National Securities Depository Ltd. (NSDL), India’s first and largest securities depository by assets under custody, is moving forward with its long-anticipated initial public offering (IPO), which is expected to raise approximately $400 million. Sources familiar with the matter revealed that the listing is likely to debut on Indian stock exchanges in July 2025.
Headquartered in Mumbai, Maharashtra, NSDL was established in 1996 to handle the dematerialization of securities in India and plays a critical role in the country’s financial infrastructure. The upcoming IPO will mark a significant milestone for the company, which has remained unlisted despite its foundational role in India’s capital markets.
According to earlier filings, the IPO will consist of approximately 50.1 million shares in an offer for sale (OFS) format. The proceeds will go to the selling shareholders and not to NSDL itself. Key investors participating in the OFS include IDBI Bank Ltd., National Stock Exchange of India Ltd. (NSE), and State Bank of India (SBI), all of which hold significant equity in NSDL.
The issue is being managed by ICICI Securities, Axis Capital, HSBC Holdings Plc, and IDBI Capital as lead book-running managers. The Securities and Exchange Board of India (SEBI) had cleared the draft prospectus in October 2024.
NSDL’s Managing Director and CEO Vijay Chandok declined to provide comment on the timeline of the IPO when approached. A company spokesperson also did not respond to media queries.
This public issue, if launched as scheduled, will reinforce NSDL’s market position while providing a partial exit route for key stakeholders. It also comes amid a period of increased market participation in India’s financial sector and could spark wider interest in the depository services domain.
]]>Bullish, a cryptocurrency exchange backed by tech billionaire Peter Thiel and a unit of blockchain software firm Block.one, has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), according to a report published by the Financial Times.
Headquartered in the United States, Bullish is a regulated digital asset exchange focused on providing deep liquidity and advanced trading features for institutional and retail crypto traders. The exchange was initially launched in 2021 and operates with a framework that integrates blockchain technology into traditional financial infrastructure.
This filing marks a renewed effort by Bullish to enter the public market after its earlier attempt to go public via a special purpose acquisition company (SPAC) in 2021 failed in 2022 due to regulatory tightening and market volatility.
With a more favorable policy climate under the current U.S. administration, Bullish is reportedly positioning itself to benefit from a surge in investor interest in digital assets. The SEC has also recently dropped several regulatory probes into crypto firms, creating a comparatively stable environment for such filings.
Bullish’s filing follows other notable IPO moves within the cryptocurrency sector. Last week, crypto exchange Gemini, led by founders Tyler and Cameron Winklevoss, also filed confidentially for a public listing. Meanwhile, stablecoin issuer Circle completed a successful $1.05 billion IPO, signaling increasing confidence in digital asset firms in public markets.
Bullish has not released an official statement regarding the IPO filing and did not respond to media inquiries. Details around the offering, including valuation and potential listing date, remain confidential at this stage.
The company’s move represents the growing momentum within the crypto sector to integrate with traditional capital markets, particularly as regulatory headwinds show signs of easing.
]]>Vidya Wires Ltd, a Gujarat-based company specializing in winding and conductivity products, and Mangal Electrical Industries Ltd, a Jaipur-based manufacturer of electrical components, have received regulatory approval from the Securities and Exchange Board of India (SEBI) to proceed with their respective initial public offerings (IPOs).
Vidya Wires IPO Details
Vidya Wires Ltd plans to raise up to ₹320 crore through a combination of a fresh issue and an offer for sale (OFS). The public issue will include a fresh issue of equity shares worth ₹320 crore, along with an OFS component of up to 1 crore equity shares from its promoters Shyamsundar Rathi, Shailesh Rathi, and Shilpa Rathi. Each equity share has a face value of ₹1.
The company intends to utilize the proceeds to fund capital expenditures for a new project through its subsidiary Alcu, repay or prepay select borrowings, and manage general corporate requirements.
Pantomath Capital Advisors Pvt Ltd and IDBI Capital Markets & Securities Ltd are acting as the book-running lead managers for the IPO. Vidya Wires plans to list its shares on both the BSE and NSE.
Mangal Electrical Industries IPO Details
Mangal Electrical Industries Ltd has received approval to launch a fresh issue of ₹450 crore, with no offer for sale by existing shareholders. The company, headquartered in Jaipur, Rajasthan, manufactures electrical components and systems and filed its IPO documents on December 24, 2024.
The raised capital will be used across several verticals:
- ₹96.03 crore for partial or full repayment of outstanding borrowings
- ₹120 crore to expand operations at Unit IV in Reengus, Sikar District, and to renovate its Jaipur headquarters
- ₹122 crore for working capital needs
- The remaining funds will support general corporate purposes
Systematix Corporate Services Ltd is the sole book-running lead manager, while Bigshare Services Pvt Ltd will serve as the registrar. The shares are proposed to be listed on both BSE and NSE.
Both companies aim to leverage the capital markets to scale operations, reduce debt, and meet strategic business objectives.
