India’s 2025 IPO Boom: Rs 15,000 Cr Listings by HDB, Kalpataru & More

India’s IPO Market Prepares for a Thriving Week with Rs 15,000 Crore in Listings

Mumbai, India – India’s initial public offering (IPO) landscape is set for a dynamic week starting June 24, 2025, as four companies—Globe Civil Projects, HDB Financial Services, Ellenbarrie Industrial Gases, and Kalpataru—aim to collectively raise Rs 15,000 crore from public markets. This surge reflects renewed investor enthusiasm, bolstered by a 12% surge in the NSE Nifty 50 Index since March and favorable economic conditions.

HDB Financial Services, an HDFC Bank subsidiary, headlines the offerings with a Rs 12,500 crore IPO, the largest since Hyundai Motor India’s $3.3 billion issue in 2024. Comprising a Rs 2,500 crore fresh issue and a Rs 10,000 crore offer-for-sale, it will open for subscription from June 25 to June 27, with anchor investor bidding on June 24. A grey market premium (GMP) of Rs 93 per share signals robust pre-launch interest.

Kalpataru, a Mumbai-based real estate firm, targets Rs 1,590 crore through a fresh issue, with its IPO running from June 24 to June 26. Established in 1988, the company specializes in residential, commercial, and township projects across multiple cities. Ellenbarrie Industrial Gases, a leader in industrial and medical gases, seeks Rs 852 crore via a Rs 400 crore fresh issue and an offer-for-sale of 11.3 million shares, also open from June 24 to June 26.

Globe Civil Projects completes the lineup with a Rs 200 crore IPO, available from June 24 to June 26. The engineering and construction firm reported a revenue increase to Rs 334.81 crore in 2024 from Rs 235.17 crore in 2023, highlighting its growth potential.

Fueled by the Reserve Bank of India’s recent 50-basis-point rate cut and stable market conditions, this IPO wave underscores India’s growing financial momentum. Investors are gearing up for a high-energy week in the equity markets.

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Key Points:

• Vibrant IPO Week: India’s IPO market anticipates a bustling week with four companies—Globe Civil Projects, HDB Financial Services, Ellenbarrie Industrial Gases, and Kalpataru—targeting Rs 15,000 crore in public offerings starting June 24, 2025.
• HDB Financial Services: The standout IPO at Rs 12,500 crore includes a Rs 2,500 crore fresh issue and a Rs 10,000 crore offer-for-sale, open from June 25–27, with a GMP of Rs 93 per share.
• Kalpataru’s Issue: The real estate developer seeks Rs 1,590 crore via a fresh issue, with its IPO open from June 24–26, focusing on diverse property projects.
• Ellenbarrie Industrial Gases: Aims to raise Rs 852 crore through a Rs 400 crore fresh issue and an offer-for-sale of 11.3 million shares, scheduled for June 24–26.
• Globe Civil Projects: Targets Rs 200 crore, with its IPO open from June 24–26, supported by strong revenue growth (Rs 334.81 crore in 2024).
• Market Momentum: A 12% NSE Nifty 50 rally and the RBI’s rate cut drive the IPO surge, reflecting strong investor confidence.