August IPO Rush: ₹28,000 Cr in the Pipeline | Tata Capital, Hero FinCorp, NSDL, and More Set to Hit D-Street
- 1st August 2025
- 03:30:00 PM
- 6 min read
Mumbai | August 1 – August Begins with a Massive ₹28,000 Cr IPO Pipeline: India’s primary market is heading into one of its busiest months yet. August 2025 will see a flood of IPOs—potentially crossing ₹28,000 crore in value—across financials, infra, and manufacturing.
This includes some of the year’s most awaited names: Tata Capital, Hero FinCorp, JSW Cement, and National Securities Depository Limited (NSDL).
Investor appetite remains robust after a strong July, setting the tone for another wave of demand in the primary markets.
Tata Capital IPO
Tata Capital, the financial services arm of Tata Sons, is expected to launch one of the biggest IPOs of the year—targeting a ₹17,200 crore raise. The issue is likely to be a pure fresh issue, with proceeds used to bolster the company’s capital base.
The company offers a wide suite of financial services, including retail and SME lending, infrastructure finance, and wealth management. The IPO also marks a significant step in the Tata Group’s broader ambitions in financial services. While exact dates are under wraps due to the confidential filing made on April 4, market sources suggest a mid-to-late August window.
JSW Cement
The Sajjan Jindal-led JSW Cement is set to raise ₹3,000 crore, with proceeds earmarked for capacity expansion and debt repayment. The company is aggressively scaling up capacity in East and South India to take on sector majors like UltraTech and Ambuja.
IPO proceeds are expected to go toward expanding capacity, repaying debt, and building out green cement verticals. With housing and infra demand seeing a post-election boost, the cement sector has a natural tailwind—making this issue a sectoral standout.
NSDL
The ₹4,011 crore IPO of National Securities Depository Limited (NSDL) opened on July 30 and closes on August 1. This is a pure offer-for-sale (OFS) with NSE, IDBI Bank, and HDFC Bank among the selling shareholders.
As one of India’s two central depositories, NSDL holds demat assets worth over ₹450 lakh crore and plays a critical role in market infrastructure. The listing will offer investors a rare chance to participate in a regulated market backbone, and draw natural comparisons to CDSL, its listed peer.
Also Read- NSDL IPO coverage by PL Capital
Hero FinCorp
Hero FinCorp, backed by Hero MotoCorp, has filed its DRHP with SEBI and is eyeing a raise of over ₹4,000 crore. The NBFC specialises in retail loans, SME financing, and vehicle loans, with a strong presence in semi-urban and rural India.
The company is expected to tap the market in the second half of August, aiming to leverage the rising demand for affordable credit beyond the metros. With the rural NBFC segment seeing improving asset quality and investor attention, this IPO could attract strong QIB and HNI interest.
Kolkata Metro Rail Corporation InvIT
Adding to the diversity of August’s calendar is the ₹130 crore public InvIT by Kolkata Metro Rail Corporation (KMRC). Expected to hit the markets around mid-August, is aimed at long-term institutional investors. The trust will operate under the toll-operate-transfer (TOT) model and is part of the broader trend of InvITs and REITs entering mainstream public markets.
This issue, while modest in size, expands the market’s infra financing toolkit and may appeal to yield-hunting investors seeking exposure to operational transport assets.
Bansal Wire
Bansal Wire is looking to raise ₹745 crore via a mix of fresh issue and OFS. A leader in industrial and stainless-steel wire manufacturing, the company supplies to sectors including construction, automotive, and power.
The IPO funds will go toward setting up a new manufacturing unit and general corporate purposes. With the Make-in-India push and infrastructure-linked manufacturing demand, the company is positioning itself as a mid-cap beneficiary of India’s capex cycle.
SME IPOs to Watch in August
Several smaller companies are also tapping into the market momentum this month. Here’s a snapshot of the most active or upcoming SME listings:
- Kaytex Fabrics: Already closed with a 39.95x subscription. Specialises in technical textiles for B2B clients.
- Cash Ur Drive: Focuses on fleet-based vehicle advertising and brand activation; targets logistics and transport.
- Renol Polychem: Manufacturer of specialty polymers for paints, packaging, and adhesives.
- Sri Lotus Developers: Real estate player active in Tier-2 cities, focused on affordable and mid-income housing.
- M&B Engineering: Supplies pre-engineered buildings and roofing systems to industrial clients.
- Raghav Productivity Enhancers (Expected): A ramming mass supplier catering to the steel industry; looking at expansion funding.
- Winny Immigration (Tentative): Provides study abroad and immigration services to students and professionals in Tier-1 and Tier-2 cities.
July IPO Recap: A Strong Foundation for August’s Momentum
Before the August flood, July 2025 set the tone with over ₹16,125 crore raised through both mainboard and SME IPOs—marking one of the strongest monthly showings of the year so far.
Aditya Infotech, the CP Plus parent, emerged as a retail favourite, closing with a subscription of over 100x, buoyed by its consumer electronics brand visibility and growth narrative. NSDL, the market infrastructure giant, saw robust QIB demand and was 5x subscribed even before closing—setting high expectations for its August listing.
Laxmi India Finance, a Rajasthan-based NBFC, garnered moderate interest with a 1.85x subscription, offering investors exposure to vehicle finance and rural lending markets.
Also Read Laxmi India Finance IPO Allotment Status: How to Check on NSE, BSE, MUFG
Meanwhile, SME IPOs saw strong traction:
- Kaytex Fabrics, a B2B textiles player, closed at 39.95x.
- Cash Ur Drive, an ad-tech startup targeting fleet-based branding, drew enthusiastic subscription.
- Srivari Spices, Sati Poly Plast, and others kept the SME board active, reflecting continued retail confidence.
The July momentum—spread across established brands, infrastructure, and niche SMEs—has created a fertile base for August’s ₹28,000 crore pipeline.
Bottomline
India’s IPO market isn’t just busy—it’s broadening. With over ₹28,000 crore worth of issues expected in August, the lineup reflects the depth of investor demand and the diversity of India’s corporate pipeline. From financial majors like Tata Capital and Hero FinCorp to infrastructure plays like JSW Cement and KMRC, and a buzzing SME sector, August could be a defining month for FY26’s capital markets. For participants across the spectrum, the question isn’t whether to watch—it’s how closely.
PL Capital
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
