In 2025, so far, 24 mainboard IPOs have hit the market this year, with 6 more set to launch in the last week of June. The SME segment is also gaining momentum, with 94 listings already and 12 more in the pipeline.
Despite global headwinds such as geopolitical tensions, tariff wars, and volatile commodity prices, Indian markets have shown resilience. Adding to the optimism, FIIs have turned net buyers for the third consecutive months, with June witnessing steady inflows. The upcoming IPOs this week include HDB Financial Services Ltd., an arm of HDFC Bank, Kalpataru Limited, and several others.
| Company Name | Date | Type | Price Band | Total Issue (₹ Cr) | Fresh Issue (₹ Cr) | Offer for Sale (₹ Cr) | QIB/NII/Retail (%) |
| Indogulf Cropsciences Limited | 26 June - 30 June | Mainboard | ₹105 to ₹111 | 200 | 160 | 40 | 50/15/35 |
| HDB Financial Services Limited | 25 June - 27 June | Mainboard | ₹700 to ₹740 | 12,500 | 2,500 | 10,000 | 44.92/13.48/31.44 |
| Sambhv Steel Tubes Limited | 25 June - 27 June | Mainboard | ₹77 to ₹82 | 540 | 440 | 100 | 50/15/35 |
| Kalpataru Limited | 24 June - 26 June | Mainboard | ₹387 to ₹414 | 1,590 | 1590 | 75/15/10 | |
| Ellenbarrie Industrial Gases Limited | 24 June - 26 June | Mainboard | ₹380 to ₹400 | 852.53 | 400 | 452.53 | 50/15/35 |
| Globe Civil Projects Limited | 24 June - 26 June | Mainboard | ₹67 to ₹71 | 119 | 119 | 50/15/35 | |
Indogulf Cropsciences Limited
Indogulf Cropsciences Limited, incorporated in 1993, manufactures crop protection products, plant nutrients, and biologicals. With four facilities across Haryana and Jammu & Kashmir, it serves 22 Indian states and exports to 34 countries. Known for producing high-purity technicals like Spiromesifen and Pyrazosulfuron Ethyl, it benefits from flexible manufacturing and high regulatory entry barriers. Its portfolio includes fertilizers, insecticides, fungicides, herbicides, and sustainable biologicals.
HDB Financial Services Limited
Incorporated in 2007, HDB Financial Services Limited is a retail-focused NBFC offering loans across enterprise, asset, and consumer finance segments. It also provides BPO services and distributes insurance products, primarily to its lending customers. With a “phygital” distribution model combining branches, tele-calling teams, and external partners, it had 1,771 branches across 1,170 towns and cities as of March 31, 2025, with over 80% located outside India’s top 20 cities.
Sambhv Steel Tubes Limited
Incorporated in 2017, Sambhv Steel Tubes Limited manufactures ERW steel pipes and structural tubes, with its facility located in Sarora (Tilda), Raipur, Chhattisgarh. The company sources iron ore and coal from leading Navratna and Maharatna PSUs, located close to its plant. As of December 31, 2024, it had a distribution network across 15 states and one union territory. Its product range includes sponge iron, mild and stainless steel blooms/slabs, HR coils, and GI pipes, serving both distributors and government projects.
Kalpataru Limited
Founded in 1988, Kalpataru Limited is a Mumbai-based real estate developer engaged in residential, commercial, retail, and township projects across cities like Mumbai, Pune, Hyderabad, and Bengaluru. Part of the Kalpataru Group, it operates alongside entities like Kalpataru Projects International and Shree Shubham Logistics. As of March 31, 2024, it has 40 ongoing and 70 completed projects.
