Do you hear whispers on Urban Company resonating down Dalal Street? It’s been two weeks since it went listed at a hefty premium of 56.3% on the issue price, but the hottest IPO of the year, which was overbought 104 times, didn’t cease to woo traders.

Urban Company, which was listed at INR 161 a share on the BSE, joined the league of Ather Energy, IndiQube, Smartworks, BlueStone, DevX and ArisInfra – all making their debut in the markets this year and signalled a clear appetite among investors for new-age businesses.

The success of Urban Company has instilled fresh momentum into India’s tech IPO pipeline.

The upcoming IPO lineup looks compelling: PhysicsWallah, Groww, PhonePe, boAt, Pine Labs and Curefoods are waiting in the queue.

PhonePe is looking to steal the spotlight as it gears up for an INR 12,000 Cr IPO around the middle of 2026, promising a watershed moment for India’s fintech landscape. A blockbuster listing of the payments giant, which has 46% share of the UPI market and is backed by US retail major Walmart, may open the floodgates for more fintech floats.

PhysicsWallah, on its part, is laying out an INR 3,820 Cr public issue. Its listing will be an acid test for investors on the edtech platform, which is still recovering from the BYJU’S meltdown.

Given the backdrop, investor enthusiasm is tempered with caution. Following mixed outcomes from earlier tech listings, such as Paytm’s, the spotlight is now firmly on consumer-facing companies with proven business models and clear profitability roadmaps.

What’s Working For New IPOs AKA Winning Investor Trust

With another IPO wave approaching, investors are watching closely to see how much the market has evolved since Paytm’s 2021 listing.

The startup funding boom that followed brought layoffs, shutdowns, and a sobering reality check. Investors have clearly moved on from the growth-at-all-costs mindset, driving the focus on profitability and sustainable expansion – a change that has proven to be a boon for late-stage companies planning to go public.

“Profitability has become central. In fact, 60% of companies that went public in Q1 of 2025 were profitable – up sharply from 2024. Metrics like the Rule of 40 are now widely applied,” said Gaurav Garg, research analyst at PeepalCo’s........

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