]]>Jainik Power Cables Ltd, a Delhi-based manufacturer of aluminium wire rods, is currently offering its initial public offering (IPO) for subscription from June 10 to June 12, 2025. The IPO comprises a fresh issue of 46.63 lakh equity shares with a price band of ₹100 to ₹110 per share, aiming to raise ₹51.30 crore.
Established in 2023 for manufacturing after a decade of aluminium trading experience, Jainik Power Cables adheres to strict Environmental, Health, and Safety standards. The company is ISO-certified and uses spectrometry to ensure high purity in its products. Its distribution spans across Delhi, Haryana, Rajasthan, Uttar Pradesh, and Uttarakhand.
As of June 11, the IPO has been subscribed 88%, with the retail investor portion fully subscribed at 1.22 times and non-institutional investors subscribing 74%. Investors can bid in lots of 1,200 shares.
The funds raised will be used for setting up a new plant, fulfilling working capital needs, repaying existing loans, and covering corporate and issue-related expenses.
The IPO is lead-managed by Fast Track Finsec Pvt Ltd, with Skyline Financial Services Pvt Ltd handling the registrar functions. Rikhav Securities Ltd is acting as the market maker.
The IPO is witnessing active participation in the grey market as well, with a premium of ₹7 above the upper price band, indicating possible listing at ₹117.
]]>Orkla India Pvt. Ltd. a Karnataka-based multi-category food company known for its iconic MTR Foods and Eastern brands, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The filing was made on June 10, 2025.
The IPO will be entirely an Offer for Sale (OFS) involving up to 2.28 crore equity shares. The selling shareholders include Orkla Asia Pacific Pte, along with individual stakeholders Navas Meeran and Feroz Meeran. As this is an OFS, no proceeds from the IPO will be received by the company itself.
The IPO structure will reserve 50% of shares for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for retail individual investors.
Orkla India, formerly known as MTR Foods, operates in the fast-moving consumer goods (FMCG) sector. It offers an extensive portfolio including breakfast mixes, spice blends, ready meals, desserts, and beverages. Its MTR and Eastern brands are well-established in both domestic and international markets. In Fiscal Year 2024, the company was among the top four in revenue among India’s leading spices and convenience food players. The Eastern brand has also been India’s largest exporter of branded spices for 24 consecutive years, holding a 22.2% share in the branded spices exports market.
The IPO is being managed by leading investment firms including ICICI Securities, Citigroup Global Markets India, JP Morgan India, and Kotak Mahindra Capital Company.
The equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE).
]]>Oswal Pumps Limited, based in Haryana and known for its extensive product line in solar-powered pumps and electric motors, is set to launch its ₹890 crore Initial Public Offering (IPO) on June 13, 2025. The public issue, closing on June 17, 2025, is intended to support the company’s expansion, debt repayment, and investments through its subsidiary Oswal Solar.
Founded over 22 years ago, Oswal Pumps has grown into a major player in manufacturing submersible and monoblock pumps, solar modules, and electric motors marketed under the ‘Oswal’ brand. The company has a strong footprint in India’s clean energy sector, having fulfilled over 38,000 solar pumping system orders under the PM Kusum Scheme in key agricultural states like Haryana, Rajasthan, Uttar Pradesh, and Maharashtra.
The IPO price band is fixed between ₹584 and ₹614 per equity share (face value of Re 1). The issue includes a fresh issue of equity shares worth ₹890 crore and an offer for sale (OFS) of 8.1 million shares by promoter Vivek Gupta, who currently holds 25.17% stake in the company.
As per the red herring prospectus, ₹89.86 crore of the IPO proceeds will be allocated for capital expenditure, ₹273 crore will be invested in Oswal Solar for setting up a new facility in Haryana, ₹280 crore will go toward repaying company debts, and ₹31 crore will be used to clear Oswal Solar’s existing borrowings.
For the nine months ending December 2024, Oswal Pumps posted ₹1,065.67 crore in revenue and a net profit of ₹216.71 crore. As of April 2025, the company’s total borrowings stood at ₹308.57 crore on a standalone basis.
The IPO’s anchor allocation is scheduled for June 12, 2025, with allotment finalization expected on June 18, 2025, refunds initiated on June 19, and listing on BSE and NSE likely by June 20, 2025.
The lead book-running managers for the issue are IIFL Capital, Axis Capital, CLSA India, JM Financial, and Nuvama Wealth Management.
]]>Markolines Pavement Technologies Ltd., an SME infrastructure company headquartered in Maharashtra, saw a nearly 5% surge in its stock price after the company announced it had secured a ₹16.75 crore work order from Vadodara Kim Expressway Pvt. Ltd. for two rain cut repair projects.
Markolines Pavement Technologies Ltd. is a specialized provider of road infrastructure solutions with a focus on highway operations and maintenance. On June 10, 2025, the company disclosed to stock exchanges that it received two domestic work orders totaling ₹16,75,82,305 (inclusive of GST) from Vadodara Kim Expressway Pvt. Ltd.
