IPO market in July 2025: Experts eye $2.4 billion in new offerings

If you have been tracking the Indian primary markets, it will need no further clarification that July 2025 is not just another month. The excitement and hope in the investment banking community is palpable, with predictions that Indian companies could raise close to $2.4 billion (approximately Rs. 20,565 crore) through initial public offerings (IPOs) this month, a significant rebound since partially recovery from global fallout following December 2024.

Why July 2025 stands out

You may be asking what is so special about this month. The answer is a combination of several forces: a large and mid-sized IPO pipeline, return in market confidence, and stabilisation in the geopolitical and economic landscape. The flattening of the uncertainty in the global trade and regional conflict space has given Indian equity backbone back and stability, reflecting in the Nifty 50 and Sensex that are both within 3% of their all-time highs.

The big names and the numbers

July's IPO line-up looks quite impressive, with Credila Financial Services leading the list as it aims to raise Rs. 5,000 crore. This is followed by National Securities Depository Ltd (NSDL), looking to raise Rs. 3,424 crore. Other notable applicants this month include Aditya Infotech and M&B Engineering as they both get ready to begin their public issues. The pipeline also lists Tata Capital, JSW Cement, Hero FinCorp and Travel Food Services; thus, indicating a large variety of sectors from finance and infrastructure to technology and hospitality.

In comparison, June 2025 had Indian companies raise Rs. 17,122 crore, with HDB Financial Services alone accounting for a significant chunk. This month, however, the action is more widespread, with at least 26 IPOs expected in the first two weeks alone, including several SME offerings. There are 143 Indian IPOs planned, worth a potential $26 billion (over Rs. 2 lakh crore), with 73 already approved by regulators.

Market dynamics

You’re witnessing a market that’s not just rebounding—it’s evolving. The return of investor confidence is driven by a combination of factors:

• Stabilised indices: The Nifty and Sensex have recovered from earlier dips, restoring faith in the market’s trajectory.
• Easing geopolitical concerns: The de-escalation of global trade tensions and regional conflicts has reduced uncertainty, making it easier for companies to plan and execute public offerings.
• Strong domestic participation: Domestic institutional investors, buoyed by India’s economic growth and rising middle class, continue to provide a steady stream of capital.
• Selective investment approach: Unlike the IPO frenzy of 2024, investors are now more discerning, focusing on fundamentals and long-term growth prospects.

Investor sentiment: A shift in strategy

As you consider participating in this wave of IPOs, it’s important to recognise the shift in investor behaviour. The exuberance of last year has given way to a more measured, selective approach. High net worth individuals and retail investors are scrutinising company fundamentals, sector outlooks, and management credibility before committing funds. While the volume of offerings is high, the quality of investor participation is becoming the true differentiator.

Sectoral trends

• Financial services: With heavyweights like Credila, NSDL, and Tata Capital, the financial sector is leveraging the capital markets to fund expansion and innovation.
• Infrastructure and cement: JSW Cement’s Rs. 4,000 crore issue aligns with the government’s infrastructure push and rising demand for building materials.
• Technology and surveillance: Aditya Infotech’s planned IPO underscores the growing relevance of tech-driven solutions in India’s security landscape.
• Travel and hospitality: Travel Food Services, with its dominant airport QSR and lounge presence, is tapping into the post-pandemic travel rebound.

This diversity not only broadens your investment choices but also reflects the underlying strength and adaptability of the Indian economy.

The regulatory and global context

The role played by the Securities and Exchange Board of India (SEBI) in promoting this IPO boom has been very essential, with quicker approval processes and transparency. Globally, although IPO volumes have struggled in countries like China and the US due to regulatory tightening and economic challenges, India continues to be the second largest IPO market in the world and has provided a substantial chunk of IPO proceeds globally as of 2023.

Conclusion

As you move through July 2025, understand this IPO boom is not only about headline numbers. It is a market that has withstood global calamity, adjusted its expectations, and is ready for sustainable growth. The variation of offerings, the timing by issuers, and the careful choice made by investors all signal a deeper maturity in India’s capital markets.