New Delhi, July 5 -- The year 2025 is expected to be the year of IPOs. After HDB Financial Services, yet another NBFC, Tata Capital, has secured Sebi approval for listing.

When well-funded groups like HDFC and Tata are seeking to leverage the bull market valuations through the IPOs, will others stay behind?

In the last few years, several new-age technology entities have gone public despite being loss-making at the time of their IPOs, including Nykaa (FSN E-Commerce Ventures), Zomato, Paytm (One97 Communications) and Policybazaar (PB Fintech) initially fuelled optimism among investors. However, most of the stocks nosedived in the subsequent months.

But if the stock markets continue to spin a dreamy story of valuations soaring higher, 20...