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š¢ IPO Season Heats Up in H2 2025: NSDL, Tata Capital, HDB Financial Lead the Pack
Mumbai: After a subdued start to the year, Indiaās primary market is roaring back to life in the second half of 2025, with several high-profile IPOs slated to hit Dalal Street. From financial giants to consumer electronics leaders, a wide range of companies are rushing to go public, buoyed by bullish markets, strong investor sentiment, and regulatory nudges.
Among the most anticipated listings are NSDL, HDB Financial Services, Tata Capital, Hero Fincorp, and LG Electronics Indiaācollectively expected to raise over ā¹50,000 crore. The IPO pipeline is shaping up to be one of the most dynamic in recent years, offering investors access to marquee names across diverse sectors.
š¹ NSDL IPO to Hit Market in July
Indiaās oldest depository, National Securities Depository Ltd (NSDL), will kick off the wave with a ā¹3,300 crore offer for sale in July. Key stakeholders like IDBI Bank and NSE will dilute their stakes. With a 24.6% YoY profit growth in FY25, NSDLās market debut is expected to attract strong interest. The listing will make it the second depository to go public in India after CDSL.
š¹ HDB Financial Prepares for ā¹12,500 Crore Listing
Next in line is HDB Financial Services, the NBFC arm of HDFC Bank, which is aiming for a ā¹12,500 crore IPO in mid-July. The listing is part of regulatory compliance, as RBI mandates all upper-layer NBFCs to go public by September 2025. HDBās diversified loan book and retail lending focus give it a competitive edge in the NBFC sector.
š¹ Tata Capital Set for Blockbuster ā¹17,200 Crore Issue
Tata Groupās financial services arm, Tata Capital, is expected to roll out one of Indiaās largest IPOs this year, with a ā¹17,200 crore issue. The offering will include a fresh issue of 230 million shares and an OFS by Tata Sons, which currently holds 93% of the company. The listing will not only unlock value but also fulfill RBIās listing mandate.
š¹ LG Electronics India Eyes ā¹15,000 Crore IPO
South Korean giant LG Electronics is bringing its India subsidiary to the public market with a massive ā¹15,000 crore issue. Having filed its DRHP in December 2024, LG India is betting on its strong domestic manufacturing baseā97% of its products are made in India. This move follows the successful IPO of Hyundai Motors India in 2024.
š¹ Hero Fincorp Awaits Regulatory Green Light for ā¹3,670 Crore IPO
Hero Fincorp, backed by Hero MotoCorp and ChrysCapital, plans to raise ā¹3,670 crore through a mix of fresh issue and OFS. Although the DRHP was filed in July 2024, regulatory hurdles have delayed the launch. The NBFC serves over 11.8 million customers and has a well-diversified retail loan portfolio.
š IPO Revival Marks New Chapter in Indian Markets
Market analysts say the renewed IPO frenzy reflects both regulatory tailwinds and investor appetite for fundamentally strong, sector-leading companies.
āThe IPL may be over, but now itās IPO season. With the tap about to open, investors must remain vigilant. Past IPOs havenāt always delivered, so careful scrutiny of company fundamentals is crucial,ā said a senior market strategist.
As Indiaās equity markets scale new highs, the H2 2025 IPO calendar could redefine capital formation, ushering in a new era of corporate transparency and retail participation.
ā Key IPOs in H2 2025
| Company | Issue Size (ā¹ Cr) | Sector | Status |
|---|---|---|---|
| Tata Capital | ā¹17,200 | Financial Services | July Launch |
| LG Electronics India | ā¹15,000 | Consumer Goods | Awaiting SEBI Nod |
| HDB Financial | ā¹12,500 | NBFC | Mid-July Launch |
| NSDL | ā¹3,300 | Market Infra | July Launch |
| Hero Fincorp | ā¹3,670 | NBFC | Regulatory Delay |