Ellenbarrie Industrial Gases Limited (EIGL)
Incorporated in 1973, Ellenbarrie Industrial Gases Limited (EIGL) is a leading Indian producer and supplier of industrial, medical, and specialty gases like oxygen, nitrogen, carbon dioxide, and argon. It also provides dry ice, LPG, medical oxygen, and fire-fighting gases. EIGL offers project engineering services, medical gas pipeline solutions, and equipment to healthcare facilities. It serves bulk, packaged, and onsite customers across various industries.
Globe Civil Projects Limited
Incorporated in 2002, Globe Civil Projects Limited is a New Delhi-based EPC company with a presence across 11 Indian states. It has completed 37 projects and is currently executing 12, including social and commercial developments. As of August 31, 2024, its order book stands at ₹8,929.45 million, covering 14 projects across infrastructure and non-infrastructure segments such as housing, transport, and office spaces.
| Company Name | Date | Type | Price Band | Total Issue (₹ Cr) | Reserved for Market Makers (₹ Cr) | Net Offer to Public (₹ Cr) |
| Neetu Yoshi Limited | 27 June - 01 July | SME | ₹71 to ₹75 | 77.04 | 3.9 | 73.14 |
| PRO FX Tech Limited | 26 June - 30 June | SME | ₹82 to ₹87 | 40.3 | 2.09 | 38.21 |
| Ace Alpha Tech Limited | 26 June - 30 June | SME | ₹65 to ₹69 | 32.22 | 1.82 | 30.40 |
| Valencia India Limited | 26 June - 30 June | SME | ₹95 to ₹110 | 48.95 | 2.46 | 46.49 |
| Moving Media Entertainment Limited | 26 June - 30 June | SME | ₹66 to ₹70 | 43.4 | 10.49 | 32.91 |
| Supertech EV Limited | 25 June - 27 June | SME | ₹87 to ₹92 | 29.9 | 1.5 | 28.39 |
| Suntech Infra Solutions Limited | 25 June - 27 June | SME | ₹81 to ₹86 | 44.39 | 2.23 | 42.16 |
| Rama Telecom Limited | 25 June - 27 June | SME | ₹65 to ₹68 | 25.13 | 1.26 | 23.87 |
| Shri Hare-Krishna Sponge Iron Limited | 24 June - 26 June | SME | ₹56 to ₹59 | 29.19 | 1.52 | 28.39 |
| Icon Facilitators Limited | 24 June - 26 June | SME | ₹85 to ₹91 | 19.11 | 0.96 | 18.15 |
| Abram Food Limited | 24 June - 26 June | SME | ₹98 | 13.99 | 0.71 | 13.29 |
| AJC Jewel Manufacturers Limited | 23 June - 26 June | SME | ₹90 to ₹95 | 15.39 | 0.8 | 14.59 |
Neetu Yoshi Limited
Incorporated in January 2020, Neetu Yoshi Limited manufactures customised ferrous metallurgical products, primarily for Indian Railways. Its product range includes mild steel, SG iron, cast iron, and manganese steel components used in braking, suspension, propulsion, and coupling systems. An RDSO-certified vendor, the company operates a 7,173 sq. meter facility in Uttarakhand, strategically located near alloy suppliers and benefiting from lower power tariffs.
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 5,20,000 (5.06%) |
| QIB Shares Offered | 48,72,000 (47.43%) |
| Anchor Investor Shares Offered | 29,20,000 (28.43%) |
| QIB (Ex. Anchor) | 19,52,000 (19.00%) |
| NII (HNI) Shares Offered | 14,65,600 (14.27%) |
| Retail Shares Offered | 34,14,400 (33.24%) |
| Total Shares Offered | 1,02,72,000 (100.00%) |
Ace Alpha Tech Limited
Incorporated in 2012, Ace Alpha Tech Private Limited (AATPL) offers legal, accounting, tax consultancy, market research, and business advisory services. It also provides institutional trading tools, B2B retail trading platforms, user management systems, and proprietary trading solutions. Catering to both institutional and retail clients, AATPL focuses on secure, efficient trading, risk management, and regulatory compliance.
