IPO Season Heats Up: Top 5 Public Issues To Watch In July 2025

Image Source : The Financial Express

India’s primary market is poised for a vibrant July as several marquee companies prepare to go public, collectively aiming to raise over Rs 25,000 crore. From financial powerhouses to infrastructure giants, these IPOs are expected to draw strong interest from both retail and institutional investors, signaling renewed confidence in capital markets after a muted start to the year.

Key IPOs To Watch This July

1. HDB Financial Services
- A subsidiary of HDFC Bank, HDB Financial is launching what could be the largest IPO in the NBFC space, targeting Rs 12,500 crore
- The offering is driven by RBI’s mandate for upper-layer NBFCs to list by September 2025
- Established in 2007, HDB serves underserved segments across enterprise, consumer, and asset finance
- The company boasts a diversified loan book, with its top 20 borrowers accounting for less than 0.36 percent of total loans

2. National Securities Depository Limited (NSDL)
- NSDL is set to become India’s second listed depository after CDSL, with a Rs 3,300 crore offer for sale
- Key stakeholders like IDBI Bank and NSE will dilute their stakes
- The depository reported a 24.6 percent rise in net profit to Rs 340 crore in FY25, with a 12.4 percent increase in income
- The IPO received SEBI approval in October 2024 and is expected to attract strong institutional interest

3. JSW Cement
- Backed by the JSW Group, this Rs 4,000 crore IPO includes a Rs 2,000 crore fresh issue and Rs 2,000 crore OFS
- The company has a strong presence in Southern and Western India and is well-positioned to benefit from infrastructure growth
- Management, including Parth Jindal, has been actively engaging with investors to finalize valuations

4. Hero FinCorp
- The NBFC arm of Hero MotoCorp, supported by ChrysCapital, aims to raise Rs 3,670 crore
- The issue includes Rs 2,110 crore as fresh equity and Rs 1,570 crore via OFS
- Hero FinCorp serves over 11.8 million customers, with 65 percent of its book in retail lending
- The IPO was delayed due to compliance requirements but is now slated for July

5. Kalpataru Projects International
- Known for its real estate and infrastructure ventures, Kalpataru is launching a Rs 1,590 crore fresh issue
- Proceeds will be used to reduce debt and support general corporate purposes
- The company’s diversified project portfolio and strong execution track record make it a compelling pick for long-term investors

Future outlook

With regulatory clarity, improved market sentiment, and robust financials backing these offerings, July 2025 could mark a turning point for India’s IPO landscape. Investors will be closely watching listing performance and subscription trends as these high-profile companies make their public debut.

Sources: Financial Express, Mint, Moneycontrol, SEBI filings.