Eight Companies Planning To Come Up With Their IPOs Before July-End

Mumbai, 18 June 2025: India’s IPO landscape is gaining strong traction once again, with eight companies preparing to go public before July 2025 ends. These initial public offerings are collectively expected to raise over ₹26,000 crore. The surge comes at a time when companies are balancing caution with opportunity, as they watch for geopolitical developments and signals from global monetary authorities.

Line-Up of Upcoming IPOs

A total of eight firms are preparing for their public debut, including:

• HDB Financial Services
• Sambhv Steel Tubes
• Ellenbarrie Industrial Gases
• Kalpataru Projects
• Globe Civil Projects
• CDSL (NSDL)
• Hero Fincorp
• JSW Cement

HDB Financial Takes the Lead with ₹12,500 Crore Offer

HDB Financial Services is expected to file its red herring prospectus shortly. Its IPO is pegged at ₹12,500 crore, which includes a fresh issue worth ₹2,500 crore and an offer-for-sale (OFS) totalling ₹10,000 crore. The issue is tentatively scheduled to open between June 25 and June 27. About 35% of the shares are likely to be reserved for retail investors.

JSW Cement, Hero Fincorp and NSDL Attract Investor Attention

JSW Cement has begun conducting roadshows and is aiming for a ₹4,000 crore public issue.

Hero Fincorp has updated its IPO structure to include a fresh issue component of ₹1,840 crore, coupled with an OFS of ₹1,568.13 crore. The total fundraising goal stands at ₹3,408.13 crore.

Meanwhile, NSDL (under CDSL) is eyeing a launch before July concludes and is targeting a raise of nearly ₹3,400 crore.

Other IPOs in the Pipeline

• Kalpataru Projects plans to raise ₹1,590 crore.
• Ellenbarrie Industrial Gases is expected to bring in ₹400 crore.
• Sambhv Steel Tubes, which secured SEBI’s green light in March, is targeting a ₹540 crore IPO. This issue will also allocate 35% for retail investors.
• Globe Civil Projects has fixed its offering window from June 24 to June 26, pricing its shares between ₹67 and ₹71. The issue size is pegged at ₹200 crore.

Market Outlook and Strategic Timing

According to market sources, firms are closely watching geopolitical developments—particularly the tensions between Israel and Iran—as well as the outcome of the upcoming US Federal Open Market Committee (FOMC) meeting. “Once these variables settle, the IPO pipeline will move at full speed,” said a person familiar with the matter.

Grey Market Signals Strong Demand Ahead of Launches

Investor enthusiasm appears to be building already. HDB Financial, even before its formal announcement, is reportedly commanding a premium of ₹93 per share in the grey market. The uptick in grey market premiums suggests robust appetite for well-regarded IPOs as July approaches.

This fresh wave of IPOs reflects growing confidence in India’s equity markets, with both companies and investors gearing up for a dynamic second half of 2025.

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