₹15–₹18 | 6–9% |
These figures are based on current grey market trends sourced from IPO watchers and financial forums. Keep in mind that GMP can change rapidly depending on demand, market sentiment, and company financials.
🧠 Analyst Opinions and Risk Factors
✅ Allied Blenders
- Bullish View: Strong rural and Tier 2-3 city demand for Officer’s Choice
- Bearish View: Highly regulated alcohol market, low margins
Expert Verdict: May perform well on listing but long-term performance depends on volume growth and premium product penetration.
✅ EbixCash
- Bullish View: Solid revenue model and multiple business segments
- Bearish View: Complexity in operations, legal issues in parent company (Ebix Inc.)
Expert Verdict: High-risk, high-reward play. Institutional interest expected.
✅ FirstCry
- Bullish View: Monopoly in baby-care niche, backed by global investors
- Bearish View: Weak financials and dependency on discounts
Expert Verdict: Good listing potential due to brand awareness, but long-term investors should wait for profitability.
✅ Ola Electric
- Bullish View: EV industry is booming, Ola brand recall is strong
- Bearish View: Execution issues, product quality complaints
Expert Verdict: Mixed reviews. Volatile listing expected. Only for high-risk investors.
✅ Go Digit
- Bullish View: Digital-first insurance model with tech integration
- Bearish View: Cutthroat competition from Acko, Policybazaar, etc.
Expert Verdict: Conservative investors may consider for medium-term.
📊 Listing Predictions – What to Expect
| Company | Expected Listing Price (₹) | Potential Volatility | Ideal Investor Profile |
|---|---|---|---|
| Allied Blenders | ₹325–₹340 | Moderate | Long-term value seekers |
| EbixCash | ₹205–₹215 | High | Risk-tolerant investors |
| FirstCry | ₹430–₹450 | High | Momentum-based investors |
| Ola Electric | ₹305–₹315 | Very High | Speculative traders |
| Go Digit | ₹270–₹280 | Low–Moderate | Conservative retail investors |
Note: Listing price is speculative and may vary based on subscription levels and market sentiment.
🧾 How to Decide Which IPO to Apply?
Here are some quick filters investors can use before applying:
- ✅ Look at DRHP & RHP on SEBI website or NSE India
- ✅ Understand if the IPO is pure OFS (exit of promoters) or includes a fresh issue (for growth)
- ✅ Check the anchor investor list – presence of marquee names is a good sign
- ✅ Analyze GMP, but don’t rely solely on it
- ✅ Watch subscription updates (QIB, NII, Retail) on NSE IPO Watch
✅ Conclusion
April 2025 is offering a rich mix of IPOs – from legacy alcohol brands like ABD to high-tech companies like Ola Electric and EbixCash. Each IPO has a unique risk-reward ratio, and it’s crucial for retail investors to read offer documents, consult with their financial advisor, and not blindly follow grey market premiums.
IPO investing in India is maturing. While the opportunities are exciting, informed decision-making is key to success.
5
