Upcoming IPOs in July 2025: Tata Capital, NSDL and More

As the second half of 2025 kicks off, the Indian primary market shows no signs of slowing down. A strong pipeline of diverse public issues is set to drive investor interest this month. From finance and cement to healthcare and hospitality, the upcoming IPOs in July 2025 span multiple high-growth sectors and are expected to attract both institutional and retail investors.

Market Recap: Momentum Carries Into July

June 2025 proved to be a highly active month for India’s capital markets. The mainboard segment saw 12 IPOs raising a combined INR 17,688.47 crore, while the SME space recorded 30 issues, mobilising INR 1,382.13 crore. Listings like NSDL, Travel Food Services, and Avanse Financial Services set the tone with healthy subscription and listing gains.

With this backdrop, the IPO calendar for July 2025 is expected to maintain market enthusiasm. The list of forthcoming IPOs in July 2025 includes some of the most anticipated public offerings in recent years.

Tata Capital

Tata Capital, a prominent arm of the Tata Group, is heading to the public markets with what could become one of the biggest IPOs of the year. The company offers a wide range of financial services, including consumer loans, wealth management, and infrastructure finance.

While the IPO remains under wraps due to a confidential filing made on 4 April 2025, market sources suggest that this will be a pure fresh issue. This listing is expected to unlock significant value and will mark a key milestone for the Tata Group’s financial ecosystem. With India’s growing appetite for credit and fintech-driven services, Tata Capital is one of the most closely followed IPOs in July 2025.

NSDL

The National Securities Depository (NSDL), India’s largest depository, is finally set to go public. Handling dematerialisation and secure custody of investor holdings, NSDL plays a vital role in the financial infrastructure.

The company received SEBI approval on 30 September 2024, following its DRHP filing in July 2023. This is a 100% offer-for-sale (OFS) issue, giving early investors a chance to unlock value. With a 32.6% YoY profit growth and rising demat account openings, NSDL is seen as one of the most dependable names among the July 2025 Indian IPOs.

JSW Cement

Backed by the JSW Group, JSW Cement is expanding its capacity rapidly and positioning itself as a major player in India’s infrastructure boom. The company currently operates at 17 MTPA capacity and plans to scale up to 25 MTPA.

Its IPO, combining fresh issue and OFS, was filed on 20 August 2024 and approved by SEBI on 6 January 2025. Proceeds will go toward capacity expansion and debt reduction. With rising demand in the housing and road construction sectors, JSW Cement is a strong contender among infrastructure-focused IPOs in July 2025.

Hero FinCorp

Hero FinCorp, a key player in the NBFC sector and the lending arm of Hero MotoCorp, offers loans across retail, SME, and vehicle finance segments. With a growing loan book and strong digital initiatives, the company is scaling fast.

The DRHP was filed in August 2024 and received SEBI clearance on 22 May 2025. The upcoming issue, structured as Fresh + OFS, will fund technology upgrades and credit expansion. Its deep distribution network and growing demand for retail credit make it one of the more attractive forthcoming IPOs in July 2025.

Crizac

Crizac is a multi-vertical services company with core operations in overseas education consulting and test preparation. It operates TC Global and has strategic global alliances. This makes Crizac a unique opportunity in the forthcoming IPO in July 2025. Crizac IPO opens on 2 July and closes on 4 July 2025, with a total issue size of INR 860 crore through an Offer for Sale.

Travel Food Services

Travel Food Services (TFS) has grown to become India’s largest airport-focused QSR and lounge management company. With operations spanning airports in India, Malaysia, and now Hong Kong, TFS is leveraging the global air travel rebound.

Its IPO was approved on 22 April 2025, following a December 2024 filing. The INR 2,000 crore OFS provides an exit to existing shareholders. The Travel Food Services IPO is likely to open in early part of July 2025. Given its profitability and dominant airport presence, TFS is an appealing pick in the hospitality segment among the upcoming IPOs in July 2025.

Brigade Hotel Ventures

A part of Brigade Group, this hospitality-focused company develops and operates hotels under global brands like Sheraton and Grand Mercure. The firm is looking to expand its footprint across Tier-1 cities.

The IPO will be a pure fresh issue, with SEBI approval granted in January 2025. Funds will be used for new hotel developments and debt reduction. Investors seeking real estate-backed hospitality exposure may find this a solid opportunity within the IPO in July 2025.

Sri Lotus Developers and Realty

Sri Lotus Developers focuses on residential and commercial real estate projects in Tamil Nadu. With more than 2 million sq. ft. of completed projects, the company is ready to scale further.

The DRHP was filed in January 2025, and SEBI approval came through on 16 May 2025. This is a pure fresh issue, with proceeds earmarked for project funding and land acquisition. As one of the few real estate-focused July 2025 Indian IPOs, it brings regional exposure to the mix.

Paras Healthcare

Paras Healthcare is a growing multispecialty hospital chain, especially known in North India. It focuses on tertiary care services in cities like Gurugram, Patna, and Panchkula.

Its DRHP was filed in August 2024, and the IPO received regulatory approval in October 2024. The offer includes Fresh + OFS components, with fresh proceeds planned for hospital expansion and equipment purchases. Given rising healthcare demand and insurance coverage, Paras is a strong play among the forthcoming IPOs in July 2025.

Conclusion

The IPO calendar for July 2025 reflects India’s evolving economic story — from finance and cement to healthcare and hospitality. Whether it’s a marquee brand like Tata Capital or niche players like Crizac and Sri Lotus Developers, the upcoming IPOs in July 2025 offer something for every investor type.

As always, investors should review DRHPs, track SEBI approvals, and monitor grey market trends before committing capital. For live updates, GMP, and subscription data on every IPO in July 2025, keep an eye on IPO Central and similar sources.

For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.