The Indian primary market is poised for a dynamic week ahead as six prominent companies across diverse sectors launch their Initial Public Offerings (IPOs). From financial services to refurbished electronics, real estate, hospitality, and fintech-driven workspaces, the IPO rush reflects India’s evolving investment appetite and economic confidence. Let’s dive into the details of the upcoming IPOs next week that are poised to capture investor attention.
Table of Contents
Mainboard IPOs Next Week
Hero FinCorp IPO – Biggest Among IPOs Next Week
Business Overview: Hero FinCorp, the financial arm of Hero MotoCorp, is set to debut with an IPO of INR 3,668 crore. A leading non-banking financial company (NBFC), it caters to over 11.8 million customers across retail, MSME, and commercial lending segments.
The company’s AUM stood at INR 51,820.81 crore as of March 2024, with more than 85% attributed to retail and MSME verticals. While net income dipped to INR 109.95 crore in FY25, the IPO aims to bolster Tier-I capital for future lending. Backed by a tech-driven underwriting system and Hero’s dealership network, the offering is expected to attract long-term investors looking for exposure in India’s retail credit expansion.
- IPO Dates: 24 July 2025 – 28 July 2025 (Tentative Date)
- Issue Size: INR 3,668.13 crore (INR 2,100 crore fresh + INR 1,568.13 crore Offer For Sale)
- Type: Book Built Issue
- Listing: NSE, BSE
NSDL IPO: A Rare Entry into Capital Market Infrastructure
Business Overview: National Securities Depository Ltd (NSDL), India’s largest and first depository, is launching a purely Offer For Sale (OFS) issue next week. Established in 1996, NSDL is a foundational player in India’s capital markets with over 31.46 million active demat accounts.
The company enjoys zero debt, national issuer coverage, and a 22.98% net margin (FY23 revenue: INR 1,021.99 crore). With no new capital being raised, the proceeds will be distributed to existing shareholders. For investors seeking a stake in the digital backbone of India’s securities ecosystem, NSDL’s IPO presents a rare, fundamentally strong opportunity.
- IPO Dates: 24 July 2025 – 28 July 2025 (Tentative Date)
- Issue Size: 57,260,001 shares (Offer For Sale only)
- Type: Offer For Sale
- Listing: BSE, NSE
GNG Electronics IPO: Riding the Refurbished Electronics Wave
Business Overview: GNG Electronics, known for its “Electronics Bazaar” brand, is India’s largest refurbisher of laptops and desktops, with a footprint in 35 countries. The company clocked a revenue of INR 1,138.14 crore in FY24 and enjoys a robust 7.46% EBITDA margin. As a Microsoft Authorized Refurbisher, its products are offered at up to 65% lower prices than new devices.
The IPO proceeds will primarily be used for debt reduction and expansion. With a 31.96% return on net worth (RONW), this offering stands out in the burgeoning circular economy and tech hardware reuse market.
- IPO Dates: 23 July 2025 – 25 July 2025
- Issue Size: INR 457.38 – 460.44 crore (INR 450 crore Fresh Issue + 25,50,000 shares OFS)
- Type: Book Built Issue
- Listing: NSE, BSE
IndiQube Spaces IPO: Betting on India’s Hybrid Work Future
Business Overview: IndiQube Spaces, a key managed office space provider, plans to raise INR 850 crore to support its rapid expansion and debt reduction. The firm manages 7.76 million sq. ft. across 103 centers in 13 cities, with a strong base in Bengaluru. While it reported a FY24 net loss of INR 341.51 crore, revenue surged to INR 830.57 crore, and Return on Capital Employed (ROCE) rose to 38.52%.
IndiQube offers tailored workspace solutions, reflecting the structural shift toward hybrid and flexible work environments post-pandemic.
- IPO Dates: 23 July 2025 – 25 July 2025
- Issue Size: INR 700 crore (INR 650 crore fresh + INR 50 crore OFS)
- Type: Book Built Issue
- Listing: NSE, BSE
Brigade Hotel Ventures IPO – Hospitality Sector Player Among IPOs Next Week
Business Overview: A part of Brigade Enterprises, Brigade Hotel Ventures owns nine luxury hotels in Bengaluru, Mysuru, Chennai, Kochi, and GIFT City, operating under global hospitality giants like Marriott, IHG, and Accor. Posting FY24 revenue of INR 401.70 crore and a net profit of INR 31.21 crore, the company boasts a 73.29% occupancy, beating industry averages.
The INR 900 crore proceeds will support debt repayment and land acquisitions. With a growing portfolio that includes a Grand Hyatt in Chennai and new Marriott properties, this IPO appeals to investors eyeing India’s hospitality resurgence.
