India’s IPO Market Eyes 2.4 Billion in July Offerings as Confidence Rebounds#

Indian companies are expected to raise approximately 2.4 billion through Initial Public Offerings (IPOs) in July 2025, signaling a strong revival in the primary market following disruptions from U.S. trade policies and global geopolitical tensions earlier in the year. This follows a robust 2 billion raised in June, primarily through HDB Financial Services’ IPO, with India maintaining its position as the world’s second-largest IPO market, raising 5.86 billion year-to-date, or 12% of global proceeds, according to LSEG data. Link

Key IPOs in July 2025#

Credila Financial Services: The largest anticipated offering, aiming to raise 584 million through a mix of fresh equity issuance (₹3,000 crore) and an offer-for-sale (₹2,000 crore) by shareholders, including HDFC Bank and Kopvoorn B.V. Credila, India’s leading education-focused NBFC, reported a 47.67% year-on-year net loan growth and a 64.96% CAGR in net loans from 2023–2025, with ₹41,469 crore in net loans as of March 31, 2025. Link Link
National Securities Depository Ltd (NSDL): India’s largest securities depository, planning to raise 400 million. NSDL, which facilitates dematerialization and electronic trade settlement, received SEBI approval in September 2024 but delayed its listing due to market concerns over economic and corporate profit growth. The IPO size was reduced from 57.26 million to 50.15 million shares, with key shareholders like IDBI Bank and NSE diluting stakes to comply with SEBI’s 15% ownership cap by October 2025. Link Link
Aditya Infotech and M&B Engineering: These surveillance and power-transmission firms are conducting roadshows, with IPOs expected in July, though specific fundraising targets remain undisclosed. Link

Market Context and Sentiment#

2024 Performance: India’s IPO market raised a record 20.5 billion in 2024, second only to the U.S., driven by domestic investor wealth and optimism about economic growth in the world’s fifth-largest economy. Link
2025 Challenges: Early 2025 saw weakened demand due to U.S. President Donald Trump’s trade war, tensions with Pakistan, and Middle East conflicts, prompting delays in offerings like LG Electronics India’s 1.8 billion IPO. Link
Recent Recovery: The Nifty 50 and Sensex have recovered to within 3% of their peaks, bolstered by easing trade and geopolitical concerns. Foreign investors are returning, attracted by big-ticket block trades, with six IPOs, including HDB Financial’s 1.5 billion offering, open for bidding in late June. Link

Broader IPO Pipeline#

Other Major Offerings: LG Electronics India (1.8 billion), JSW Cement (470 million), and SMPP (470 million) are in the pipeline, with JSW’s IPO potentially launching in late July or early August. Link
Market Outlook: PRIME Database reports 143 planned IPOs worth 26 billion, with 73 already SEBI-approved. Investment bankers, like Bhavesh Shah from Equirus, predict a strong second half for India’s IPO market, though selectivity among retail and high-net-worth investors is increasing, per Umesh Agrawal of 360 ONE Asset. Link

Expert Insights#

Suraj Krishnaswamy, Axis Capital: “The IPO market has come back… The absence of most of the negatives is driving the market more than anything else.” Link
Bhavesh Shah, Equirus: Expects the coming months to be the strongest for India’s IPO market in 2025, driven by improved sentiment and a thick pipeline. Link
Umesh Agrawal, 360 ONE Asset: Notes that investors are now more selective, focusing on high-return potential amid a cautious approach. Link

Conclusion#

India’s IPO market is set for a robust July 2025, with 2.4 billion in offerings led by Credila Financial Services and NSDL, reflecting renewed investor confidence after a challenging start to the year. The market’s resilience, underpinned by domestic wealth and a recovering global outlook, positions India as a leading IPO destination. Investors should monitor SEBI announcements, draft prospectuses, and grey market trends for precise IPO timings and valuations.