HDFC Bank HDB Financial Services

India's top private lender HDFC Bank during its September quarter earnings report disclosed that it will sell equity shares worth ₹10,000 crore via an offer for sale in its NBFC subsidiary, HDB Financial Services Ltd. HDFC Bank holds a 94.6% stake in HDB Financial, which is looking to raise a total of ₹12,500 crore via IPO route, including a fresh issue of equities worth ₹2,500 crore. This will be the group’s first public issue in six years.

NTPC- NTPC Green Energy

State-owned NTPC, India’s largest power generation company, has taken a significant step to list its green energy arm, NTPC Green Energy, on the domestic bourses. In September this year, NTPC Green Energy filed an IPO paper with SEBI to raise ₹10,000 crore via IPO route. The offer is completely a fresh issue of equity shares, with no offer for sale component, which is likely to be the largest initial share sale by a public sector entity in India.

Tata Motors - Tata Passenger Electric Mobility

Auto major Tata Motors in March this year unveiled its plan to split the commercial vehicle (CV) and passenger vehicle (PV) businesses in two separate listed entities. Tata Passenger Electric Mobility Limited (TPEML), the electric vehicle arm of Tata Motors, is gearing up for a potential IPO in the next 12-18 months, aiming to raise $1-2 billion, which will help the promoter monetise its investments in the EV sector.

ONGC -ONGC Green Energy

Oil and Natural Gas Corporation (ONGC), the country’s largest crude oil and natural gas company, is also looking to list its renewable arm, ONGC Green Energy. While there have been no official announcements regarding an IPO, the PSU major may soon unveil plans to list its subsidiary, which focuses on renewable energy initiatives, including biofuels, green hydrogen and carbon capture. In March 2024, ONGC committed ₹99 crore to ONGC Green, while the board gave approval to invest an additional ₹1,100 crore in the company.

SJVN-SJVN Green Energy

Another PSU entity, Satluj Jal Vidyut Nigam Limited (SJVN) is also gearing up to list its subsidiary SJVN Green Energy Ltd (SGEL) to support its growth plans. SGEL, which has projects in Maharashtra and Assam, aims to develop 25,000 MW of renewable energy capacity by 2030.

Hero MotoCorp Hero FinCorp

Hero FinCorp, a non-banking financial arm of Hero MotoCorp, filed its draft red herring prospectus (DRHP) with the SEBI in August this year to raise ₹3,668 crore through an IPO. The IPO of CEO Abhimanyu Munjal-led NBFC is a mix of fresh equities worth ₹2,100 crore of face value of ₹10 each and an OFS of around ₹1,568 crore by existing shareholders and promoters. The IPO proceed is intended to augment its capital base for onward lending which are expected to arise out of the growth in the company’s business and assets.

JSW Group - JSW Cement

Sajjan Jindal-promoted JSW Cement submitted its preliminary IPO documents to the SEBI on August 16, 2024, to raise ₹4,000 crore through listing of its shares on exchanges. The IPO, which comprises a fresh issue of equity shares of ₹2,000 crore and OFS component of another ₹2,000 crore, has been reportedly put on hold by the regulator amid undisclosed reasons.

Shapoorji Pallonji Group - Afcons Infrastructure

Shapoorji Pallonji group’s flagship Afcons Infrastructure Limited (AIL) has already received final observation from the SEBI to launch its public offer. The Mumbai-based infrastructure engineering and construction company had filed its IPO papers with the regulator on March 28, 2024, to raise ₹7,000 crore, which is a mix of fresh issue of shares of ₹1,250 crore and an offer for sale of up to ₹5,750 crore by Goswami Infratech Private Limited.

Canara Bank - Canara Robeco Asset Management

The IPO of Canara Robeco Asset Management Company (AMC) is expected to be launched in the fourth quarter of the current financial year, as per Canara Bank MD & CEO K Satyanarayana Raju. PSU lender Canara Bank, which owns a 51% stake in the mutual fund company, is mulling a stake sale of 13% equity via OFS route. In December last year, the board of Canara Bank gave in-principle approval to start the process of listing the mutual fund subsidiary by way of an initial share sale.

Apart from these confirmed names, reports suggest that big conglomerates such as Tata, Reliance and the Godrej Group intend to sell shares of their firms to the general public.

Billionaire Mukesh Ambani-led Reliance Industries may consider spinning off its telecom arm Jio for a public listing early next year. Global brokerage Jefferies in a recent report suggests that the high-profile listing of Reliance Jio could materialise in the first half of 2025, valuing the telecom arm at $112 billion.

Tata Sons, the holding company of the Tata Group, is back in limelight amid growing speculation over a possible IPO after late Ratan Tata's half-brother Noel Tata took over as the chairman of Tata Trusts. The speculation got rife amid the Reserve Bank of India’s (RBI) looming deadline of September 2025 for Tata Sons to get listed. It is mandatory for Tata Sons, which is mostly owned by Dorabji Tata Trust (28%) and the Ratan Tata Trust (24%), classified as an Upper Layer Non-banking Financial Company (NBFC), to list itself on the exchanges by September 25, 2025, unless it secures a reclassification.

Besides, Godrej Capital, the financial services arm of Godrej Industries Group, is also eying to make its stock market debut in the next two to three years. Among other big players, Gautam Adani-led Adani Group is eying a public listing of its wholly owned subsidiary, Adani Airports Holdings Ltd, by the financial year 2027-28. If that happens, it'll be the seventh public listing of an Adani group company since its parent company Adani Enterprises Ltd was listed on the stock exchanges in 1994.

Offers for sale

IPO frenzy: Why promoters are rushing to list their subsidiaries