The upcoming week, starting 23 June 2025, promises to be a landmark period for the Indian primary market, with 12 IPOs scheduled to open for subscription. This flurry of activity underscores the strong interest in the IPO market, with a total capital raise of approximately INR 15,814.6 crore expected from these offerings.
Of the total amount, INR 15,601.53 crore is projected to come from mainboard IPOs, while INR 213.07 crore will be raised through SME IPOs. The standout among these is HDB Financial Services, launching the largest IPO of the week at INR 12,500 crore. On the other end of the spectrum, Abram Food represents the smallest issue, aiming to raise INR 13.99 crore. With such a diverse lineup of IPOs next week, investors are gearing up for a vibrant market, showcasing opportunities across various sectors.
Table of Contents
Mainboard IPOs Next Week
HDB Financial Services – Biggest Among IPOs Next Week
Business Overview: HDB Financial Services, founded in 2007, is the NBFC subsidiary of HDFC Bank. With branches spread across urban and semi-urban India, it offers enterprise, asset, consumer, gold, vehicle, and mortgage loans, along with business process outsourcing services. As of 31st March 2025, the company has Total Gross Loans of INR 1,06,880 crore, growth of 23.54% since 31st March 2023. Assets Under Management stood at INR 1,07,260 crore as of 31st March 2025, growth of 23.71%.
IPO Objective & Market Context: The INR 2,500 crore fresh issue is to augment its Tier-I capital to support lending growth and regulatory compliance as it is mandated to list by RBI. With strong grey market indications and broad anchor investor support, this is India’s largest IPO so far in 2025 – a flagship deal in the banking-finance sector. Listing is expected on 02nd July 2025.
- IPO Dates & Size: 25 June to 27 June 2025; INR 12,500 crore (INR 2,500 crore fresh + INR 10,000 crore offer for sale)
- Price Band & GMP: INR 700–740 per share, GMP ~INR 75 – 80, implying ~10–11% listing upside, most popular IPOs next week.
Sambhv Steel Tubes
Business Overview: Sambhv Steel Tubes is a Raipur based Electric Resistance Welded (ERW) pipes and Structural Steel Tubes manufacturer. It is a fully backward integrated single site plant which produces from Sponge Iron to final Black/Galvanized pipes. The company has presence in 15 states with extensive dealer and retailer network. FY 2024 revenue was ~INR 1,286 crore (up from INR 937 crore in FY 2023) and PAT was INR 82 crore (up from INR 60 crore).
IPO Objective & Outlook: The funds will be used for debt repayment and increasing the production capacity to over 1 Mt in 4-5 years. The INR 540 crore IPO is backed by Motilal Oswal and Nuvama Wealth. Milestones are allotment on 30 June 2025 and listing on both BSE and NSE on 02 July 2025. If you are looking for steel infrastructure theme, this integrated player offers long term value.
- IPO Dates & Size: 25 June to 27 June 2025; INR 540 crore (INR 440 crore fresh + INR 100 crore OFS)
- Price Band: INR 77-82 per share (employee discount INR 4), lot of 182 shares for INR 14,924
Kalpataru – Second Biigest Among IPOs next Week
Business Overview: Kalpataru is a diversified engineering firm specializing in power transmission and distribution, civil & urban infrastructure, smart city solutions, and rail & metro projects. With presence in over 50 countries, it executes major turnkey projects in utility and infrastructure sectors. As on 31st Dec 2024, the company along with its Promoters had completed 120 projects of over 25.87 million sq. ft. (msf) in Maharashtra, Telangana, Karnataka, Madhya Pradesh and Rajasthan.
IPO Objective & Outlook: To raise funds for ongoing large scale infrastructure projects. Given India’s strong macro momentum in the infra segment, and with experienced anchor investor syndication (ICICI Securities, JM Financial, Nomura), the issue is expected to draw serious investor attention. Listing likely around 01 July 2025.
- IPO Dates: 24 June to 26 June 2025; expected size INR 1,590 crore. IPO is a pure fresh issue
- Price Band: INR 387–414 per share, minimum lot 36 shares (INR 14,904)
Ellenbarrie Industrial Gases – Industrial Sector Player Among IPOs Next Week
Business Overview: Ellenbarrie Industrial Gases produces industrial, medical and specialty gases like oxygen, nitrogen, argon and CO₂ and serves industries like healthcare, steel, chemicals and manufacturing across India. With a network of plants and distributors it is a key player in the supply chain of multiple industries. In FY 2025 the company had 1829 customers.
