Top 10 High-Value IPOs Lined Up in India for June–July 2025

Introduction

India’s capital markets are entering an exciting phase as the second half of 2025 approaches. With benchmark indices touching record highs and investor sentiment strengthening, the spotlight is now on every upcoming IPO in India. Late June and July are expected to witness some of the biggest public issues of the year, spanning sectors such as finance, renewable energy, and technology.

Whether you’re a retail investor or an institutional participant, these IPOs present a compelling opportunity to be part of India’s next wave of economic and corporate growth.

 

The 10 Biggest Upcoming IPO in India (Late June & July 2025)

Here’s a closer look at 10 of the most anticipated listings, each vying to be the biggest IPO in India during late June and July 2025 — featuring industry giants, tech disruptors, and ESG-driven companies across key sectors.

 

Detailed Analysis of Top IPO Launches in Late June & July

1. HDB Financial Services

HDB Financial Services, a subsidiary of HDFC Bank, is gearing up to launch what could be the largest IPO in India during the June–July 2025 period, with a target to raise Rs. 12,500 crore.The offering comprises a fresh issue of Rs. 2,500 crore and an offer for sale (OFS) of Rs. 10,000 crore by existing shareholders. While the official IPO dates and price band are yet to be announced, investor interest is already strong.

Established in 2007, HDB is a leading non-banking financial company (NBFC) offering enterprise lending, asset finance, and consumer finance services. It also provides BPO services and distributes insurance products to its lending customers.

With a robust “phygital” model, HDB operates 1,772 branches across 1,162 towns in 31 states and union territories, focusing heavily on semi-urban and rural markets. Supported by over 140,000 retailer and dealer touchpoints, the company’s reach and parentage make this IPO one of the most awaited of the year.

2. NSDL (National Securities Depository Ltd)

NSDL, India’s first and largest depository, is gearing up for its IPO in July 2025 with an estimated issue size of around Rs. 3,300 crore. The offering is entirely an Offer for Sale (OFS) of 5.015 crore shares by existing stakeholders, including IDBI Bank and NSE. Though no fresh capital will be raised, the listing will allow public investors to participate in India’s core market infrastructure.

Established in 1996, NSDL revolutionized securities dematerialisation in India and currently manages over 31 million active demat accounts. It operates across 99% of India’s pin codes and serves nearly all institutional and foreign portfolio investors. The company has shown strong financial growth, with revenue rising from Rs. 766 crore in FY22 to Rs. 1,268 crore in FY24, and a stable profit track record.

With its vital role in the capital market ecosystem and wide service portfolio—including e-voting, margin pledging, and corporate actions—NSDL’s IPO is expected to be one of the biggest IPOs in India in the market infrastructure space this year.

3. Vikram Solar

Vikram Solar, a prominent player in India’s solar energy space, is set to make its market debut with an IPO expected to launch in July 2025. The offer features a fresh equity issue of Rs. 1,500 crore along with an Offer for Sale by existing shareholders, indicating a clear focus on funding future expansion plans.

As one of the most anticipated upcoming IPOs in India, The company aims to channel the funds toward expanding its manufacturing footprint, with a key focus on setting up  a 3 GW integrated cell and module manufacturing facility in Tamil Nadu. This move is part of a broader strategy to ramp up total production capacity from 3 GW to an ambitious 6 GW. This aligns with its long-term vision of reaching 15.5 GW capacity by FY27.

Founded in 2009, Vikram Solar has established itself in both domestic and global solar markets. In FY24, it reported a 21% year-on-year growth in revenue, reflecting strong demand for clean energy solutions. Given India’s strong emphasis on renewable energy, Vikram Solar’s IPO is strategically timed to appeal to both ESG-focused and growth-driven investors.

4. Arisinfra Solutions

Arisinfra Solutions is set to roll out a Rs. 499.60 crore IPO, consisting entirely of a fresh issue of 2.25 crore equity shares. The subscription window for this new IPO in India will open on June 18, 2025, and close on June 20, 2025.The listing is scheduled on both BSE and NSE, with a tentative date of June 25, 2025.

Priced between Rs. 210–Rs. 222 per share, the IPO caters to retail, sNII, and bNII investors. Retail participants can apply with a minimum investment of around Rs. 14,070, while bidding at the cutoff may require Rs. 14,874 to secure allotment amid high demand.

With its infrastructure-focused business model, Arisinfra is attracting attention as one of the more promising upcoming IPOs in India this June.

5. Ellenbarrie Industrial Gases

Ellenbarrie Industrial Gases Limited is set to launch its upcoming IPO in India, comprising a fresh issue of Rs. 400 crore along with an offer for sale of 1.44 crore shares. Founded in 1973, the company is a key player in the production and supply of industrial, medical, and specialty gases such as oxygen, nitrogen, hydrogen, and helium. It also provides dry ice, LPG, and welding mixtures to diverse industries. With its strong legacy and wide product portfolio, the IPO is expected to attract investors looking to tap into India’s core industrial and healthcare infrastructure sectors.

6. Globe Civil Projects Limited

Globe Civil Projects Limited is launching an upcoming IPO in India, featuring a fresh issue of 1.68 crore shares through the bookbuilding route. The IPO opens on June 24, 2025, and closes on June 26, 2025, with a tentative listing on July 1, 2025, on BSE and NSE.

Founded in 2002 and based in New Delhi, the company is an integrated Engineering, Procurement, and Construction (EPC) firm. Focused on infrastructure development, the IPO is likely to draw attention from investors eager to benefit from India’s expanding infrastructure landscape.

