The IPO wave in India continues to gain momentum in 2025. In FY25 alone, 80 mainboard IPOs have collectively raised Rs 1,630 billion, surpassing the 76 IPOs in FY24. Despite global economic uncertainties, India’s IPO market has shown remarkable resilience, with average QIB and retail oversubscription levels reaching 102 times and 35 times, respectively.
As we step into August 2025, investors are closely tracking companies preparing to go public. This article explores the upcoming IPOs, current market trends, and potential investment opportunities in the IPO space.
How Did the IPO Market Perform in July 2025?
July 2025 was a significant month for the Indian IPO market, with 13 mainboard IPOs hitting the bourses and raising a total of Rs 24,561.84 crore. Among these, HDB Financial Services launched the largest IPO.
Mainboard IPOs were largely driven by sectors such as financial services, real estate, electronics, and infrastructure. On the day of listing, 5 out of the 13 companies delivered returns of over 20%, while 2 others posted gains between 10% and 20%. These numbers highlight strong investor interest and enthusiasm for IPOs.
Here’s a look at the key mainboard IPOs from July 2025, including their listing gains and issue sizes:
Out of the 13 mainboard IPOs listed in July, five delivered impressive returns of over 20% on the listing day.
In terms of trends, most companies offered positive returns, keeping overall market sentiment upbeat. Although a few IPOs witnessed muted debuts, the broader outlook remained favourable. Notably, both small and large companies succeeded in attracting investor attention.
Based on these outcomes, July 2025 can be considered a strong month for IPO investors, signalling optimism and confidence in the market.
Upcoming IPOs in August 2025
Some high-profile companies are expected to go public in August 2025. NSDL’s IPO process began on 30 July, and major names like JSW Cement and Hero FinCorp are preparing for their respective launches this month.
Shri Lotus Developers and Realty Limited IPO
A Mumbai-based real estate firm developing both residential and commercial projects. Funds raised through the IPO will be used to invest in subsidiary companies.
Opening & Closing Date: 30 July to 1 August 2025
Price Band: Rs 140 – Rs 150 per share
Issue Size: Rs 792 crore (entirely a fresh issue)
Lot Size: 100 shares
Listing: Expected on 6 August 2025 on both BSE and NSE
IPO Objective: To invest in subsidiary companies
NSDL IPO
National Securities Depository Limited (NSDL) is a prominent depository that holds shares and securities in dematerialised form. This IPO is entirely an Offer for Sale (OFS), where existing shareholders will offload their stakes.
Opening & Closing Date: 30 July to 1 August 2025
Price Band: Rs 760 – Rs 800 per share
Issue Size: Rs 4,011.60 crore (entirely OFS)
Lot Size: 18 shares
Listing: Expected on 6 August 2025 on BSE only
IPO Objective: Since it’s an OFS, the company won’t receive proceeds. Beneficiaries include IDBI Bank, NSE, and SBI.
M&B Engineering Limited IPO
This Ahmedabad-based company provides pre-engineered buildings and self-supported roofing solutions. It has completed over 1,575 projects across 22 countries.
Opening & Closing Date: 30 July to 1 August 2025
Price Band: Rs 366 – Rs 385 per share
Issue Size: Rs 650 crore
Lot Size: 38 shares
Listing: Expected on 6 August 2025 on both BSE and NSE
IPO Objective: To fund expansion and other corporate initiatives
Highway Infrastructure Limited IPO
Founded in 1995, this company specialises in infrastructure development, toll collection, EPC projects, and real estate. Its operations include roads, highways, bridges, and residential constructions.
Opening & Closing Date: 5 August to 7 August 2025
Price Band: Rs 65 – Rs 70 per share
Issue Size: Rs 130 crore
Lot Size: 211 shares
Listing: Expected on 12 August 2025 on both BSE and NSE
IPO Objective: To meet working capital needs and other general corporate purposes
Other Upcoming IPOs
In August 2025, three major IPOs are likely to hit the market, JSW Cement, Tata Capital, and Hero FinCorp. JSW Cement is a prominent player in the cement industry, while Tata Capital’s IPO is expected either in August or September 2025, following SEBI’s approval of its updated Draft Red Herring Prospectus (DRHP). Hero FinCorp, the financial arm of the Hero Group, is also preparing to launch its IPO, although official dates have yet to be announced. In addition to these, several startup IPOs are in the pipeline for 2025, which you can read about in the article below.
Read About Startups to Watch in 2025: Record IPOs Coming Your Way
Wrapping Up
With 14 public issues and 12 listings scheduled in the week starting 28 July, August is shaping up to be a busy month for IPOs, featuring marquee names like JSW Cement and Hero FinCorp.
The data suggests that 2025 could be a landmark year for India’s IPO market, driven by strong investor sentiment and economic growth. However, challenges such as market volatility, the recent 25% US tariff on Indian goods, and ongoing FII outflows still pose risks. It is essential for investors to do their due diligence and stay informed about key market developments before making investment decisions.
*The companies mentioned in the article are for information purposes only. This is not an investment advice.
*Disclaimer: Teji Mandi Disclaimer