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 2,64,000 (5.65%) |
| QIB Shares Offered | 22,00,000 (47.11%) |
| Anchor Investor Shares Offered | 13,20,000 (28.27%) |
| QIB (Ex. Anchor) | 8,80,000 (18.84%) |
| NII (HNI) Shares Offered | 6,62,000 (14.18%) |
| Retail Shares Offered | 15,44,000 (33.06%) |
| Total Shares Offered | 46,70,000 (100.00%) |
PRO FX Tech Limited
Established in 2006, PRO FX Tech Limited distributes high-end AV products like amplifiers, speakers, and soundbars, and offers custom AV solutions for home theatres, automation, and corporate setups. It partners with global brands like Denon, Polk, and JBL, and operates seven showrooms and two experience centres across six Indian cities.
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35.00% of the Net Issue |
| NII Shares Offered | Not less than 15% of the Net Issue |
Valencia India Limited
Incorporated in 2017, Valencia India Limited is a diversified conglomerate with key operations in real estate, global trade, FMCG, agro and dairy commodities, and hospitality. It develops residential and commercial spaces and is active in imports and exports, especially in the Middle East. The company also manages a 35,000 sq. ft. club facility under a 9-year lease, offering event services for weddings, parties, and corporate gatherings.
| Investor Category | Shares Offered |
| QIB Shares Offered | Not More than 10% of the Net Issue |
| Retail Shares Offered | Not Less than 63% of the Net Issue |
| NII Shares Offered | Not Less than 27% of the Net Issue |
Moving Media Entertainment Limited
Incorporated in May 2022, Moving Media Entertainment Limited rents high-quality camera and lens equipment to the media and entertainment industry across India. Its inventory includes cameras, lenses, lighting, sound gear, and accessories from top brands, catering to production houses, TV networks, filmmakers, and digital creators. Clients include Star India, Sunshine Pictures, and SOL Production.
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50.00% of the Net Issue |
| Retail Shares Offered | Not less than 35.00% of the Net Issue |
| NII Shares Offered | Not less than 15% of the Net Issue |
Supertech EV Limited
Incorporated in 2022, Supertech EV Limited manufactures electric vehicles in India, offering 12 models, including 8 electric two-wheelers and 4 E-Rickshaws. With a distribution network of 445 distributors, it operates across 19 states. Key products include CARGO MAX – L5 E-Loader, PASSENGER MAX, and ZAPSTER PRO. As of June 30, 2024, the company employs 115 people and serves major distributors and suppliers like Gk Autovehicles, E Ashwa Automotive, and Eastman Auto & Power.
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 1,63,200 (5.28%) |
| QIB Shares Offered | 1,54,800 (5.00%) |
| NII (HNI) Shares Offered | 14,65,200 (47.36%) |
| Retail Shares Offered | 14,65,200 (47.36%) |
| Total Shares Offered | 30,93,601 (100.00%) |
Suntech Infra Solutions Limited
Incorporated in April 2009, Suntech Infra Solutions Limited is a B2B construction company offering civil construction services and equipment rental across sectors like power, oil & gas, and cement. As of July 31, 2024, it has 6 ongoing projects worth ₹18,637.19 lakh and operates across Delhi, Bihar, Gujarat, Odisha, and Rajasthan with clients like IOCL, Ultratech Cement, and UNITY Group.
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 2,59,200 (5.02%) |
| QIB Shares Offered | 24,49,600 (47.46%) |
| Anchor Investor Shares Offered | 14,68,800 (28.46%) |
| QIB (Ex. Anchor) | 9,80,800 (19.00%) |
| NII (HNI) Shares Offered | 7,36,000 (14.26%) |
| Retail Shares Offered | 17,16,800 (33.26%) |
| Total Shares Offered | 51,61,600 (100.00%) |
Rama Telecom Limited
Established in July 2004, Rama Telecom Ltd offers customised end-to-end networking solutions in telecom and datacom, with expertise in OFC laying, HDD, and infrastructure for clients like Indian Railways, Airtel, and IOCL. It provides turnkey services including network design, installation, and broadband connectivity across India, supported by OEM partnerships with brands like Nokia, D-Link, and Tejas Networks.