- IPO Dates: 24 July 2025 – 28 July 2025
- Issue Size: INR 759.6 crore (Fresh Issue)
- Type: Book Built Issue
- Listing: NSE, BSE
Sri Lotus Developers IPO: Luxury Real Estate with High Margins
Business Overview: Sri Lotus Developers, a Mumbai-based luxury real estate company, is entering the markets with an IPO of INR 792 crore. Focused on high-end redevelopment in the western suburbs of Mumbai, the company had revenue of INR 461.58 crore and PAT of INR 119.73 crore in FY24. The net margin of 25.94% and RONW of 70.68% are very strong.
With a growing portfolio managed through its subsidiaries and rising demand for premium urban housing, Sri Lotus represents an attractive play in the realty segment.
- IPO Dates: Expected Next Week
- Issue Size: INR 792 crore (Fresh Issue)
- Type: Book Built Issue
- Listing: NSE, BSE
SME IPOs Next Week
Monarch Surveyors IPO – Biggest Among SME IPOs Next Week
Business Overview: Monarch Surveyors operates as a full-spectrum infrastructure consultancy, providing services from surveying and geospatial mapping to project management and supervision. With 68 ongoing government-related projects and over 500 professionals, the company has positioned itself as a niche player in civil infrastructure consulting. The IPO, entirely a fresh issue, is aimed at raising funds to support business expansion and working capital requirements.
Financially, Monarch has demonstrated steady growth, with FY25 net income rising to INR 34.83 crore on revenue of INR 154.14 crore. At the upper end of the price band, the PE ratio stands attractively between 7.08 and 7.47, making it one of the most anticipated IPOs next week.
- IPO Dates & Size: 22 July to 24 July 2025; approx INR 88.88 – 93.75 crore (Total Fresh Issue); Listing likely around 29 July 2025
- Price Band: INR 237 – 250; lot 600 shares (~INR 1,50,000)
Savy Infra and Logistics IPO
Business Overview: Savy Infra is an emerging EPC company specializing in earthwork and foundation preparation, with capabilities ranging from embankment creation to full-fledged bituminous and concrete roadwork. The company also offers Full truckload logistics services for infrastructure, mining, and steel industries.
From a revenue of just INR 6.19 crore in FY23 to a whopping INR 283.39 crore in FY25, Savy’s growth story has been nothing short of dramatic. With a PE ratio of 6.87 – 7.23 and strong returns on net worth (RONW of 45.70% in FY25), the IPO looks promising for SME investors looking to ride the infrastructure boom.
- IPO Dates & Size: 21 July to 23 July 2025; 58.32 lakh fresh equity (INR 69.98 crore)
- Price Band: INR 114 – 120; lot size 1,200 shares (~INR 1,44,000), Listing on NSE EMERGE by 28 July 2025
Swastika Castal IPO: Smallest Among IPOs Next Week
Business Overview: Swastika Castal, an aluminium casting company founded in 1996, is the pioneer of vertical centrifugal casting in India. Serving domestic and international clients inthe automotive, railways and electrical sectors, the company has seen a significant jump in net profit to Rs 2.63 crore in FY25.
The IPO proceeds are likely to be deployed for capacity expansion and working capital needs. Though smaller in size compared to others this week, the company’s solid EBITDA margin (15.36% in FY25) and ROCE of 32.74% add credibility to its growth potential. Priced at a PE of 14.81, the valuation appears reasonable considering its technical niche and export-oriented operations.
- IPO Dates & Size: 21 July to 23 July 2025; INR 14.07 crore issue on BSE SME
- Price Band: INR 65; lot 2,000 shares (~INR 1,30,000)
TSC India IPO
Business Overview: TSC India, a B2B travel management company, caters to corporate clients and tour operators through air ticketing and travel solutions.
The company has shown impressive financial momentum—revenues surged from INR 4.51 crore in FY22 to INR 19.35 crore in FY24, with Q1 FY25 alone contributing INR 5.99 crore. With an EPS of 24.44 in FY24 and a PE range of just 2.78 – 2.86, the IPO is priced attractively. TSC’s asset-light model and growing clientele (over 2,100 customers onboarded) add strength to its expansion plans post-listing.
- IPO Dates & Size: 23 July to 25 July 2025; INR 25.89 Crore issue on NSE Emerge; Listing likely around 30 July 2025
- Price Band: INR 68 – 70; lot 2,000 shares (~INR 1,40,000)
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 Hero FinCorp and NSDL. The anticipated activity highlights a vibrant primary market as we approach the middle of the year.
In the next week, three listings are expected in the primary market, including two 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.
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