Dalal Street Braces for IPO Frenzy as 12 Issues Worth ₹15,800 Crore Launch Next Week

Published: June 21, 2025 | Mumbai, India

India’s primary capital market is set for one of its busiest weeks in recent memory, with an unprecedented 12 initial public offerings (IPOs) worth approximately ₹15,800 crore scheduled to open for subscription between June 23 and June 27. The deluge of public issues is led by HDFC Bank’s non-banking arm, HDB Financial Services, with its much-anticipated ₹12,500 crore IPO. This wave of activity marks a notable shift in investor sentiment, as improved liquidity, resilient equity markets, and supportive macroeconomic indicators converge to fuel a robust fund-raising pipeline across both mainboard and SME platforms.

HDB Financial Services to Lead the Charge with ₹12,500 Crore Mega IPO

Among the most closely watched IPOs in the upcoming lineup, HDFC Bank’s HDB Financial Services is poised to become the largest IPO of calendar year 2025. With a price band of ₹700–₹740 per share, the issue will open for subscription on June 25 and close on June 27. The retail-focused NBFC has drawn significant interest from institutional investors, given its deep market reach and the backing of India’s largest private-sector lender. The IPO will not only test market appetite at a large scale but also potentially recalibrate benchmarks for valuations in the BFSI sector. Analysts say the timing of the issue aligns well with rising demand for credit in Tier II and III cities.

Highlights

• HDB Financial’s ₹12,500 crore IPO opens June 25, closes June 27

• Price band set at ₹700–₹740 per share

• Largest public issue of 2025, backed by HDFC Bank

• Focuses on expanding retail lending footprint in underserved markets

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Mainboard IPO Activity Intensifies with Kalpataru, Ellenbarrie, and Globe Civil Projects

On June 24, three mainboard IPOs will simultaneously launch, intensifying primary market activity. Kalpataru Projects, a prominent real estate developer based in Mumbai, aims to raise ₹1,590 crore at a price band of ₹387–₹414. Kolkata-based Ellenbarrie Industrial Gases, seeking ₹852.53 crore, has set a band of ₹380–₹400 per share. Meanwhile, Globe Civil Projects, an EPC firm from New Delhi, targets a ₹119 crore raise with shares priced at ₹67–₹71. All three IPOs will remain open until June 26. The clustering of mainboard issues over a short span is a strategic move to capture current bullishness, which persists despite global tariff shocks and oil-related inflation fears.

Highlights

• Kalpataru to raise ₹1,590 crore, price band ₹387–₹414

• Ellenbarrie targets ₹852.53 crore at ₹380–₹400 per share

• Globe Civil Projects IPO size pegged at ₹119 crore

• All three IPOs open June 24, close June 26

SME Segment Maintains Momentum with 7 New Launches

The SME IPO segment continues to deliver consistent activity, with seven companies set to launch public issues during the week. Opening the series on June 23 is AJC Jewel Manufacturers, offering shares worth ₹14.59 crore at a price band of ₹90–₹95. The next day, June 24, will see the debut of three issues—Shri Hare-Krishna Sponge Iron, Icon Facilitators, and Abram Food—collectively aiming to raise ₹61.35 crore. The trend will continue with Suntech Infra Solutions’ ₹42.16 crore IPO launching on June 25, followed by Ace Alpha Tech (₹47.15 crore) and PRO FX Tech (₹38.21 crore) on June 26. The consistency in SME participation underlines robust retail investor appetite and regional industrial growth.

Highlights

• Seven SME IPOs to launch between June 23–26

• AJC Jewel Manufacturers leads with ₹14.59 crore issue

• Three SME IPOs open June 24; three more to follow on June 25 and 26

• Retail and regional investor participation remains strong

Secondary Market Listings to See Eight Debuts Including Arisinfra Solutions

A total of eight companies are slated to list on the stock exchanges next week, further intensifying market activity. The sole mainboard debutant, Arisinfra Solutions, will list on June 23 following a 2.65x subscription in its IPO. The remaining seven companies are from the SME segment and will list on NSE Emerge. Samay Project Services and Patil Automation will make their market debuts on June 23, followed by Eppeltone Engineers on June 24 and Influx Healthtech on June 25. Meanwhile, trading in Mayasheel Ventures, Safe Enterprises Retail Fixtures, and Aakaar Medical Technologies will commence on June 27. This flurry of listings reflects a matured IPO pipeline and increased market depth across sectors.

Highlights

• Arisinfra Solutions to list on June 23 on mainboard

• Seven SME IPOs to debut on NSE Emerge next week

• Listings scheduled between June 23 and June 27

• Reflects robust pipeline and IPO-to-listing conversion rate

Broking Houses See Buoyant Market Sentiment Continuing into FY26

Bajaj Broking Research observed that despite volatility stemming from Middle East tensions and tariff-related trade risks, overall sentiment in the Indian equity markets remains constructive. Factors such as strong domestic liquidity, improving economic indicators, and the ongoing institutional buying spree have contributed to this optimistic outlook. The broking house expects the primary market to exceed expectations for the first half of FY26, buoyed by favorable monetary policy stances and continued investor confidence. While analysts caution that external risks could introduce short-term swings, the longer-term view remains bullish, especially in sectors like finance, infrastructure, industrials, and technology.

Highlights

• Bajaj Broking anticipates primary market to exceed FY26 H1 expectations

• Macroeconomic tailwinds and liquidity drive investor optimism

• Retail and institutional flows remain strong despite global volatility

• Sectors like infra, BFSI, and tech expected to lead the charge

Investors Eye Strategic Opportunities Amid IPO Flood

With so many IPOs hitting the market in a condensed time frame, analysts recommend that investors exercise due diligence and selectivity. While marquee names like HDB Financial Services attract strong anchor demand, lesser-known SMEs require careful evaluation of financials, business models, and promoter track records. Market experts suggest that retail investors should avoid overexposure and prioritize companies with strong fundamentals, scalable models, and sectoral tailwinds. Given the oversupply of options, quality differentiation will be key to long-term wealth creation through primary market investments.

Highlights

• Investors urged to be selective amid IPO surge

• Focus on strong fundamentals, promoter credibility

• Anchor participation and institutional demand indicate quality

• Quality over quantity remains the rule amid market euphoria