This week is going to be one of the busiest for India’s primary market this year as six mainboard initial public offerings (IPOs) and 11 SME public issues are set to hit D-Street. This comes at a time of heightened market volatility due to escalated geopolitical tensions in Middle East, and are likely to test investors’ appetite for new IPOs.

In the mainboard segment, HDB Financial Services is looking to raise ₹12,500 crore, which is going to be the largest IPO since Hyundai Motor India’s ₹27,000 crore issue last year. The other public issues that are set to open for subscription this week are Ellenbarrie Industrial Gases, Globe Civil Projects, Kalpataru, Sambhv Steel Tubes, and Indogulf Cropsciences. Overall, these six companies look to collectively raise over ₹15,400 crore via the primary market.

This upcoming wave of IPOs offers investors a diverse mix of opportunities across sectors—further reinforcing the depth and vibrancy of India’s capital markets, Bajaj Broking said in a note. “As the fundraising pipeline strengthens, we anticipate the primary market could well surpass expectations for the first half of FY26”.

“Market sentiment remains broadly constructive, driven by improving macroeconomic indicators, favourable liquidity conditions, and increasing participation from both institutional and retail investors. The strong performance of recent listings continues to bolster confidence and encourage broader engagement in the primary market,” Bajaj Broking said in a note.

Here’s all you need to know about upcoming mainboard IPOs:

HDB Financial Services

The IPO of HDB Financial Services, the non-banking financial company arm of HDFC Bank, will open for subscription on June 25 and close on June 27. The country’s seventh largest, diversified retail-focused NBFC has set the price band at ₹700-740 per share, aiming to raise ₹12,500 crore at the upper end of the issue price.

The HDB Financial IPO is a combination of a fresh issue of 3.38 crore shares worth ₹2,500 crore and offer for sale (OFS) of 13.51 crore shares aggregating to ₹10,000 crore by promoter entity HDFC Bank, which holds over 94% stake in the NBFC arm. 

Ellenbarrie Industrial Gases

The industrial gases company looks to raise ₹852.53 crore via the IPO route, which is a combination of fresh issue of 1 crore shares worth ₹400 crore and an OFS of 1.13 crore shares aggregating to ₹452.53 crore. The company has set the IPO price band at ₹380-400 per share. 

Ellenbarrie Industrial Gases IPO will open for subscription on June 24 and close on June 26, 2025. The allotment of shares is expected to be finalised on June 27, while the shares are expected to be listed on the bourses on July 1, 2025.

Sambhv Steel Tubes

The manufacturer of steel pipes and tubes has fixed a price band of ₹77-82 per share for its ₹540 crore IPO.  The public issue is a mix of fresh issue worth ₹440 crore and an OFS amounting to ₹100 crore. The company intends to use the capital raised primarily for repaying debts.

The Sambhv Steel Tubes IPO will hit the Street on June 25 and close on June 27, 2025. The shares of the company are slated to be listed on the BSE and the NSE on July 2, 2025.

Kalpataru

The IPO of the Mumbai-based real estate developer will open for bidding on June 24. Kalpataru looks to raise ₹1,590 crore via the IPO route, which is entirely a fresh issue of 3.84 crore shares. The price band has been fixed at ₹387-414 per share. 

Kalpataru plans to use the IPO proceeds worth ₹1,192.5 crore for repayment of certain borrowings availed by the company and its subsidiaries.

Globe Civil Projects

The New Delhi-based real estate and construction company has set its IPO price band at ₹67-71 per share, and is looking to garner ₹119 crore at the upper-end of the issue price. The issue, entirely a fresh issue of 1.68 crore shares, will open for subscription on June 24 and close on June 26, 2025. The allotment for Globe Civil Projects shares is expected to be finalised on June 27, while the shares are expected to be listed on the BSE and the NSE on July 1, 2025.

Indogulf Cropsciences

The company, a manufacturer of crop protection products, plant nutrients, and biologicals in India, has fixed price band of ₹105-111 per equity share of the face value of ₹10. The IPO size is ₹200 crore, which is a combination of fresh issue of 1.44 crore shares aggregating to ₹160 crore and OFS of 0.36 crore shares aggregating to ₹40 crore. The IPO will open for subscription on June 26 and will close on June 30.

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