Big-ticket issues from NBFCs, depositories, and infra giants point to a revival in investor appetite.
The Indian Initial Public Offering (IPO) market is finally heating up after a tepid start to 2025, according to SEBI-registered analyst Mayank Singh Chandel.
He sees July as a pivotal month for the IPO market, with more than ₹25,000 crore in equity issues set to flood Dalal Street. This fresh wave indicates renewed investor confidence and a shift toward positive momentum in the broader markets.
HDB Financial Services
Set to launch the biggest NBFC IPO since October 2024, the ₹12,500 crore issue opens on June 25 and closes on June 27. A lot size consists of approximately 20 shares, priced at a band of ₹700 and ₹740.
According to reports, HDB Financial plans to raise ₹2,500 crore via a fresh issue of shares and ₹10,000 crore through an offer for sale (OFS) by HDFC Bank. HDB Financial is a diversified retail-focused NBFC.
It aims to boost Tier-1 capital and meet mandatory RBI listing norms. Early grey market trends suggest an 11–12% potential listing gain, Chandel added.
National Securities Depository Limited (NSDL)
The securities depository plans to raise ₹3,300 crore via OFS and is set to become India’s second listed depository after CDSL. NSE & IDBI Bank are among its stakeholders.
The company had posted a 24.6% increase in net profit to ₹340 crore in FY25.
JSW Cement
It is set to list in the primary markets courtesy of a ₹4,000 crore IPO consisting of a ₹2,000 crore fresh issue and an OFS worth ₹2,000 crore. The IPO dates are yet to be confirmed, but a July listing is expected, he noted.
The company has a significant presence in South and West India and is set to benefit from strong real estate and infrastructure demand, particularly in these regions.
Hero FinCorp
Backed by Hero MotoCorp, the company will launch a ₹3,670 crore IPO in July, comprising a ₹2,110 crore fresh issue worth ₹2,110 and an OFS of ₹1,570 crores.
While the IPO launch was slightly delayed due to compliance issues, the retail lender, with a customer base of over 11.8 million and assets under management (AUM) worth ₹51,820 crore, is finally expected to launch in July, according to Chandel.
Kalpataru Projects
The real estate and infrastructure developer plans to raise ₹1,590 crore via a fresh issue of shares. The company intends to use the proceeds for debt reduction and general corporate needs.
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