IPO Objective & Outlook: Proceeds will be used for capacity expansion, debt cleanup, and broadening geographic footprint. Positioned to capitalize on rising industrial demand, this IPO is likely to attract investors bullish on the industrial sector.
- IPO Dates & Size: 24 June to 26 June 2025; approx INR 852.53 crore total (INR 400 crore fresh + 1.13 crore OFS shares)
- Price Band: INR 380–400 per share, min lot 37 shares (~INR 14,800)
Globe Civil Projects IPO
Business Overview: Globe Civil Projects is a construction and infrastructure company involved in roads, bridges, urban development, and government contracts. It focuses on turnkey civil engineering solutions across highways and expressways. Globe Civil Projects has completed 37 projects in the last two decades, and as of 31 March 2025, it has 13 ongoing projects, including five social and commercial infrastructure projects and three transport & logistics projects. Their order book was INR 669.10 crore as of 31 March 2025.
IPO Objective & Outlook: Funds will fuel project execution capacity, equipment modernization, and expansion into new states. The company is expected to be listed on 1 July, riding the current wave of strong infrastructure spending.
- IPO Dates & Size: 26 June to 27 June 2025; expected size INR 119 crore (1.68 crore shares) IPO is a pure fresh issue
- Price Band: INR 67–71 per share, min lot 211 shares (~INR 14,981)
SME IPOs Next Week
Ace Alpha Tech – Biggest Among SME IPOs Next Week
Business Overview: Ace Alpha Tech delivers tailored trading solutions utilizing advanced, institutional-grade algorithms that serve as a front-end layer over existing order management systems (RMS) connected to stock exchanges. These customized solutions empower clients to execute their trading strategies automatically, eliminating the need for manual intervention and enhancing both efficiency and performance, all supported by robust risk management tools. As of 4 June 2025, Ace Alpha Tech employs 26 individuals on its payroll.
- IPO Dates & Size: 26 June to 27 June 2025; approx INR 49.97 crore total (INR 37.97 crore fresh + INR 12.01 crore OFS); Listing likely around 03 July 2025
- Price Band: INR 101–107; lot 1,200 shares (~INR 1,28,400)
AJC Jewel Manufacturers
Business Overview: AJC Jewel is a Gujarat based company which designs and manufactures gold and diamond studded jewelry for domestic and export market. As of 31 December 2024, the revenue breakup was 33.45% plain gold, 42.12% studded and 6.34% named jewelry. The company has given a 3 year EBITDA/PAT CAGR of 43.6%.
IPO Objective & Outlook: Listing on BSE SME by 01 July 2025 with funds for capacity scaling. At this scale the IPO will appeal to niche investors looking for growth in artisanal jewelry.
- IPO Dates & Size: 23 June to 26 June 2025; INR 16.20 crore fresh equity (INR 15.39 crore)
- Price Band: INR 90–95; lot size 1,200 shares (~INR 1,14,800)
Icon Facilitators
Business Overview: Icon Facilitators is an integrated business services provider specializing in technical and facilities management, primarily across North India. It offers hard services like electrical systems, HVAC, water treatment and fire safety and soft services like housekeeping and pest control. Operating over 130 sites across Haryana, UP, Delhi and beyond, the company recently expanded into South India with a new office in Bengaluru.
IPO Objective & Outlook: Funds will be used for business expansion and operational scaling. SME listing is an opportunity for early stage investors to participate in niche service providers.
- IPO Dates & Size: 24 June to 26 June 2025; INR 19.11 crore issue on BSE SME
- Price Band: INR 85–91; lot 1,200 shares (~INR 1,09,200)
Shri Hare-Krishna Sponge Iron
Business Overview: Shri Hare-Krishna Sponge Iron, Raipur, Chhattisgarh manufactures and sells sponge iron, a raw material for steel production. 30,000 MT capacity, mainly serves steel makers in Maharashtra, Chhattisgarh and Madhya Pradesh. In FY25, 95.67% of INR 80.47 crore revenue came from sponge iron. Plans to set up captive power plant to improve sustainability.
