IPO rush in H2 2025: NSDL, HDB Financial, Tata Capital among top listings to watch in 2025

India’s primary market is staging a notable comeback in 2025 after a muted start to the year, with a slew of high-profile companies preparing to hit the bourses. Supported by bullish equity markets, companies are fast-tracking their listing plans to tap into the favourable capital-raising environment.

“The IPL is over, now it seems that the new season of IPO is in the offing. At a time when the IPO pipeline is getting crowded and the tap is about to open in the near future, we think this is the right time to alert the investors about how the IPOs have fared in the last four years and investors have suffered,” 

From marquee names in financial services and electronics to key players in market infrastructure, the upcoming IPO pipeline suggests growing investor interest and improved market sentiment. Companies such as NSDL, HDB Financial Services, Tata Capital, Hero Fincorp, and LG Electronics India are preparing large-scale public issues, collectively reflecting the scale and depth of India’s resurgent IPO market.

Let's take a look at the key IPOs that are likely to launch in the second half of 2025.

NSDL Eyes July Launch with ₹3,300 Crore OFS

One of the most anticipated IPOs in the financial infrastructure space is National Securities Depository Ltd (NSDL). The company is aiming to raise around USD 400 million (approx. ₹3,300 crore) through a complete offer for sale. Approved by SEBI in October 2024, the IPO is likely to hit the market in July.

Key shareholders, including IDBI Bank and National Stock Exchange, will dilute their stakes in this issue. As India’s oldest depository, NSDL holds significant market standing and has seen a healthy financial performance — reporting a 24.6 percent YoY jump in net profit to ₹3.4 billion in FY25 and a 12.4 percent growth in income.

NSDL’s listing will make it the second depository to go public in India after CDSL, which was listed in 2017.

HDB Financial Services Targets ₹12,500 Crore Listing

HDB Financial Services, the non-banking arm of HDFC Bank, is expected to launch the largest IPO of 2025 with an issue size of ₹12,500 crore. Scheduled for mid-July, the IPO will help HDB meet RBI’s regulatory requirement for upper-layer NBFCs to list by September 2025.

Founded in 2007, HDB provides retail loans across enterprise lending, asset finance, and consumer finance, especially to underserved segments. According to its DRHP, the company maintains a diversified loan book, with the top 20 borrowers accounting for less than 0.36 percent of total loans.

Tata Capital Set to Raise ₹17,200 Crore

Another major financial player preparing for a public debut is Tata Capital, which plans to raise approximately ₹17,200 crore (USD 2 billion) via IPO. With the RBI deadline looming, the company’s board has greenlit a mix of fresh issue (230 million shares) and OFS by Tata Sons, which currently holds a 93 percent stake.

Tata Capital, a prominent NBFC-ICC under Tata Group, offers a comprehensive suite of financial services — from home and personal loans to SME finance and wealth management. The IPO will not only help the company comply with regulations but also unlock long-term value.

LG Electronics India Plans ₹15,000 Crore Offering

Consumer electronics giant LG Electronics India is also eyeing the IPO route with a proposed issue of ₹15,000 crore, which could rank among India’s top five largest IPOs. The issue, filed via DRHP in December 2024, will involve the sale of a 15 percent stake held by the South Korean parent.

With over 97 percent of its Indian product portfolio locally manufactured, LG India has demonstrated deep integration with the ‘Make in India’ initiative. The listing would follow Hyundai Motors India’s successful market debut last year, making LG the second South Korean brand to tap Indian public markets.

Hero Fincorp Targets ₹3,670 Crore IPO

Hero Fincorp, backed by ChrysCapital and Hero MotoCorp, is looking to raise ₹3,670 crore, including a ₹2,110 crore fresh issue and ₹1,570 crore OFS. The DRHP was filed in July 2024, but regulatory delays tied to unlisted compliance norms have held up the process.

Established in 1991, Hero Fincorp caters to over 11.8 million customers and has ₹51,820 crore in AUM. Its diversified loan book includes two-wheeler loans, affordable housing, MSME lending, and education finance — with retail loans contributing a dominant 65 percent to its AUM as of March 2024.

High-Calibre Listings to Define 2025’s IPO Landscape

India’s IPO market is clearly picking up pace in 2025, and this resurgence is not just in volume but also in quality. The upcoming pipeline features diversified sector representation, including financial services, consumer goods, and capital market infrastructure.

With regulatory tailwinds and investor sentiment turning positive, upcoming IPOs like NSDL, Tata Capital, HDB Financial, Hero Fincorp, and LG Electronics India could define the next phase of capital market expansion. For investors, these listings offer a chance to participate in companies with strong fundamentals, sectoral leadership, and long-term growth potential — making 2025 a pivotal year for IPO investing in India.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.