Big-ticket IPOs ahead: NSDL, HDB Financial, and other marquee firms set for market debuts soon

India’s IPO market, which had shown resilience in recent years, witnessed a sharp slowdown through most of the first half of the current year. However, activity has picked up recently, buoyed by a recovery in the secondary markets. Over 30 companies, including those in the SME segment, have tapped public markets in the last two months.

As of now, over 67 companies with plans to raise more than Rs 1 lakh crore are awaiting SEBI approval. Analysts remain optimistic that FY26 could see IPO fundraising cross Rs 2 lakh crore, supported by strong fundamentals and robust retail investor participation.

High-Profile IPOs in the Pipeline

Key upcoming listings include NSDL, Hero FinCorp, and HDB Financial Services. Other anticipated public issues later this year are Reliance Jio, LG Electronics India, Zepto, and Ather Energy.


NSDL is pressing ahead with its IPO plans for July, expected to raise about $400 million.

As India’s largest depository by assets under custody, NSDL’s IPO will be managed by ICICI Securities, Axis Capital, HSBC Holdings, and IDBI Capital, and will comprise 50.1 million shares, as per previous stock exchange filings.

Capital markets regulator SEBI recently granted approval to the IPOs of Vikram Solar and HDB Financial Services. These two marquee listings are expected to hit the markets within the next two months.

A subsidiary of HDFC Bank, HDB Financial Services filed its DRHP in November last year. The company plans to raise Rs 12,500 crore, consisting of a Rs 2,500 crore fresh issue and an offer for sale (OFS) of Rs 10,000 crore by HDFC Bank.

HDB Financial offers a range of secured and unsecured loans and operates through a network of over 1,680 branches across India.

Meanwhile, Kolkata-based Vikram Solar filed its draft DRHP in October. The IPO will include a fresh issue of equity shares worth up to Rs 1,500 crore, and an OFS of up to 1.75 crore shares by existing shareholders.

Vikram Solar specializes in the manufacture of solar photovoltaic modules and provides engineering, procurement, and construction (EPC) services.