As the year winds start, the Indian primary market is heating up with a lineup of exciting upcoming IPOs in June 2025. Investors and market enthusiasts are waiting for these to come out and bring new opportunities and new business models to the forefront.
March and April was a complete IPO drought, an unusual break in what has been a very active year so far. Interestingly this is not the first time, over the past 3 years there have been 4 months without an IPO, February 2023 and multiple times in 2022 and 2021. Global instability, weak corporate earnings, FII outflows and sudden domestic policy changes have been the reasons for these dry spells.
IPO Performance 2025
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. Let’s dive into the upcoming in June 2025 Indian IPOs.
SMPP – One of the Biggest IPO in June 2025
A defence manufacturing company, SMPP specializes in ballistic protection solutions such as body armour and armoured vehicles. SMPP IPO, combining a fresh issue of INR 580 crore and OFS INR 3,420 crore. The IPO will fund production capacity expansion and advanced technology investments.
With heightened security concerns and a push for Indigenous defence production, SMPP is positioned to play a crucial role in national security. The company is also exploring new collaborations for next-generation protective gear. Axis Capital, ICICI Securities and IIFL Securities BRLM to the issue, with SEBI approval received on 29 January 2025.
NSDL – Forthcoming IPO in June 2025
Among the most anticipated offerings is the National Securities Depository (NSDL) IPO, which stands out due to its pivotal role in India’s financial infrastructure. As the country’s largest depository firm, NSDL has demonstrated consistent profitability, recording a 32.6% year-on-year (YoY) net profit growth in the first nine months of FY 2025. The IPO is structured as a full Offer for Sale (OFS), signaling existing stakeholders’ confidence in unlocking value. Despite initial regulatory delays, NSDL’s strong market position, stable earnings, and the growing digitization of financial transactions in India make it an attractive investment opportunity.
Avanse Financial Services – Most Awaited in Upcoming IPOs in June 2025
Avanse Financial Services is expected to launch its IPO in June 2025. Avanse Financial Services, India’s second largest NBFC in education financing, is raising INR 3,500 cr through its IPO. The issue includes a fresh issue of INR 1,000 cr to support loan book growth and technology upgradation.
The company has shown impressive financials, with revenue growing 75% yoy to INR 1,728.81 cr in FY24. PAT more than doubled to INR 342.4 cr in the same period. With marquee investors like Warburg Pincus and Kedaara Capital backing Avanse, it stands out for its data driven underwriting model and low default rates. With education loans seeing a surge in India, especially for overseas studies, Avanse’s IPO is expected to see good interest from investors.
Travel Food Services – Airport-Focused Quick-Service
Travel Food Services (TFS), a leading name in airport-focused quick-service restaurants (QSRs) and premium lounges, is set to launch its IPO following approval from SEBI on 22 April 2025. The upcoming IPO in June is a pure offer-for-sale (OFS) expected to raise around INR 2,000 crore, with proceeds going to existing shareholders.
Founded to transform the travel dining experience in India, TFS has grown into a dominant force in the airport hospitality space. As of 30 June 2024, it operated 397 QSR outlets across 14 Indian airports, 2 Malaysian airports, and 32 Indian highways. Of these, 340 are directly operated, while 57 are managed through partnerships. The company also manages 31 lounges across India and Malaysia and expanded to Hong Kong in July 2024.
Financially strong, TFS reported revenue of INR 1,396.32 crore and net profit of INR 298.02 crore in FY24. It holds a 24% market share in India’s airport QSR segment and 45% in lounge services. Backed by major institutions and riding high on travel sector growth, TFS is poised for a strong market debut.
Oswal Pumps – June 2025 Indian IPOs
Oswal Pumps, established in 2003 and headquartered in Karnal, Haryana, is a leading Indian manufacturer specializing in solar-powered and grid-connected submersible and monoblock pumps, electric motors, and solar modules under the ‘Oswal‘ brand. The company operates two manufacturing facilities in Karnal, with one dedicated to pumps and motors and the other focusing on solar modules .
The IPO comprises a fresh issue of equity shares aggregating up to INR 1,000 crore and an offer-for-sale of up to 1.13 crore equity shares by the company’s promoter, Vivek Gupta . The proceeds from the IPO are intended to fund capital expenditures, invest in their wholly-owned subsidiary Oswal Solar for setting up new manufacturing units in Karnal, repay certain borrowings, and for general corporate purposes .
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Ganga Bath Fittings – SME IPO in June 2025
Ganga Bath Fittings is launching its Initial Public Offering (IPO) on NSE EMERGE, with a fresh issue of 66.63 lakh equity shares priced in the range of INR 46 – 49 per share. The IPO will open for subscription from 4th to 6th June 2025, aiming to raise approximately INR 30.65 – 32.65 crore. The minimum lot size is 3,000 shares, requiring an investment of INR 1,47,000 for retail investors. All shares are part of a fresh issue; there is no Offer for Sale (OFS).
Ganga Bath Fittings specializes in the manufacturing and distribution of a diverse range of bathroom accessories and fittings, including CP taps, ABS taps and showers, health faucets, designer mirrors, vanities, bathtubs, and more. The company operates three manufacturing units located in Rajkot, Gujarat—each dedicated to different product segments such as CP fittings, stainless steel showers, and ABS components.
The company has shown consistent financial growth, with revenue increasing to INR 24.83 crore in the last nine months of 2024 and a significant improvement in profitability. With strong margins, reduced debt, and expanding operations, Ganga Bath Fittings aims to capitalize on growing demand in the home improvement and construction sectors.
Conclusion: A Market Brimming with Potential
As June 2025 approaches, these June 2025 IPOs are not just investment opportunities but also a chance to be a part of innovative companies that will shape the future of various industries in India. Whether you want to invest in defence manufacture and financial infrastructure, education finance, quick-service restaurants, these June 2025 IPOs cover various sectors and offer investors multiple opportunities to make money. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.