Indian IPO Market Set to Raise $2.4 Billion in July Amid Renewed Optimism

Indian companies are expected to raise around $2.4 billion through Initial Public Offerings (IPOs) in July, marking a significant revival for the country's primary market, according to investment bankers. This comes after months of subdued activity caused by global geopolitical tensions, the U.S. trade war, and investor caution earlier this year.

If realised, July would be the strongest month for Indian IPOs since December 2024. In comparison, Indian firms raised a robust $2 billion in June, with a large chunk of that coming from HDB Financial Services alone.

Big Names Prepare to Hit the Market

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Several well-known companies are now preparing for their public market debuts. These include:

• Credila Financial Services, an education loan provider, is targeting an IPO worth $584 million.
• National Securities Depository Ltd (NSDL), India's largest stock depository, is aiming to raise $400 million.
• Aditya Infotech, a surveillance technology firm.
• M&B Engineering, a manufacturer of power transmission equipment.

All four companies are currently conducting investor roadshows, though their IPO dates and valuations are yet to be officially confirmed.

Market Sentiment Turns Positive

India's IPO market had a record-breaking year in 2024, with $20.5 billion raised, second only to the United States globally. That performance was driven by strong inflows from domestic investors who benefited from India's rapid economic growth.
However, 2025 started on a cautious note. Global trade tensions under U.S. President Donald Trump's administration, coupled with geopolitical instability in regions like Pakistan and the Middle East, prompted several companies to delay their IPO plans. Even high-profile listings like LG Electronics' India unit postponed their market debut.

Now, with key indices such as the Nifty 50 and Sensex recovering most of their lost ground — both trading around just 3% below record highs — market experts believe the worst may be over for IPO activity.

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

A Busy Pipeline Ahead

According to bankers, India's IPO pipeline remains strong:

• LG Electronics India is expected to pursue a $1.8 billion IPO in the coming months.
• JSW Cement and defence equipment maker SMPP also have IPOs worth approximately $470 million each in the pipeline.

Data from the PRIME Database shows that 143 Indian IPOs are being planned, with an estimated total value of $26 billion. Of these, 73 have already received regulatory approval.

Conclusion

The combination of improving market sentiment, stabilising economic conditions, and a thick pipeline of offerings points to renewed optimism for India's IPO market. If current trends continue, July could signal the start of a strong second half for primary market activity, helping companies tap into capital markets to fuel further growth.