India’s primary market gears up for a busy June 2025 with five mainboard IPOs across diverse sectors including defence, financial services, quick-service restaurants, and manufacturing. This surge follows a brief IPO lull earlier in the year, promising fresh investment opportunities in key industries.
The Indian capital markets are preparing for an active June 2025, with five mainboard Initial Public Offerings (IPOs) lined up, signaling renewed investor interest and growth momentum. These upcoming IPOs include companies from defence manufacturing, financial services, airport-based quick-service restaurants, and manufacturing sectors.
After an unusual IPO drought in March and April 2025, the Indian IPO market is seeing a resurgence with diverse offerings promising robust business models and growth potential. Since January 2025, the market has seen 13 mainboard IPOs raising over ₹21,258 crore, despite some negative listing returns. This June promises to continue the momentum.
SMPP Defence Manufacturing (Maharashtra)
SMPP, a leading defence manufacturer specializing in ballistic protection solutions such as body armor and armored vehicles, is set for one of the largest IPOs in June 2025. The ₹4,000 crore IPO, comprising a fresh issue and an Offer for Sale (OFS), aims to fund capacity expansion and technology upgrades. SMPP is positioned to benefit from India’s increased focus on indigenous defence production.
National Securities Depository Limited (NSDL) (Maharashtra)
NSDL, India’s largest securities depository, is launching a full OFS IPO, capitalizing on its strong market position and consistent profitability with 32.6% net profit growth in FY 2025. The IPO represents a strategic opportunity to invest in India’s growing financial infrastructure.
Avanse Financial Services (Karnataka)
Avanse Financial Services, India’s second-largest non-banking financial company (NBFC) in education financing, plans to raise ₹3,500 crore through its IPO, including ₹1,000 crore fresh capital to expand its loan book and upgrade technology. The company has shown impressive revenue growth of 75% in FY24 and doubled its PAT.
Travel Food Services (TFS) (Delhi NCR)
TFS, a key player in airport quick-service restaurants (QSRs) and premium lounges, will launch a ₹2,000 crore OFS IPO. With over 397 QSR outlets across Indian and international airports, TFS dominates the airport hospitality space, holding 24% market share in India’s airport QSR segment.
Oswal Pumps (Haryana)
Oswal Pumps, specializing in solar and electric pumps, is set to raise ₹1,000 crore through a fresh issue and promoter OFS. The company plans to invest in manufacturing capacity expansion and repay debts. Headquartered in Karnal, Haryana, Oswal Pumps has established a strong presence in renewable energy and water pump manufacturing.
SME IPO: Ganga Bath Fittings (Gujarat)
In addition, Ganga Bath Fittings will launch its SME IPO on NSE EMERGE, raising around ₹30 crore. The company manufactures bathroom accessories and fittings, with manufacturing units in Rajkot, Gujarat, targeting growth in the home improvement sector.
These IPOs reflect India’s growing industrial and financial sectors and offer investors diversified opportunities as the primary market heats up in June 2025.
