The Surge of IPOs in India: A Closer Look at the NSDL IPO and Upcoming Offerings
India’s capital markets are buzzing with activity as a wave of initial public offerings (IPOs) prepares to hit the market this quarter. With a mix of mainboard and small and medium enterprises (SME) IPOs on the horizon, market participants—including retail investors, institutional buyers, and analysts—are keenly observing how these offerings will perform. Among the most talked-about is the NSDL IPO, which has garnered significant interest, alongside a host of other upcoming IPO announcements.
IPO Momentum Builds in Q3 2025
The July to September quarter of 2025 has proven to be a pivotal time for primary markets. Recent exchange filings indicate that over half a dozen IPOs are set to open between July 25 and July 30 alone. Notable names include Shanti Gold International, Repono, Sellowrap Industries, and Shree Refrigerations, primarily consisting of SME players, each aiming to raise between ₹26 crore and ₹360 crore.
While these offerings may be smaller in scale, they continue to attract niche interest, particularly from investors who are familiar with the regional or industrial focus of these businesses. For instance, Shanti Gold International has priced its issue between ₹189 and ₹199, targeting a raise of ₹360.11 crore, with plans to use the proceeds for working capital and expansion. Similarly, Sellowrap Industries and Repono are also raising modest amounts but have captured the attention of long-term investors who understand their operational niches.
Beyond these SMEs, larger IPOs are generating buzz, particularly those from industry giants such as Reliance Jio, Zepto, Sahajanand Medical Technologies, and ESDS Software Solutions. These companies have either filed their Draft Red Herring Prospectuses (DRHPs) or are in advanced stages of regulatory approvals, setting the stage for significant market entries.
Spotlight on the NSDL IPO
Among the upcoming IPOs, the NSDL IPO (National Securities Depository Limited) stands out. As a cornerstone of India’s capital markets infrastructure, NSDL plays a crucial role in securities settlement and recordkeeping. Its decision to go public marks a significant milestone for the industry, providing investors with exposure to the backbone of the country’s demat infrastructure.
Analysts predict robust demand for the NSDL IPO, given the company’s consistent profitability and its essential function in the smooth operation of equity markets. This offering is being closely monitored by brokers, portfolio advisors, and retail investors looking for long-term investments in financial infrastructure.
Retail Participation and Digital Access
Retail participation in IPOs has steadily increased over the past year. Enhanced access to digital platforms, simplified application processes via UPI, and widespread financial education have all contributed to this growth. Nowadays, opening a demat account online can often be completed in a single day, allowing a broader base of investors to consider stock market investments, including IPOs.
Retail investors can apply for shares in the retail quota, which the Securities and Exchange Board of India (SEBI) mandates to be at least 35% of the issue. For high-demand offerings, retail investors are allocated at least one lot through a lottery system if oversubscription occurs. This mechanism has helped create a level playing field and fostered greater public engagement with equity markets.
The current batch of IPOs has seen enthusiastic subscription levels, particularly among younger and first-time investors. Many are utilizing online tools and mobile apps to track upcoming IPO dates, enabling them to act swiftly when new listings open for subscription.
What’s Driving the IPO Pipeline in 2025?
Several factors are fueling the growing number of IPOs this year. Firstly, India’s economic outlook for 2025 remains stable, with GDP projections around 6.7%. This positive forecast has bolstered business confidence, encouraging mid-sized firms to raise capital for growth and debt reduction.
Secondly, capital markets have shown resilience despite global headwinds. The Nifty and Sensex have remained in positive territory in Q2 and Q3, buoyed by strong earnings from the banking, auto, and tech sectors. This market buoyancy has prompted promoters to list their businesses while valuations remain favorable.
Lastly, regulatory support has simplified the process for SMEs and startups to enter public markets. The SME platform, in particular, has gained popularity among firms seeking equity funding without the complexities of a large IPO.
Upcoming IPOs to Watch
While some issues have already opened, investors are keeping a close eye on high-profile companies expected to list soon. Reliance Jio’s IPO—once confirmed—is anticipated to be one of the most-watched in Indian market history, given its extensive consumer base and the pedigree of its parent company.
Other listings, such as Zepto and Sahajanand Medical Technologies, are attracting attention for different reasons. Zepto represents the new-age retail and delivery tech space, while Sahajanand focuses on medical devices—a sector that has gained prominence post-pandemic. These companies are expected to target both institutional and high-net-worth individual (HNI) investors, with strong retail interest contingent on pricing and business fundamentals.
Institutional Interest Remains Strong
It’s not just retail investors who are seeking opportunities; mutual funds, insurance companies, and foreign portfolio investors (FPIs) are also actively participating in IPOs this quarter. Anchor investments—typically announced a day before the issue opens—have demonstrated strong confidence in quality names.
In many cases, institutional interest has helped drive up demand in the retail category, especially when listing gains are anticipated. However, investors are advised to focus on fundamentals rather than solely on grey market premiums or expected listing day performance.
Investing in IPOs: What to Know
Participating in an IPO requires thorough research. Investors are encouraged to read the Red Herring Prospectus (RHP) carefully, which includes essential company financials, risks, promoter holdings, and business outlook. Analysts recommend understanding the firm’s competitive positioning and intended use of proceeds.
Investors can apply for shares using ASBA (Applications Supported by Blocked Amount) through banks or broker platforms. The amount is blocked in the investor’s account until allotment; if shares are not allotted, the blocked funds are released without any deductions.
A demat account is mandatory to receive allotted shares. Platforms like NSDL and CDSL facilitate easy tracking of demat accounts, holdings, and corporate actions. For newcomers to investing, many brokers offer IPO-ready demat accounts with minimal paperwork and no annual charges for the first year.
Final Thoughts: Capital Markets Stay Active
As we progress through Q3 2025, the vibrancy in India’s primary markets is unmistakable. From niche SME players to major industry names like Reliance Jio and NSDL, there is no shortage of listings to watch. The expanding base of investors—supported by digital platforms and improved financial literacy—has made IPO investing more inclusive and dynamic.
With strong demand, a stable economic backdrop, and a supportive regulatory environment, the IPO wave is expected to continue into the next quarter. For investors willing to conduct their due diligence and track the right upcoming IPOs, this could be an opportune time to explore fresh equity opportunities—especially in names like the NSDL IPO, which offer both relevance and reliability.
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