India’s capital markets are buzzing again. After a relatively cautious 2024, the year 2025 has turned into a blockbuster for public offerings. Three names—Tata Capital, LG India, and WeWork India—are dominating financial headlines as they prepare to hit Dalal Street with multi-billion-dollar Initial Public Offerings (IPOs). Together, these issues are set to raise nearly ₹30,000 crore, making October one of the most action-packed months in the Indian equity markets.
But beyond the numbers, one metric is quietly shaping investor sentiment: the Grey Market Premium (GMP). This unofficial indicator is being watched closely as traders and retail investors place their bets on which IPO could deliver the best listing gains.
So far, LG India is emerging as the crowd favourite, Tata Capital is seen as the giant with steady but cautious demand, while WeWork India is attracting attention as a high-risk, high-reward play.
India’s IPO Rush: A Bigger Picture
India’s IPO market has matured rapidly in the past decade. From the blockbuster listings of LIC, Paytm, and Zomato to the more measured performance of recent fintech and NBFC players, every cycle has taught investors something new.
In 2025, market analysts estimate that Indian companies could raise close to $8–10 billion through IPOs before the year ends. That makes India one of the hottest IPO markets globally, even as the US and Europe continue to face volatile investor appetite.
The excitement is not just about fundraising. It’s about retail participation. India has now crossed over 13 crore demat accounts, and retail investors have become a force that can make or break an IPO subscription story. With rising disposable incomes and platforms making investing accessible, IPOs are no longer an institutional playground—they are a household conversation.
Into this ecosystem step the three giants: Tata Capital, LG India, and WeWork India.
Tata Capital IPO – The Big Beast on Dalal Street
Issue Size: ₹15,512 crore
Price Band: ₹310–₹326 per share
Grey Market Premium (GMP): Around 8%
The Tata brand is enough to draw attention. Tata Capital’s IPO is expected to be the biggest NBFC (Non-Banking Financial Company) issue in India’s history. With a strong retail presence, diversified financial products, and the backing of India’s most trusted conglomerate, the offering is already being termed as a “once-in-a-decade financial IPO.”
Why investors are excited
- Tata Capital enjoys a diverse portfolio across retail loans, corporate financing, and wealth management.
- Its strong brand gives it access to low-cost funding compared to many peers.
- The NBFC sector has been rebounding after regulatory tightening, with room for growth as India’s credit demand soars.
But risks remain
- Analysts caution that NBFCs remain vulnerable to interest rate cycles and liquidity shocks.
- The large size of the IPO means the listing gains may be moderate compared to smaller, nimble offerings.
GMP signals
At about 8% premium in the grey market, Tata Capital’s GMP is healthy but not euphoric. It indicates that investors expect steady performance, not fireworks. Institutional demand is strong, but retail investors are weighing if the issue size might cap the listing pop.
LG India IPO – The Consumer Electronics Darling
Issue Size: ₹11,607 crore
Price Band: ₹1,080–₹1,140 per share
Grey Market Premium (GMP): Around 13.7% (₹156 above issue price)
This is the one IPO that has truly caught the imagination of the market. LG Electronics India, the subsidiary of South Korea’s LG, is seeking a valuation close to $8.7 billion. The company is already a household name in India with its consumer durables, from televisions to refrigerators.
Why it stands out
- India is one of LG’s fastest-growing markets, contributing significantly to global revenues.
- Strong brand equity and deep distribution networks.
- Rising middle-class consumption and demand for premium appliances make the growth story attractive.
What analysts say
Market experts believe LG India offers a rare combination of a global brand with local growth potential. Unlike startups burning cash, LG has a profitable track record and consistent dividend payouts globally.
GMP signals
At nearly 14% premium, LG India’s IPO is the hottest in the grey market among the three. Traders see this as a sign of oversubscription and high retail enthusiasm. In fact, some brokers hint that the GMP could rise further as the issue nears closure.
In other words, if early sentiment is an indicator, LG India could deliver the strongest listing gains of the season.
WeWork India IPO – The Risky Rebel
Issue Size: ₹3,000 crore
Price Band: ₹615–₹648 per share
Grey Market Premium (GMP): Around 5%
Perhaps the most intriguing IPO of the lot is WeWork India. The global WeWork saga is well known—once valued at $47 billion, it crashed spectacularly amid governance issues and changing work dynamics. But India has been a different story.
WeWork India, operated by the Bengaluru-based Embassy Group, is among the few profitable co-working businesses in Asia.
Why investors are divided
- On the one hand, India’s startup ecosystem and flexible workspace demand are booming.
- On the other, co-working remains a cyclical business, heavily dependent on occupancy rates and corporate leasing.
What the numbers say
WeWork India recently turned profitable, but margins are still thin. With rising competition from Awfis, Smartworks, and traditional office real estate, sustaining growth will be a challenge.
GMP signals
A modest 5% premium shows that investors are cautiously optimistic. There is curiosity, but not the kind of excitement seen with LG India. For many retail investors, this is a “high-risk, high-reward” bet.
Grey Market Premium (GMP): The Sentiment Barometer
The GMP is not an official indicator, but it has become a vital barometer of market mood. Here’s what it tells us:
- LG India: Strong favourite, most likely to reward short-term investors with listing gains.
- Tata Capital: Safe, steady, backed by brand power, but may not deliver massive immediate returns.
- WeWork India: Attractive to risk-takers, but not for conservative portfolios.
Expert Views
Market strategists suggest that the IPO mania of 2025 reflects India’s resilient growth story. Despite global headwinds, investors continue to pour into Indian equities, betting on domestic consumption, financial inclusion, and technology adoption.
- “The Tata Capital IPO is a milestone for India’s financial sector. It will test the depth of our capital markets,” says a Mumbai-based investment banker.
- “LG India offers the strongest combination of profitability and growth. This is not just a listing play, but a long-term portfolio candidate,” notes a consumer analyst.
- On WeWork India, experts are cautious: “It’s a turnaround story, but investors need to watch if profitability sustains.”
What Retail Investors Are Asking
- “Should I apply for all three?”
Advisors say it depends on risk appetite. Conservative investors may prefer Tata Capital and LG India, while aggressive ones may take a chance on WeWork. - “Are listing gains guaranteed?”
No. GMPs are indicators, not guarantees. Market conditions can change quickly. - “Which is best for long-term?”
Analysts tilt towards LG India (consumer story) and Tata Capital (financials growth). WeWork India remains speculative.
The Broader IPO Wave of 2025
Apart from these three, the Indian IPO pipeline includes several other names across sectors—fintechs, infrastructure players, and even renewable energy firms. Collectively, they highlight the confidence global investors have in India’s growth trajectory.
With Sensex hovering at record highs and liquidity strong, analysts say 2025 could be remembered as the year when India firmly established itself as the world’s most dynamic IPO market.
The Battle of Investor Sentiment
The IPOs of Tata Capital, LG India, and WeWork India are more than just fundraising events—they are a reflection of India’s economic story in three chapters.
- Tata Capital represents financial depth and trusted legacy.
- LG India symbolizes consumer growth and aspirational India.
- WeWork India embodies new-age risks and opportunities.
As the issues hit the market, GMPs are hinting at where retail and institutional investors are leaning. If early signals hold true, LG India could emerge as the star performer, Tata Capital as the steady gainer, and WeWork India as the wildcard.
