Indian IPO Market Roars in 2025: A Look at the Biggest Public Issues So Far

The Indian stock market has witnessed a spectacular year for Initial Public Offerings (IPOs) in 2025, with companies from diverse sectors raising significant capital and signaling robust investor confidence.

The size of these mainboard IPOs not only reflects the growth trajectory of the issuing companies but also serves as a barometer for the health and strength of the broader market. Here's a look at key details of some of the largest public issues which have opened in the secondary market in 2025:

HDB Financial Services IPO

HDB Financial raised Rs 12,500.00 crore through its public issue, which consisted of a fresh issue of 33.8 million shares amounting to Rs 2,500 crore and an offer for sale of 135.1 million shares aggregating to Rs 10,000 crore. Notably, the HDB Financial Services IPO is the biggest public issue so far in 2025 in terms of issue size. The price band for the HDB Financial IPO was fixed at Rs 700 to Rs 740 per share. Shares of the company listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) at Rs 835 per share on July 2, 2025, with a premium of 12.84 per cent over the final issue price.

Hexaware Technologies IPO

Hexaware Technologies raised Rs 8,750 crore through its public issue, which consisted of an offer for sale of 123.6 million shares. Hexaware Technologies' IPO was the second biggest public issue so far in 2025 in terms of issue size. The price band for Hexaware Technologies was fixed at Rs 674 and Rs 708 per share. The shares of the company were listed on D-street on February 19, 2025, and the stock was listed at Rs 745.5 apiece on the NSE with a premium of 5.3 per cent. On the other hand, shares of Hexaware Technologies Ltd are listed at Rs 731 per share with a premium of 3.25 per cent compared to the issue price.

National Securities Depository IPO

National Securities Depository Ltd raised Rs 4,010.95 crore through its public issue which consisted of an offer-for-sale of 50.1 million shares. The price band for HDB Financial IPO was fixed at Rs 760 to Rs 800 per share. Shares of NSDL listed on the Bombay Stock Exchange (BSE) at Rs 880 per share with a premium of 10 per cent over the final issue price.

JSW Cement IPO

JSW Cement raised Rs 3,600 crore through its public issue, which consisted of a fresh issue of 108.8 million shares amounting to Rs 1,600 crore and an offer for sale of 136.1 million shares aggregating to Rs 2,000 crore. The price band for JSW Cement IPO was fixed at Rs 139 to Rs 147 per share. On the National Stock Exchange (NSE), the stock is listed at Rs 153.50 with a premium of over 4.42 per cent. On the Bombay Stock Exchange (BSE), the stock was listed at Rs 153 with a premium of 4 per cent.

The prevalence of large-scale IPOs is a significant indicator of a healthy and vibrant stock market for several reasons. A strong pipeline of large IPOs that are well-received by the public indicates high investor confidence in the economy's future prospects. When investors, both retail and institutional, are willing to invest substantial amounts in new companies, it reflects a bullish sentiment and a belief in the long-term growth story of the market.

The entry of large, well-established companies onto the stock exchanges increases the overall market capitalisation and liquidity. This provides investors with more diverse investment opportunities and adds depth to the market, making it more resilient.