Rs.26,000 Crore IPO Season Heats Up with Eight Public Issues by July-End

Primary Market Buzz | June–July 2025 | Equity Capital Markets, Geopolitical Watch, FOMC Overhang

India’s primary market is set to witness a robust revival as eight companies, including marquee names like HDB Financial Services, JSW Cement, CDSL, and Hero Fincorp, prepare to launch their IPOs by the end of July 2025. Collectively, these offerings are expected to raise over ₹26,000 crore, marking one of the most active IPO phases in over a year. Market participants, however, are treading cautiously amid intensifying geopolitical risks between Israel and Iran and the anticipated outcome of the US Federal Reserve’s FOMC meeting, which could influence risk sentiment and global liquidity.

Highlights

• Eight IPOs to raise over ₹26,000 crore by July-end.

• Key issuers include HDB Financial, JSW Cement, Hero Fincorp, CDSL.

• Geopolitical tensions and FOMC policy eyed closely before final launch.

• Retail participation expected to remain high, with 35% quota in major issues.

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HDB Financial Services Set to Lead with ₹12,500 Crore IPO; Anchor Book Likely on June 24

The biggest offering in this IPO pipeline is HDB Financial Services, a non-banking financial company (NBFC) and a subsidiary of HDFC Bank. The company is expected to file its red herring prospectus (RHP) shortly. Its issue size is estimated at ₹12,500 crore, including a fresh issue component of ₹2,500 crore and an offer-for-sale (OFS) of ₹10,000 crore. According to people familiar with the matter, the anchor investor portion could open on June 24, followed by the public subscription window from June 25 to June 27. The IPO has already generated buzz in the grey market, where it commands a premium of ₹93 per share, even before price bands have been officially announced.

Highlights

• ₹12,500 crore IPO: ₹2,500 crore fresh issue, ₹10,000 crore OFS.

• Anchor book likely June 24; IPO window June 25–27.

• Grey market premium seen at ₹93/share.

• Retail quota expected at 35%.

Sambhv Steel Tubes, Kalpataru, Ellenbarrie Line Up Mid-Sized Issues After Regulatory Green Light

Sambhv Steel Tubes, which received SEBI approval in March, is preparing a ₹540 crore IPO, also expected in late June or early July. Market watchers say retail participation will be a focus, with 35% of the offer earmarked for individual investors. Similarly, Kalpataru Projects International, having received clearance in November 2024, is preparing a ₹1,590 crore IPO, while Ellenbarrie Industrial Gases, cleared in January, is planning a ₹400 crore public issue. All three are in final stages of market preparation, with bookrunners, anchor interest, and timing closely tied to clarity on geopolitical events and US monetary policy.

Highlights

• Sambhv Steel Tubes IPO size at ₹540 crore; retail quota at 35%.

• Kalpataru eyes ₹1,590 crore issue, Ellenbarrie to raise ₹400 crore.

• All three IPOs approved by SEBI and in advanced preparation stages.

• FOMC meeting outcome may influence launch decisions.

JSW Cement Begins Roadshows for ₹4,000 Crore IPO Slated for July Launch

JSW Cement, backed by the Sajjan Jindal-led JSW Group, has started its domestic and international roadshows for a ₹4,000 crore IPO. SEBI approval was granted in January 2025, and bankers familiar with the deal suggest the company is targeting a July launch. The roadshows are aimed at institutional investors and sovereign funds, given the company’s aggressive capacity expansion and ESG-aligned cement production roadmap. JSW Cement’s IPO is expected to be a mix of fresh equity and an OFS component, though final structuring is still under discussion.

Highlights

• ₹4,000 crore IPO with roadshows underway.

• SEBI approval obtained in Jan 2025; July listing likely.

• Targeting global institutional investors during pre-marketing.

• Focus on green cement, capacity expansion themes.

Globe Civil Projects IPO Confirmed for June 24–26; Price Band Set at ₹67–71

Among the eight IPOs, Globe Civil Projects is the only company to have formally announced its subscription timeline. The public issue will open on June 24 and close on June 26, with a price band of ₹67 to ₹71 per share. The infrastructure and civil engineering firm aims to raise around ₹200 crore, largely through a fresh issue, to fund its ongoing EPC contracts and capital asset acquisitions. Given its price band and sectoral interest in infra plays, analysts expect decent retail traction, particularly if market volatility remains subdued during the subscription window.

Highlights

• IPO opens June 24, closes June 26.

• Price band set at ₹67–₹71 per share.

• Total fundraise pegged at ₹200 crore.

• Retail interest expected in infra-focused public issue.

Hero Fincorp Slashes Fresh Issue Size to ₹1,840 Crore; Total Issue at ₹3,408.13 Crore

Hero Fincorp, the retail and SME lending arm of Hero Group, has revised its IPO structure after raising ₹260 crore in pre-IPO funding. The fresh issue component has been reduced from ₹2,100 crore to ₹1,840 crore. Including the offer-for-sale of ₹1,568.13 crore, the total IPO size now stands at ₹3,408.13 crore. The NBFC received SEBI’s go-ahead in May 2025, and analysts view the revised structure as a move to balance dilution with pre-IPO investor expectations. The company is expected to hit the market shortly after the HDB IPO, depending on macro sentiment.

Highlights

• Hero Fincorp IPO reduced to ₹3,408 crore (₹1,840 cr fresh + ₹1,568 cr OFS).

• Pre-IPO funding of ₹260 crore raised.

• SEBI approval received in May 2025.

• Market launch expected soon after HDB’s issue.

CDSL and NSDL in Focus as Depository Duo Prepares to Tap Primary Markets

CDSL, one of India’s two main securities depositories, is preparing for a late July IPO, joining its counterpart NSDL, which has also been granted an extension by SEBI to file its final offer document before July 2025. While NSDL is reportedly planning to raise about $400 million (₹3,400 crore), CDSL is said to be finalising its bankers and timing. With retail demat accounts surpassing 160 million, both companies are expected to attract significant institutional and retail attention, particularly from long-term investors seeking exposure to capital market infrastructure.

Highlights

• NSDL IPO to raise around ₹3,400 crore; SEBI extended deadline to July 2025.

• CDSL IPO expected to be filed by July-end.

• Both depositories to benefit from India’s growing investor base.

• Long-term institutional interest anticipated in market infra assets.

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