Indian IPO Market Eyes $2.4 Billion Boost In July Amid Renewed Optimism

Indian companies are expected to raise around $2.4 billion through Initial Public Offerings (IPOs) in July, according to investment bankers, signalling a revival in the primary market after earlier setbacks triggered by global geopolitical tensions and trade uncertainty.

If realised, the July figure will mark the strongest month since December, following the $2 billion raised in June, much of which came from a single player, HDB Financial Services.

Major IPOs lined up this month

Several firms have initiated roadshows ahead of their planned listings this month. These include:

• Credila Financial Services, an education loan provider, is aiming to raise $584 million
• National Securities Depository Ltd (NSDL), planning to collect $400 million
• Aditya Infotech, a surveillance tech company
• M&B Engineering, a manufacturer of power transmission goods

While the companies have not officially announced IPO dates or valuations, bankers familiar with the developments said official announcements are expected soon.

The firms have not responded to media queries regarding the listings.

Strong recovery after global setbacks

India’s IPO market had a record-breaking year in 2024, raising $20.5 billion, second only to the United States.

The surge was driven by increased participation from domestic investors amid growing household wealth and a bullish economic outlook.

However, this year’s IPO momentum stalled due to US President Donald Trump’s trade war, rising Middle East tensions, and regional instability involving Pakistan.

These concerns prompted several companies, including LG Electronics’ India unit, to postpone their fundraising plans.

Markets rebound, investor sentiment improves

India’s benchmark indices, the Nifty 50 and Sensex, have bounced back and now trade just 3% below their all-time highs, fuelling optimism in the equity markets.

“The IPO market has come back. The absence of most of the negatives is driving the market more than anything else,” said Suraj Krishnaswamy, Managing Director of Investment Banking at Axis Capital.

India remains the world’s second-largest IPO market in 2025, raising $5.86 billion so far, which accounts for 12% of total global IPO proceeds, according to LSEG data.

Larger offerings expected soon

Credila and NSDL are expected to be among the largest listings this month. While NSDL received regulatory approval for its listing as early as September 2024, it held back amid concerns over slower economic growth and corporate earnings.

Other major offerings in the pipeline include:

• LG Electronics India – $1.8 billion IPO
• JSW Cement – $470 million, possibly listing in late July or early August
• SMPP (Defence Manufacturer) – also eyeing a $470 million issue

According to the PRIME Database, 143 Indian IPOs worth $26 billion are currently in the planning stages. Of these, 73 have already secured regulatory approval.

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