The two projects under this order are:
- ₹13.82 crore (inclusive of GST) for the first rain cut repair contract.
- ₹2.94 crore (inclusive of GST) for the second rain cut repair contract.
The total value of the orders amounts to ₹16.75 crore, with completion set for July 31, 2025. These works will be executed at the Vadodara-Kim expressway project site.
The announcement had a direct impact on the company’s stock performance. Markolines’ share price opened at ₹152.50 on the Bombay Stock Exchange (BSE), up over 1% from its previous close of ₹150.65. It surged to an intraday high of ₹158, reflecting an intraday gain of nearly 5%.
This order win not only reinforces the company’s capabilities in infrastructure maintenance but also boosts investor confidence in the SME-listed firm.
Markolines Pavement’s successful bidding and subsequent stock rally illustrate the growing opportunity in India’s road repair and highway infrastructure segment, particularly in monsoon-preparedness work like rain cut repairs.
]]>Jainik Power Cables Limited, an electrical cable manufacturing company headquartered in Gujarat, India, launched its Initial Public Offering (IPO) today, aiming to raise ₹51.30 crore. The three-day subscription window will remain open from June 10 to June 12, with shares expected to list on the NSE SME platform by June 17.
Jainik Power Cables, known for its production of power and control cables catering to infrastructure and industrial projects, is tapping into the capital markets to fund its ongoing expansion plans, support working capital requirements, and repay existing borrowings.
The IPO comprises a fresh issue of 46.63 lakh equity shares with a face value of ₹10 each. The price band has been fixed in accordance with NSE SME regulations, and the offer is being managed by Beeline Capital Advisors.
The company’s strategic decision to go public aligns with its broader growth ambitions, including ramping up production capacity and enhancing its market presence across India. Jainik Power Cables has witnessed rising demand in the electrical infrastructure space, particularly in sectors such as real estate, railways, and power distribution.
The listing of shares on the NSE SME platform will mark a significant milestone for the company as it seeks to build investor confidence and broaden its financial foundation.
With India’s SME sector gaining momentum in the capital markets, this IPO is expected to draw strong interest from retail and institutional investors alike.
]]>Tamil Nadu-based Lalithaa Jewellery Mart Limited has submitted its draft red herring prospectus to the Securities and Exchange Board of India (SEBI) for a ₹1,700 crore initial public offering (IPO), aimed at boosting its retail presence across India.
Lalithaa Jewellery Mart, known for its BIS-hallmarked gold, silver, and diamond jewellery, currently operates 56 stores across Tier I, II, and III cities in southern India. These include 22 stores in Andhra Pradesh, 20 in Tamil Nadu, seven in Karnataka, six in Telangana, and one in Puducherry, with a combined operational area of 6,09,408 square feet.
According to the filing, the company recorded consolidated revenue of ₹12,594.67 crore and a profit after tax of ₹262.33 crore during the nine months ending December 31, 2024.
The IPO consists of a fresh issue worth ₹1,200 crore and an offer-for-sale of ₹500 crore by promoter M. Kiran Kumar Jain. Of the net proceeds from the fresh issue, ₹1,014.50 crore will be used for capital expenditure related to setting up new stores across India, along with general corporate purposes.
The issue will be conducted via a book-building process, allocating no more than 50% of the offer to qualified institutional buyers (QIBs), at least 15% to non-institutional investors (NIIs), and a minimum of 35% to retail investors. There is also a reserved portion for eligible employees, who will receive a discount on the issue price.
The company has shown steady growth in its jewellery business in South India and aims to strengthen its market footprint with this public offering.
]]>Ganga Bath Fittings, a Gujarat-based manufacturer of premium bathroom fixtures, is finalizing its Initial Public Offering (IPO) allotment today, June 9, 2025. The company, which specializes in faucets, showers, and accessories for modern and commercial bathrooms, closed its IPO subscription on June 6 after being oversubscribed 1.64 times.
The IPO received a moderate response from retail and institutional investors, indicating interest in the SME-listed company despite a neutral grey market premium. As of June 9, the shares are trading at par with the issue price of ₹49, showing no premium or discount in the grey market.
Investors who participated in the IPO can check the status of their allotment through the official IPO registrar, Kfin Technologies Ltd, by following these four steps:
- Visit the Kfin IPO Allotment Portal.
- Select Ganga Bath Fittings IPO from the dropdown menu.
- Choose a search method: PAN, Application Number, or Demat Account.
- Enter the required details and captcha, then click Submit.
Successful applicants will have shares credited to their demat accounts on June 10, 2025, while non-allottees will receive refunds on the same day. The shares will be listed on the NSE SME platform on June 11, 2025.
Ganga Bath Fittings’ IPO performance is being closely watched due to the subdued response in the grey market. The company’s issue price remains unchanged from its launch rate, which may reflect broader market sentiment or investor caution.
As the company moves towards listing, its next challenge lies in translating investor trust into long-term shareholder value.
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