Groww, PhysicsWallah, Pine Labs, PhonePe, Lenskart gear up for IPO in Diwali

India’s IPO market is showing signs of revival after recent volatility, with startups set to dominate the upcoming listing season. Backed by SEBI's regulatory reforms and resilient domestic SIP inflows offsetting foreign outflows, bankers anticipate three to five new-age firms will hit the stock exchanges around Diwali, according to a report by the Times of India.

Investment platform Groww has updated its draft papers for its highly anticipated Rs 7000 crore IPO. The Groww IPO was cut short of 1300 crore. Earlier, Rs 8,300 crore target was set by Groww to acquire the capital from the market. The offer includes a fresh issue worth up to Rs 1,060 crore, along with an offer for sale of 574.2 million shares by existing investors. Having a market share of more than 25 percent, Groww is India’s largest stockbroker by active clients. Kotak Mahindra Capital, Axis Capital, and J.P. Morgan India Private Limited are the book-running lead managers (BRLM) for the public issue.

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Meanwhile, PhonePe is preparing to file confidential IPO documents as early as next week. The Walmart-backed payments company is targeting a billion-dollar issue, potentially positioning itself as one of the most high-profile listings of the season.

Adding to the pipeline, eyewear retailer Lenskart is planning a public offering estimated at Rs 2,200 crore. As India’s largest organized omnichannel eyewear brand, the company has been growing steadily in the low teens and is looking to ride the IPO momentum.

Edtech player PhysicsWallah has also refreshed its draft documents, gearing up for a potential Rs 3,820 crore IPO. Sources say the firm is eyeing a Diwali launch, though the timing may depend on its quarterly earnings and valuation clarity.

Fintech unicorn Pine Labs received SEBI’s approval this week, therefore paving the way for its listing. Market bankers suggest it could be among the earliest to tap investors during the October–November window.

Together, these offerings highlight the festive season as a potential turning point for India’s startup IPO wave, signaling renewed investor interest and capital market appetite.