The IPO Buzz is Back: These Titans Might go Public in 2025

After a quiet start to the year, the IPO market on Dalal Street is slowly coming back to life.

Recent pick up in market activity and the Nifty nearing all time high has propelled the companies to consider listing as capital raising becomes easier during a buoyant market environment.

So far in 2025, there has been a steady rise in initial public offerings (IPOs), showing signs that the primary market may be gaining momentum once again.

Several companies are now filing draft red herring prospectuses (DRHPs). This points to growing interest in new listings. A few large and well-known firms are expected to launch their IPOs in 2025.

Let's get started with some of the most promising IPO companies to keep an eye on.

Read on...

#1 National Securities Depository Ltd (NSDL)

The much-anticipated IPO of NSDL could hit the Dalal Street soon. According to a Bloomberg report, NSDL IPO, if all goes well, could be launched in the month of July.

NSDL is pressing for an IPO that is expected to raise about US$ 400 m. The market infrastructure institution's proposed listing was initially cleared by the market regulator in October 2024.

This IPO will entirely be an offer for sale (OFS) by existing shareholders. The major investors looking at diluting stake in NSDL include IDBI Bank and National Stock Exchange (NSE).

The company is a central securities depository based out of Mumbai. It's the oldest depository in the country. NSDL was set up in August 1996 as the first electronic securities depository in India.

NSDL IPO will be India's second depository to go public. Central Depository Services (CDSL) had listed its shares on NSE in 2017.

In FY25, its net profit surged 24.6% YoY to Rs 3.4 bn and total income rose 12.4% YoY to Rs 15.4 bn.

NSDL Financial Snapshot

Particulars (In Rs. Mn)	FY2022-23	FY2023-24	FY2024-25
Revenue from operations	10,220	12,682	14,201
YoY Growth %		24.1	12.0
Profit After Tax (PAT)	2,371	2,754	3,431
YoY Growth %		16.2	24.6

Source: Company DRHP / Annual Report

#2 HDB Financial Services

HDB Financial Services Ltd, the non-banking financial arm of HDFC Bank, is expected to launch its Rs 125 bn initial public offering (IPO) around mid-July 2025.

If launched as planned, the public issue will become the biggest IPO of 2025 so far, surpassing the Rs 87.5 bn issue by Hexaware Technologies earlier this year.

The IPO is primarily in response to the Reserve Bank of India's 2022 regulation mandating all large NBFCs categorised as "upper layer" to be listed on the stock exchange by September 2025.

Founded in 2007, HDB Financial Services provides a broad range of retail loans under three business verticals - enterprise lending, asset finance, and consumer finance.

It focuses on both secured and unsecured loans, including personal loans and loans against property, particularly catering to underbanked segments.

In its DRHP, the company noted that its loan book is highly diversified, with the top 20 customers contributing less than 0.36% of total gross loans. The average loan ticket size was around Rs 0.14 m as of 30 September 2024.

HDB Financial Services - Financial Snapshot

Particulars (In Rs. Mn)	FY2022-23	FY2023-24	FY2024-25
Revenue from operations	124,029	141,711	163,003
YoY Growth %		14.3	15.0
Profit After Tax (PAT)	19,594	24,608	21,759
YoY Growth %		25.6	-11.6

Source: Company DRHP / Annual Report

#3 LG Electronics

South Korean consumer electronics giant LG Electronics India Ltd is all set to launch its highly anticipated IPO.

The IPO size is expected to be around Rs 150 bn, potentially making it India's fifth-largest IPO, following those of Life Insurance Corporation, Hyundai Motor India, Paytm, and Coal India.

This will be the second South Korean company to tap the Indian stock market after the listing of Hyundai Motors India Ltd in October last year.

The company filed the DRHP in December for an IPO wherein the parent company will sell over 101.8 shares, amounting to a 15% stake.

The company is engaged in manufacturing and selling products, including washing machines, refrigerators, LED TV panels, inverter air conditioners, and microwaves. It operates two production facilities, one in Greater Noida, Uttar Pradesh, and the other in Ranjangaon, near Pune.