7. SMPP Limited 

SMPP Limited is preparing to launch a Rs. 4,000 crore IPO in India, comprising a fresh equity issue of Rs. 580 crore and an offer for sale worth Rs.3,420 crore by existing stakeholders. The launch timeline is still awaited, with dates yet to be confirmed.

SMPP stands out in the defence manufacturing industry, known for developing state-of-the-art protective equipment and precision-engineered ammunition components. Its product range includes bullet-resistant jackets, helmets, shields, armour plates, and combustible cartridge cases, serving land, air, and sea defence needs. The IPO is likely to appeal to investors interested in India's growing defence and security sector.

8. Travel Food Services IPO

Travel Food Services Limited is preparing to launch its upcoming IPO in India, with a total issue size of Rs. 2,000 crore, entirely consisting of an offer for sale by existing stakeholders.The IPO dates and allotment schedule are yet to be announced.

Founded in 2007, the company is a leading player in the airport travel F&B and lounge segment, operating 397 Travel QSRs across India and Malaysia and managing premium lounges at 14 airports in India. With a portfolio of 117 partner and in-house brands, Travel Food Services caters to the fast-paced needs of airport travellers through quick-service restaurants and exclusive lounges. The IPO is expected to attract interest from investors seeking exposure to India’s growing travel and hospitality infrastructure.

9. Sri Lotus Developers & Realty 

Supported by well-known investor Ashish Kacholia, Sri Lotus Developers & Realty is set to roll out one of the most awaited upcoming IPOs in India, targeting a fundraise of up to Rs. 792 crore. The entire offering will be a fresh issue, with no offer-for-sale component. The proceeds are earmarked for investment in its subsidiaries—Richfeel Real Estate, Dhyan Projects, and Tryksha Real Estate Pvt. Ltd.—as well as to partially finance the development of key projects like Amalfi, The Arcadian, and Varun, in addition to covering general corporate needs.

10. Indogulf Cropsciences IPO

Another notable upcoming IPO in India is Indogulf Cropsciences, which plans to raise Rs. 200 crore through a fresh issue, along with an OFS of 38.54 lakh shares. A key player in the crop protection space, the company intends to use the funds for working capital needs, debt reduction, setting up a new dry flowable plant in Haryana, and meeting general corporate requirements.

 

IPO Pipeline Beyond the Top 10

While the top 10 biggest IPO in India between late June and July 2025 steal the headlines, the broader market activity signals a powerful IPO resurgence. According to a recent Times of India report, over 65 companies have received final observations from SEBI, while an additional 65 are awaiting approval. This means nearly 130 companies are preparing to hit the markets over the next 3 to 6 months—an unprecedented pipeline in recent years.

This development confirms that the current IPO cycle is not just about scale—it’s also about depth and sectoral diversity. Companies like Kalpataru Projects, Rubicon Research, Avanse Financial Services, Paras Healthcare, and Brigade Hotel Ventures are actively prepping for public issues. These names bring new energy from sectors such as EPC, specialty pharmaceuticals, affordable housing finance, healthcare, and real estate development.

Market analysts attribute this IPO surge to favourable secondary market conditions, stable macroeconomic indicators, and easing global geopolitical tensions, all of which have strengthened investor appetite and improved valuations.

For investors looking beyond the spotlight, this is a great time to explore new IPO in India—especially via a pre IPO investment platform India—as smaller players can sometimes offer better listing gains or long-term growth at lower entry points.

 

Conclusion

India’s IPO market is gaining strong momentum heading into late June and July 2025, with a diverse lineup of industry leaders, emerging innovators, and strategic businesses preparing to go public. From HDB Financial Services to Vikram Solar, each listing is poised to redefine the benchmarks set by the biggest IPO in India so far. With over 130 filings in the SEBI pipeline, investors can expect not just the top 10 biggest IPO in India, but a much broader opportunity set.

Whether you're eyeing the highest listing gain IPO in India or simply tracking the upcoming IPO this week India, this is the ideal time to explore both public issues and pre IPO investment platform India options. As the market momentum builds, staying informed and well-positioned is key to making the most of the best upcoming IPO in India.

For those looking to capitalise on these opportunities, Enrich Money offers seamless access to upcoming IPOs and reliable market insights—all in one trading platform.

 

Frequently Asked Questions

1. What is the biggest IPO in India coming up this year?

HDB Financial Services is poised to lead the IPO charts during this period, planning to raise Rs. 12,500 crore—positioning it as the largest public issue in India during this period.

2. Which IPO is likely to have the highest listing gain IPO in India?

Vikram Solar and NSDL are gaining traction in the grey market, indicating a possibility of being the highest listing gain IPO in India.

3. Where can I track the top 10 biggest IPO in India?

You can follow platforms like Enrich Money, which offers real-time updates, analysis, and IPO calendars to help investors stay informed on the top 10 biggest IPO in India.

4. Is it a good time to invest in the upcoming big IPO in India? 

Yes, with strong market momentum, stable macroeconomic conditions, and increasing retail participation, many analysts consider this a favorable time to explore the upcoming big IPO in India.

 

Disclaimer:  This blog is dedicated exclusively for educational purposes. Please note that the securities and investments mentioned here are provided for informative purposes only and should not be construed as recommendations. Kindly ensure thorough research prior to making any investment decisions. Participation in the securities market carries inherent risks, and it's important to carefully review all associated documents before committing to investments. Please be aware that the attainment of investment objectives is not guaranteed. It's important to note that the past performance of securities and instruments does not reliably predict future performance.