IPO Market Made Strong Start to FY26: JSW Cement, NSDL, Hero Fincorp and More to Float IPO

The financial year 2025–26 has kicked off with a robust IPO season, featuring several large public issues. Topping the charts is HDB Financial Services, which raised a whopping ₹12,500 crore, making it the largest IPO of the fiscal so far. Other notable entrants include Schloss Bangalore, Ather Energy, Aegis Vopak Terminals, and Belrise Industries.

Top 5 IPOs of FY26 by Issue Size (As of July 7, 2025)

1. HDB Financial Services

• Issue Size: ₹12,500 crore
• Listing Date: July 2, 2025
• Listing Performance: Opened at ₹835, marking a 13% premium over the issue price of ₹740.
• Current Price: ₹858.40, up 16% from the issue price.

2. Schloss Bangalore

• Issue Size: ₹3,500 crore
• Listing Date: June 2, 2025
• Listing Performance: Debuted at ₹407, reflecting a 7% discount to its ₹435 issue price.
• Current Price: ₹404, still 7% below the issue price.

3. Ather Energy

• Issue Size: ₹2,981 crore
• Listing Date: May 6, 2025
• Listing Performance: Opened at ₹326, just 2% above its issue price of ₹321.
• Current Price: ₹332.35, showing a modest 4% gain.

4. Aegis Vopak Terminals

• Issue Size: ₹2,800 crore
• Listing Date: June 2, 2025
• Listing Performance: Opened at ₹220, a 6% discount to its ₹235 issue price.
• Current Price: ₹243.16, now trading 3% above the issue price.

5. Belrise Industries

• Issue Size: ₹2,150 crore
• Listing Date: May 28, 2025
• Listing Performance: Opened strong at ₹99, a 9% premium over the issue price of ₹90.
• Current Price: ₹102.80, delivering a 14% return since listing.

IPO Outlook: A Promising Pipeline Ahead

The IPO market continues to show strong momentum as we move into the second half of the calendar year. The pipeline remains healthy, with a mix of established and emerging names gearing up to go public.

Upcoming IPOs with SEBI Approval Include:

• JSW Cement
• Hero Fincorp
• NSDL
• Vikram Solar
• LG Electronics India
• Kent RO
• Anthem Biosciences
• Bluestone Jewellery & Lifestyle
• Euro Pratik Sales

Also Read: Upcoming IPO: Emmvee Photovoltaic Power Files DRHP for ₹3,000 Cr IPO

Current Status of IPO Pipeline

The current IPO pipeline is quite robust, with 70 companies having already received SEBI approval to proceed with their public offerings. Additionally, 77 companies have filed their draft red herring prospectuses (DRHPs) and are awaiting observations from SEBI.

Meanwhile, 10 companies have opted for the confidential pre-filing route by submitting their DRHPs privately. Beyond these, around 80 more companies are lined up, pending regulatory clearance, signaling a strong and active market ahead.

Conclusion

With strong listing performances from key players and a robust pipeline of upcoming issues, FY26 is shaping up to be a breakout year for IPO activity in India. Investors can look forward to more opportunities as market confidence remains high and regulatory momentum continues.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.