July 2025 is shaping up to be a blockbuster month for IPO enthusiasts, with over ₹25,000 crore worth of public issues set to hit Dalal Street. After a relatively calm first half of the year, the Indian IPO market is roaring back to life led by financial giants and industry stalwarts. If you’re eyeing the next big opportunity in the equity market, these five IPOs deserve your immediate attention.
1️⃣ HDB Financial Services IPO – The Crown Jewel of 2025
Set to become the largest IPO of the year, HDB Financial, the NBFC arm of HDFC Bank, is launching a massive ₹12,500 crore public issue. With ₹2,500 crore as fresh issuance and ₹10,000 crore through OFS, this IPO isn’t just about capital — it's about regulatory compliance with RBI’s upper-layer NBFC listing mandate. Backed by robust fundamentals and a highly granular loan book, HDB is a must-watch for investors seeking long-term value.
2️⃣ NSDL IPO – India’s 2nd Listed Depository on the Horizon
NSDL, India’s premier depository, is eyeing a ₹3,300 crore all-OFS IPO, marking its debut on the bourses as the second listed entity in the space after CDSL. Major shareholders like IDBI Bank and NSE are expected to offload stakes. With a stellar FY25 performance — 24.6% jump in net profits and SEBI’s nod already in the bag — this IPO is a vital play for investors interested in India’s capital market backbone.
3️⃣ JSW Cement IPO – Strong Foundations for Growth
JSW Cement, part of the prestigious JSW Group, is prepping a ₹4,000 crore IPO with a balanced structure of fresh equity and OFS. With a strong footprint in South and West India and tailwinds from real estate and infrastructure growth, this listing presents an attractive opportunity for both institutional and retail investors. The buzz around valuations and investor meetings led by Parth Jindal adds to the anticipation.
4️⃣ Hero FinCorp IPO – Riding High on Retail Finance
With a ₹3,670 crore IPO in the pipeline, Hero FinCorp — backed by Hero MotoCorp and ChrysCapital — is targeting a strong market entry this July. A dominant player in retail and MSME lending with an AUM of ₹51,820 crore and over 11.8 million customers, this listing aims to cement Hero FinCorp’s position as a new-age NBFC powerhouse. The offering includes ₹2,110 crore fresh issue and ₹1,570 crore OFS.
5️⃣ Kalpataru Group IPO – Real Estate Meets Capital Market
Kalpataru’s ₹1,590 crore IPO is expected to open in July and will focus on debt reduction and business expansion. Part of the larger Kalpataru Group ecosystem, the company brings credibility and experience in real estate and infra. Supported by marquee investment banks like ICICI Securities, JM Financial, and Nomura, this IPO offers solid potential for investors looking at urban infrastructure exposure.