IPO Objective & Outlook: Capital will be used for enhancing production and modernizing equipment. SME investors aligned with steel supply chains may consider this a value play.
- IPO Dates & Size: 24 June to 26 June 2025; INR 29.91 crore issue on NSE Emerge; Listing likely around 01 July 2025
- Price Band: INR 56–59; lot 2,000 shares (~INR 1,18,000)
Suntech Infra Solutions
Business Overview: Suntech Infra is a civil construction company offering foundation, structural, and infrastructure services to public and private sectors. Operates in power, oil & gas, cement and renewables sectors with major projects in Delhi, Bihar, Gujarat, Odisha and Rajasthan. Rents construction equipment and has worked on projects like Bharat Mandapam (ITPO), IOCL refineries and Ultratech Cement Kotputli.
IPO Objective & Outlook: To raise funds for capacity expansion and project acquisitions. Suitable for SME infrastructure investors.
- IPO Dates & Size: 25 June to 27 June 2025; INR 44.39 crore total issue (INR 34.18 crore fresh + INR 10.21 crore OFS)
- Price Band: INR 81–86; lot 1,600 shares (~INR 1,37,600)
PRO FX Tech – INR 40.3 Cr
Business Overview: PRO FX Tech founded in 2006 is a leading distributor and integrator of premium audio-video (AV) solutions in India. Offers a wide range of AV products like amplifiers, speakers, soundbars and home automation systems. Partners with top global brands like Denon, Polk, JBL, KEF and Revel, has exclusive distribution rights. Besides product sales, PRO FX does custom AV installations for homes and corporates. Has a pan-India dealer network and 28 service centres, has a 117 member team including strong sales and technical support staff.
- IPO Dates & Size: 26 June to 30 June 2025; INR 40.3 crore IPO is a pure fresh issue
- Price Band: INR 82–87; lot 1,600 shares (~INR 1,39,200)
Abram Food – Smallest Among IPOs Next Week
Business Overview: Abram Food is engaged in the manufacturing and trading of food products under the brand “Kherliwala,” offering Chana Dal, Atta, Besan, Maida, Suji, Multi-Grain Atta, spices, cattle feed, and edible oils. Its products are distributed across Rajasthan, Delhi/NCR, and Uttar Pradesh via 80 distributors. The company operates a 3,000 sq. meter facility in Alwar, Rajasthan, with annual capacities of 4,380 MT for pulses, 730 MT for flour, and 182.5 MT for spices. Premium flour products are marketed under the “Rajasthan Royal” brand, catering to both bulk supply and retail demand.
- IPO Dates & Size: 24 June to 26 June 2025; INR 13.99 crore total issue on BSE SME
- Price Band: INR 98; lot 1,200 shares (~INR 1,17,600)
Summary of Upcoming IPOs Next Week
The upcoming IPOs next week promise an exciting lineup of IPOs that cater to diverse sectors within the Indian economy. With significant capital at stake, investors are keenly watching these offerings, especially the larger players like HDB Financial Services and Kalpataru. The anticipated activity highlights a vibrant primary market as we approach the middle of the year.
In the next week, eight listings are expected in the primary market, including seven SME IPOs. In conclusion, as we look forward to these developments in the primary market, keep an eye out for updates regarding these upcoming IPOs next week.
In the first five months of 2025, a total of 13 Mainboard IPOs were listed in the Indian markets. Notably, there were no IPO listings in March and April 2025, and three listing in May 2025. Together these IPOs raised INR 21,258.74 crore. Hexaware Technologies was the biggest IPO in the last 5 months, which raised INR 8,750 crore. Out of the 13 IPOs, four delivered negative listing returns. Despite this, the average listing gain for the period stood at an impressive 15.06%.
Over the past five months, SME IPOs have seen 69 IPOs in the primary market, raising INR 3,050.07 crore. Out of these, 28 IPOs debuted in the red. Despite this, the average listing return across all SME IPOs stood at a healthy 11.05%. Capital Numbers Infotech emerged as the largest IPO during this period, with an issue size of INR 169.37 crore. In contrast, Avax Apparels was the smallest offering, raising just INR 1.92 crore.