Notably, LG manufactures nearly 97-98% of the products it sells in India, demonstrating its deep-rooted commitment to local production and the 'Make in India' initiative.

LG Electronics - Financial Snapshot

Particulars (In Rs. Mn)	FY2022-23	FY2023-24	FY2024-25
Revenue from operations	201,080	215,570	64,660
YoY Growth %		7.2
Profit After Tax (PAT)	13,440	15,110	6,790
YoY Growth %		12.4

Source: Company DRHP / Annual Report

#4 Hero Fincorp

The IPO of Hero FinCorp, backed by ChrysCapital and part of the Hero MotoCorp group.

Hero Fincorp filed its DRHP in July 2024, proposing to raise Rs 36.7 bn, comprising a Rs 21.1 bn fresh issue and an Rs 15.7 bn offer for sale (OFS) by existing investors.

Media reports have since suggested the regulator's nod was delayed due to potential compliance issues related to rules governing unlisted companies.

Hero Fincorp, which is the financial services arm of India's largest two-wheeler maker Hero MotoCorp, plans to use IPO proceeds for the augmentation of its tier-I capital base to meet its future capital requirements towards onward lending.

Established in December 1991, the NBFC offers two-wheeler financing, advances for buying homes in the affordable housing segment, loans for education, and lending to the small and medium enterprise sector.

The company had assets under management (AUM) of Rs 518.2 bn as of March 2024. Among these assets, the retail loan business lent a huge 65% to the AUM, and the MSME loan segment contributed 21%.

Since the company's establishment in 1991, it has grown phenomenally in terms of reach, with a customer base that has risen to 11.8 m as of March 2024.

Hero Fincorp - Financial Snapshot

Particulars (In Rs. Mn)	FY2021-22	FY2022-23	FY2023-24
Revenue from operations	47,387	64,016	82,909
YoY Growth %		35.1	29.5
Profit After Tax (PAT)	-1,919	4,800	6,371
YoY Growth %		-	32.7

Source: Company DRHP / Annual Report

#5 Tata Capital

Tata Capital's US$ 2 bn (about Rs 172 bn) IPO is highly anticipated by Dalal Street.

This imminent green light is crucial for Tata Capital, as it will enable the company to list its shares before the RBI's September deadline for 'upper layer' non-banking financial companies.

The company's board recently approved the IPO, which will include a fresh issue of up to 230 m shares along with an offer for sale by existing shareholders. The listing is subject to market conditions and necessary regulatory approvals.

Tata Sons, which currently holds a 93% stake in Tata Capital, is set to dilute a portion of its holding through this offering. The company has appointed Kotak Mahindra Bank as the lead investment banker to manage the IPO process.

Tata Capital Ltd, a subsidiary of Tata Sons, operates as a non-banking financial company (NBFC-ICC).

Known for its customer-centric approach, Tata Capital serves as a trusted one-stop financial solutions provider, offering a wide range of financial products and services.

These include personal loans, home loans, business loans, consumer loans, cleantech finance, institutional distribution, private equity, loans against property, wealth product distribution, commercial and SME finance, leasing solutions, and Tata Cards.

Tata Capital - Financial Snapshot

Particulars (In Rs. Mn)	FY2021-22	FY2022-23	FY2023-24
Revenue from operations	101,093	136,289	181,748
YoY Growth %		34.8	33.4
Profit After Tax (PAT)	18,008	29,458	33,270
YoY Growth %		63.6	12.9

Source: Company DRHP / Annual Report

Conclusion

The resurgence of the IPO market in India marks a significant turning point for Dalal Street after a relatively tepid start to 2025.

Companies across sectors are now capitalising on favourable conditions to raise capital and unlock value through public listings.

What sets this wave of IPOs apart is the sheer quality and scale of companies preparing to go public.

From established financial giants like HDB Financial Services, Tata Capital, and Hero FinCorp, to global consumer electronics leader LG Electronics India, and a market infrastructure institution like NSDL, the 2025 IPO lineup features well-known and trusted names with proven business models.

These IPOs are poised to not only deepen the Indian capital markets but also provide investors with access to good long-term investing opportunities.

Investors should evaluate the company's fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making an investment decision.

Happy Investing.

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