IPO season back with eight public issues worth Rs 26,000 crore nearing launch by end of July

"Most of these companies are closely monitoring geopolitical developments, particularly the situation between Israel and Iran, and the FOMC meeting outcome. Once conditions normalise, IPO launches are expected to accelerate," one of the sources said.

As many as eight companies are gearing up to launch their initial public offerings (IPOs) by the end of June and in the month of July, with a likely total issue size of over Rs 26,000 crore, two people familiar with the details told Moneycontrol.

These IPOs include HDB Financial Services, Sambhv Steel Tubes, Ellenbarrie Industrial Gases, Kalpataru, Globe Civil Projects, NSDL, Hero Fincorp and JSW Cements.

On June 16, Moneycontrol had reported that HDB Financial Services is expected to file its red herring prospectus (RHP) shortly with a proposed IPO size of around Rs 12,500 crore, comprising of fresh issue worth around Rs 2,500 crore and an offer-for-sale of up to Rs 10,000 crore. The anchor portion is expected on June 24, and the management may be targetting to open the issue for public subscription between June 25 to June 27.

Sambhv Steel Tubes, which received Sebi approval in March, is also preparing to launch its Rs 540 crore IPO soon, one person familiar with the matter said.

The retail quota for both HDB Financial Services and Sambhv Steel Tubes is expected to be around 35 percent. Market analysts said HDB Financial has already seen a grey market premium of Rs 93 per share even before any formal announcement on pricing or dates.

Ellenbarrie Industrial Gases and Kalpataru, which received Sebi clearance in January and November last year respectively, are planning to raise Rs 400 crore and Rs 1,590 crore through their IPOs, and are expected to finalise their launch timelines soon. JSW Cement, which received Sebi approval in January, has begun its roadshow for a Rs 4,000 crore IPO, which is likely to hit the market in July, another person said on condition of anonymity.

"Most of these companies are closely monitoring geopolitical developments, particularly the situation between Israel and Iran, and the FOMC meeting outcome. Once conditions normalise, IPO launches are expected to accelerate," one of the sources said.

Globe Civil Projects has already confirmed its timeline, with the IPO opening for subscription on June 24 and closing on June 26. The issue is priced in the range of Rs 67–71 per share, targeting a total raise of approximately Rs 200 crore.

Hero Fincorp, having secured Rs 260 crore in a pre-IPO funding round, has revised its fresh issue size from Rs 2,100 crore to Rs 1,840 crore. Including an offer-for-sale component of Rs 1,568.13 crore, the total IPO size now stands at Rs 3,408.13 crore. The company received Sebi approval for its public issue in May. Additionally, NSDL is likely to enter the market before the end of July, following Sebi’s extension of its IPO deadline to July 2025. Bloomberg had previously reported that NSDL was looking to raise around $400 million (roughly Rs 3,400 crore).

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