IPO pipeline: LG, NSDL among 10 companies with Sebi nod to launch IPOs
India’s IPO market has seen a solid run in the first half of 2025, with 24 main board issues launched so far. While five companies listed below their issue price, trading has yet to commence for one as of July 2. Investor appetite remains strong and the pipeline is expected to remain robust into the second half of the year, according to Axis Capital. These are 10 companies that have already secured approval from Sebi to launch their public offerings.
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LG Electronics India, the local arm of South Korea’s LG Group, received Sebi’s nod in March 2025 for its Rs 15,000 crore IPO. The parent plans to offload over 10.18 crore shares, equating to a 15% stake. This will mark only the second listing by a South Korean firm in India, following Hyundai Motors last year.
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The National Securities Depository Limited (NSDL) is set to become India’s second listed depository after CDSL, with a Rs 3,300 crore IPO. Sebi granted final approval in October 2024, more than a year after the DRHP was filed. The issue is a pure OFS, with IDBI Bank and NSE among the key sellers.
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JSW Cement, part of the Sajjan Jindal-led JSW Group, is eyeing a Rs 4,000 crore IPO, split evenly between fresh issue and OFS. The company has a strong presence in southern and western India. The offer is timed amid rising demand in real estate and infrastructure.
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BlueStone Jewellery and Lifestyle got Sebi’s final nod in April 2025 for an IPO comprising a Rs 1,000 crore fresh issue and OFS of up to 2.39 crore shares. Investors exiting include Kalaari Capital, Saama Capital, and Hero Enterprise Partner Ventures. The Bengaluru-based firm retails across gold, diamond, and platinum categories.
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Infrastructure firm GK Energy received Sebi clearance in April 2025 for a public issue comprising a Rs 500 crore fresh issue and OFS of 84 lakh shares. The company focuses on construction projects and is targeting growth capital through this offering.
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Greaves Electric Mobility, known for EV brands Ampere, Eltra, and Ele, has Sebi’s approval to raise Rs 1,000 crore via fresh issue and conduct an OFS of 18.9 crore shares. Promoter Greaves Cotton and investor Abdul Latif Jameel Green Mobility Solutions DMCC are among the sellers.
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Hero FinCorp, the non-banking finance company backed by Hero MotoCorp, received Sebi approval for its Rs 3,668 crore IPO. The offer includes a fresh issue of Rs 2,100 crore and an OFS of Rs 1,568 crore. The IPO is one of the largest from the NBFC space this year.
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Vikram Solar, which makes solar PV modules and EPC services, secured Sebi’s nod in June 2025. The IPO will consist of a Rs 1,500 crore fresh issue and OFS of 1.745 crore shares by promoters. The company is tapping into the renewables boom to fuel expansion.
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Kent RO, a household name in water purification, got Sebi’s go-ahead for an OFS of 1.01 crore shares by the promoter group. The IPO will not involve any fresh capital infusion. Promoters Sunita, Mahesh, and Varun Gupta will divest part of their holdings.
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Amanta Healthcare received final approval in June 2025 for its IPO comprising a fresh issue of up to 1.25 crore shares. The Ahmedabad-based pharma company refiled its papers in February after withdrawing an earlier filing. It specialises in sterile liquids and parenterals, with over 100 active international registrations.
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