After a sluggish start to 2025, India’s IPO market is roaring back to life — and July might be the turning point. With several high-profile listings lined up, both retail and institutional investors have plenty to look forward to. From financial giants like HDB Financial and NSDL to industrial players like JSW Cement and Kalpataru, the IPO pipeline is packed.
Estimated total fundraising? Over ₹25,000 crore — a serious vote of confidence in India’s capital markets.
Let’s break down the most anticipated IPOs set to hit the markets next month:
🏦 HDB Financial Services: The Big One
- Issue size: ₹12,500 crore
- Type: Fresh issue + Offer for Sale
- Why it matters: HDB is a subsidiary of HDFC Bank and falls under the RBI’s “upper layer” NBFC mandate — requiring it to list by September 2025. That makes this not just a financial move, but a regulatory milestone.
Founded in 2007, HDB serves underbanked segments across enterprise, consumer, and asset finance. With a diversified loan book and minimal borrower concentration, its fundamentals are robust. This could be the largest NBFC IPO in India’s history — and the biggest since Hyundai’s issue last year.
📊 NSDL: A Giant in Market Infrastructure
- Issue size: ₹3,300 crore (full OFS)
- Prominent sellers: IDBI Bank, NSE
India’s oldest depository is finally going public. With rival CDSL already listed, NSDL’s debut brings fresh investor interest to market infrastructure. In FY25, the company posted a 24.6% jump in profit to ₹340 crore and 12.4% growth in revenue — highlighting its strong performance.
The listing is seen as a landmark moment in India’s financial services evolution.
🏗️ JSW Cement: Riding the Infra Wave
- Issue size: ₹4,000 crore
- Structure: ₹2,000 crore fresh + ₹2,000 crore OFS
Part of the powerful JSW Group, JSW Cement holds a strong position in South and West India. With India’s construction and infra sectors booming, this IPO is well-timed for investors seeking exposure to core growth sectors.
Top management, including Parth Jindal, is closely involved in shaping the listing strategy — a sign of the company’s serious market intent.
💸 Hero FinCorp: NBFC with Retail Depth
- Issue size: ₹3,670 crore (₹2,110 crore fresh + ₹1,570 crore OFS)
- Backed by: Hero MotoCorp & ChrysCapital
Hero FinCorp serves over 11.8 million customers with an AUM of ₹51,820 crore. Retail loans — including two-wheeler finance, MSME loans, and affordable housing — make up 65% of its book.
After a brief delay due to compliance, the IPO is expected to launch this July, offering another solid NBFC play to the market.
🏢 Kalpataru: Real Estate Meets Capital Markets
- Issue size: ₹1,590 crore (fresh issue)
- Purpose: Debt reduction + corporate needs
A key player in India’s real estate and infrastructure sectors, Kalpataru is part of a larger group that includes listed Kalpataru Projects International. With backing from top investment banks like ICICI Securities, JM Financial, and Nomura, this IPO is attracting serious institutional interest.
📈 Final Thoughts: Is This the Rebound Moment?
With strong macro fundamentals, easing inflation concerns, and investor liquidity returning, July could mark a turning point for Indian primary markets. Whether you’re a first-time retail investor or a seasoned fund manager, this wave of IPOs brings something for everyone.
Keep your demat accounts ready — Dalal Street’s next chapter is about to begin.
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