India’s primary market is set for a big comeback in July, with companies planning to raise $2.4 billion through IPOs, according to investment bankers. The surge comes after a strong $2 billion in funding raised in June, led mainly by the blockbuster listing of HDB Financial Services.
If realized, July would be the strongest IPO month since December, signaling a potential turnaround after early-year disruptions due to global trade wars and geopolitical unrest.
Among the companies preparing for public offerings this month are
Credila Financial Services (education loans)
National Securities Depository Ltd (NSDL)
Aditya Infotech (surveillance systems)
M&B Engineering (power transmission equipment)
Roadshows are currently underway, but official IPO dates and valuations are still under wraps. The companies have not responded to media queries.
India’s IPO market posted a record-breaking performance in 2024, raising $20.5 billion, second only to the United States. This growth was driven by strong domestic investor participation, bolstered by India’s growing economy and rising household wealth.
However, 2025 began with setbacks—U.S. President Donald Trump’s renewed trade war policies, tensions with Pakistan, and Middle East conflicts prompted IPO delays, including LG Electronics India’s $1.8 billion offering.
That headwind appears to be easing. With benchmark indices Nifty 50 and Sensex trading just 3% below record highs, market sentiment is turning positive.
“The IPO market is back in the green… The absence of much of the negative is what is driving the market more than anything else,” said Suraj Krishnaswamy, MD, Axis Capital.
So far in 2025, India ranks as the world’s No. 2 IPO market, having raised $5.86 billion, or 12% of global IPO proceeds, according to LSEG data.
Key IPOs Lined Up:
Credila Financial Services: Aiming for $584 million
NSDL: Targeting $400 million
LG Electronics India: Planning a $1.8 billion IPO (delayed)
JSW Cement and SMPP (defense equipment): $470 million each
JSW Cement may launch in late July or early August. Timelines for LG Electronics and SMPP remain uncertain.
According to PRIME Database, 143 IPOs are in planning stages, collectively worth $26 billion. Of these, 73 have SEBI approval.
“We expect the upcoming months to be the best for the Indian IPO market this year,” said Bhavesh Shah, MD at Equirus.
Still, some analysts remain cautious. Retail and HNI participation may not match last year’s enthusiasm.
“Investors are becoming more selective and are focusing on IPOs with higher return potential,” noted Umesh Agrawal, fund manager at 360 ONE Asset.
Disclaimer:
This article is intended for informational purposes only. All projections and company plans are based on industry sources and may change. Investors are advised to consult financial professionals and review official prospectuses before making investment decisions.