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 1,86,000 (5.03%) |
| QIB Shares Offered | 7,36,000 (19.91%) |
| NII (HNI) Shares Offered | 8,34,000 (22.56%) |
| Retail Shares Offered | 19,40,000 (52.49%) |
| Total Shares Offered | 36,96,000 (100.00%) |
Shri Hare-Krishna Sponge Iron Limited
Incorporated in May 2003, Shri Hare-Krishna Sponge Iron Limited manufactures sponge iron used in steelmaking, operating a 30,000 MTPA facility in Raipur, Chhattisgarh. Certified with ISO 9001, 14001, and 45001, the company serves markets in Maharashtra, MP, and Chhattisgarh with a focus on quality, strong customer ties, and experienced leadership.
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 2,58,000 (5.09%) |
| QIB Shares Offered | 24,02,000 |
| QIB (Ex. Anchor) | - |
| NII (HNI) Shares Offered | 7,24,000 (14.28%) |
| Retail Shares Offered | 16,86,000 (33.25%) |
| Total Shares Offered | 50,70,000 (100.00%) |
Icon Facilitators Limited (IFL)
Incorporated in 2002, Icon Facilitators Limited (IFL) is a facilities management company offering integrated technical and support services like electrical, HVAC, water treatment, and fire safety across India. Operating at 127 sites, primarily in Northern India, the company is expanding into Bengaluru to strengthen its national footprint.
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 1,05,600 (5.03%) |
| QIB Shares Offered | 1,00,800 (4.80%) |
| NII (HNI) Shares Offered | 9,46,800 (45.09%) |
| Retail Shares Offered | 9,46,800 (45.09%) |
| Total Shares Offered | 21,00,000 (100.00%) |
Abram Food Limited
Incorporated in 2009, Abram Food Limited manufactures and trades food products like Chana Dal, Atta, Besan, Spices, Cattle Feed, and Edible Oils under the brand “Kherliwala.” It serves Rajasthan, Delhi/NCR, and Uttar Pradesh through a distributor network and operates a 3,000 sq. meter facility in Alwar, Rajasthan.
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 72,000 (5.04%) |
| QIB Shares Offered | - |
| NII (HNI) Shares Offered | 6,78,000 (47.48%) |
| Retail Shares Offered | 6,78,000 (47.48%) |
| Total Shares Offered | 14,28,000 (100.00%) |
AJC Jewel Manufacturers Limited
Incorporated in 2018, AJC Jewel Manufacturers Limited designs and manufactures gold jewelry including rings, bangles, chains, and more for men, women, and children. It operates a 21,780+ sq. ft. facility in Malappuram with modern equipment and supplies its 22K and 18K jewelry to dealers, showrooms, corporates, and shops.
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 84,000 (5.19%) |
| QIB Shares Offered | 7,56,000 (46.67%) |
| Anchor Investor Shares Offered | 4,52,400 (27.93%) |
| QIB (Ex. Anchor) | 3,03,600 (18.74%) |
| NII (HNI) Shares Offered | 2,37,600 (14.67%) |
| Retail Shares Offered | 5,42,400 (33.48%) |
| Total Shares Offered | 16,20,000 (100.00%) |
In the last week of June 2025, Indian equity markets are set to witness a significant fund inflow of ₹16,221 crore - ₹15,802 crore from mainboard IPOs and ₹419 crore from SME listings. A total of 18 companies are scheduled to list, including 6 from the mainboard and 12 from the SME segment. The spotlight remains on HDB Financial Services, a subsidiary of HDFC Bank operating independently, as it gears up for a high-profile debut.
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