India IPO Market Set for $2.4 Billion Surge in July

India’s IPO market is set for a significant boost in July 2025, with companies aiming to raise approximately $2.4 billion through initial public offerings. Investment bankers are optimistic about a strong month for the Indian primary market, fueled by rebounding investor confidence, a recovering stock market, and a stabilizing geopolitical environment.

This surge in fundraising would mark the strongest monthly performance since December 2024, building on a solid $2 billion raised in June. Most of June’s figure was driven by HDB Financial Services, but July’s momentum is expected to be more broadly distributed across several companies.

Indian Primary Markets Bounce Back After Global Headwinds

India had a historic year in 2024, raising $20.5 billion through IPOs, second only to the United States. A booming economy, increased household income, and domestic investor enthusiasm propelled the market to new highs. The country witnessed high participation from retail and institutional investors who were buoyed by the nation’s economic trajectory as the world’s fifth-largest economy.

However, 2025 began with a less promising tone. Multiple factors dented IPO activity, including the U.S.-China trade war, renewed tensions in the Middle East, and regional uncertainties involving Pakistan. As a result, several major companies, including LG Electronics India, delayed their listing plans.

That trend is now reversing. With geopolitical tensions easing and India’s stock market indices—Nifty 50 and Sensex—recovering to within 3% of their all-time highs, investor sentiment is showing clear signs of revival.

Credila Financial and NSDL Set to Lead July Listings

Among the major IPOs expected in July, Credila Financial Services is poised to be the largest, with a target of raising $584 million. A subsidiary of HDFC Ltd., Credila focuses on education loans, catering to India’s growing student population seeking higher education both in India and abroad.

Another key player is National Securities Depository Ltd (NSDL), which plans to raise around $400 million. NSDL is India’s largest depository institution and a vital part of the country’s capital markets infrastructure. Though it had received SEBI approval to go public in September 2024, weak market sentiment delayed its plans. The current recovery offers a timely opportunity to move forward with the IPO.

According to investment bankers involved in the deals, both Credila and NSDL are currently conducting roadshows to assess investor demand. While official announcements on pricing and listing dates are still pending, there is strong anticipation that these IPOs will launch soon.

Diverse IPO Pipeline Reflects Broad Economic Strength

The July IPO roster also includes firms like Aditya Infotech, known for its video surveillance and security technologies, and M&B Engineering, which specializes in pre-engineered buildings and roofing solutions. These companies bring sectoral diversity to the primary market, underlining the broad-based nature of India’s economic growth.

This variety is significant from an investor perspective. It signals that the IPO resurgence is not limited to financial services or tech companies but extends across infrastructure, manufacturing, consumer services, and fintech, providing a range of investment options.

India Retains Position as World’s Second Largest IPO Market

Despite a slowdown earlier this year, India remains the second-largest IPO market globally in 2025. According to data from LSEG (London Stock Exchange Group), Indian companies have raised $5.86 billion in IPOs so far this year, accounting for 12% of total IPO proceeds globally.

This global ranking demonstrates the confidence of both domestic and international investors in India’s long-term prospects. Strong GDP growth forecasts, political stability following the recent elections, and an improving global economic outlook have contributed to this resilience.

Larger IPOs in Pipeline for Later in 2025

Looking ahead, the IPO market could be headed for an even stronger performance in the second half of the year. According to PRIME Database, 143 IPOs worth an estimated $26 billion are in the pipeline, with 73 already receiving regulatory clearance.

Among the most anticipated offerings is the $1.8 billion IPO from LG Electronics India, which had earlier been delayed due to adverse conditions. Others include JSW Cement and SMPP, a defense equipment manufacturer, both planning IPOs of approximately $470 million each.

According to sources, JSW Cement could launch its IPO in late July or early August. The timeline for LG and SMPP remains less certain but is likely to be finalized soon based on market trends.

Market Experts Remain Cautiously Optimistic

While the July outlook is encouraging, market experts are approaching the trend with cautious optimism. Some believe that this wave of IPOs may not match the high retail participation seen in 2024.

“Investors have become far more selective and are now much more mindful about where they see higher potential for returns,” said Umesh Agrawal, fund manager at 360 ONE Asset. His view reflects a broader shift in market behavior where due diligence and value-driven investing have taken center stage.

Investment banking executives also agree that strong fundamentals and attractive valuations are key to maintaining IPO momentum. Bhavesh Shah, Managing Director at Equirus Capital, added, “We expect the upcoming months to be the best for the Indian IPO market as compared to what we have seen so far this year.”

Indian Economy Provides Stable Base for IPO Growth

India’s economic indicators continue to support a favorable IPO environment. The country’s GDP is projected to grow at 6.7% in FY2025, according to the Reserve Bank of India (RBI). Inflation is expected to remain under control, and the central bank has signaled a stable interest rate policy for the near term.

In addition, initiatives like Digital India, Startup India, and increasing participation from retail investors via direct stock investments and mutual funds have deepened the equity culture in India. This domestic capital pool is crucial for sustaining IPO interest even if foreign inflows fluctuate.

Key IPO Trends Shaping the Current Landscape

Several trends are shaping the ongoing IPO wave:

• Smaller, mid-sized companies are seeing more interest than large conglomerates.
• Tech-enabled and green energy startups are gaining traction for future listings.
• The focus has shifted from flashy valuations to profitable growth and sustainability.
• Anchor investors, including domestic mutual funds, are playing a stronger role in stabilizing demand before listings.

These changes reflect a maturing capital market environment, where IPOs are not merely liquidity events but long-term value creation opportunities for investors.

July Could Be a Turning Point for Indian IPOs

India’s IPO market appears poised for a strong comeback in July 2025. With expectations of raising $2.4 billion across a diversified group of companies, the stage is set for a renewed burst of investor activity. Credila Financial Services, NSDL, and other key firms will serve as litmus tests for broader market enthusiasm.

The road ahead looks promising, but it will depend on consistent delivery of value, sound regulatory oversight, and continued economic momentum. If all these factors align, India’s capital markets may well exceed the record-breaking performance of 2024.

Investors, companies, and regulators will be watching closely, not just for the numbers, but for the confidence these IPOs represent in India’s future.