India’s IPO calendar heats up with the most anticipated offerings of the year – HDB Financial, NSDL, JSW Cement, and more (Image: Canva)
The is heating up again and July might just be the month when Dalal Street gets its spark back. After a muted start to 2025, a string of big-ticket public issues are gearing up to enter the market. From financial heavyweights like NSDL and HDB Financial to sector leaders like JSW Cement and Hero Fincorp, the coming weeks could offer plenty of action for retail and institutional investors alike.
There is big money at stake too. The combined value of just five IPOs likely to hit the markets next month exceed Rs 25,000 crore
Here is a look at the most awaited public offerings lined up for July 2025.
HDB Financial Services IPO
, a subsidiary of , is set to launch what could be the biggest IPO in the NBFC space and largest since the Hyundai issue last October, targeting a Rs 12,500 crore issue. This is not just a financial move, it is a regulatory benchmark, as RBI rules require upper-layer NBFCs like HDB to list by September 2025.
Established in 2007, HDB caters to underserved borrowers across enterprise, consumer, and asset finance. According to its draft papers, the company has a diversified loan book, with the top 20 borrowers accounting for less than 0.36% of total loans.
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NSDL IPO
The is all set to become India’s second listed depository after .This Rs 3,300 crore IPO will be a complete Offer for Sale (OFS), with key stakeholders like IDBI Bank and NSE expected to dilute their stakes.
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Backed by India’s financial infrastructure, NSDL reported a positive FY25 performance, with a 24.6% rise in net profit to Rs 340 crore and a 12.4% growth in overall income.
The IPO received approval in October 2024, and the listing will be a crucial watch among investors as it is one of the most crucial institutions in India’s capital markets.
JSW Cement IPO
From the house of is preparing for a Rs 4,000 crore IPO, comprising a fresh issue and OFS of Rs 2,000 crore each. Though the dates are yet to be confirmed.
JSW Cement is known for its major presence in Southern and Western India. With the real estate and infrastructure sectors on a growth path, this IPO could draw in both retail and long-term investors seeking exposure to the cement space.
Senior management, including Parth Jindal, has been actively engaging with the market to finalise valuations and timing, as per reports.
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Hero FinCorp IPO
Another NBFC looking to hit the market is backed by and private equity major ChrysCapital. The IPO aims to raise Rs 3,670 crore – with Rs 2,110 crore as fresh issue and Rs 1,570 crore via OFS.
Hero FinCorp serves over 11.8 million customers and has an AUM of Rs 51,820 crore. It offers a wide range of retail products including two-wheeler loans, MSME financing, and affordable housing. Interestingly, 65% of its book comes from retail.
The IPO was slightly delayed due to compliance norms but is expected to roll out this July.
Kalpataru IPO
Kalpataru, a known name in real estate and infrastructure, is launching a Rs 1,590 crore fresh issue and is expected to open in July. The funds will be used to pare down debt and for general corporate purposes.
The company is part of the broader Kalpataru Group, which includes listed entity and other ventures like Shree Shubham Logistics. The listing is also being supported by top investment banks including ICICI Securities, JM Financial, and Nomura.Expand