All About IPOs Coming in July 2025

The Initial Public Offering (IPO) in the first half of 2025 saw an average of 3 listings per month. In H1CY25, 19 companies went public, collectively raising around Rs 29834 crore.

With July, we enter the second half of the year, and it is when listing increases. In this article, we examine the IPOs expected to debut in July 2025.

IPOs in July 2025

Let us look at some of the confirmed IPOs for July and then some that are expected to come:

Crizac IPO:

Crizac is a Kolkata-based B2B education platform specializing in international student recruitment, opened on July 2, 2025, and closed on July 4, 2025.  

The company was founded in 2011 and operates a tech-enabled platform connecting over 7,900 registered agents across more than 75 countries with global higher education institutions in the UK, Canada, Ireland, Australia, and New Zealand. The company has processed over 595,000 student applications and partnered with over 135 universities worldwide.

The company aimed to raise Rs 860 crore through an Offer for Sale (OFS), with no fresh issue component. The price band for the IPO was set between Rs 233 and Rs 245 per share, with a lot size of 61 shares.

By the end of Day 2, the IPO was subscribed 2.75 times overall. The retail investor portion was subscribed 2.72 times, and the Non-Institutional Investors (NII) category was subscribed 6.28 times. However, the Qualified Institutional Buyers (QIB) segment received only 0.15 times the subscription. The company is expected to list on July 9, 2025.

Travel Food Services:

The second confirmed IPO for the month is Travel Food Services Ltd (TFS). The company is set to launch its Initial Public Offering (IPO) on July 7, 2025. The price band will be Rs 1045 to Rs 1100 with a lot size of 13 shares. The issue has only an offer for sale (OFS).

The company is a prominent player in India's travel, food, and beverage sector, operating quick-service restaurants (QSRs) and lounges across airports, highways, and railway stations. As of March 31, 2025, the company managed 397 outlets, including 384 at Indian airports, holding a 26% market share in the airport QSR segment and a 45% share in the airport lounge segment.

Investors seeking exposure to the growing travel and hospitality sector may find TFS's IPO appealing due to its market leadership and robust financial performance. However, the absence of fresh capital infusion and the competitive landscape should be taken into consideration before making an investment decision.

Anthem Biosciences Limited IPO:

The company is a leading Contract Development and Manufacturing Organization (CDMO) specializing in the pharmaceutical and biotechnology sectors, and is set to launch its IPO. The company plans to raise approximately Rs 3,395 crore through a book-building process, entirely via an Offer for Sale (OFS).

While specific dates and price bands are yet to be announced, the IPO is expected to open in mid-July 2025, with shares listing on the BSE and NSE. Anthem reported a revenue of Rs 1,483 crore in FY24, with a profit of Rs 367 crore, indicating strong financial performance. The IPO is structured to offer 35% of the issue to retail investors, 50% to Qualified Institutional Buyers (QIBs), and 15% to Non-Institutional Investors (NIIs).

NSDL IPO:

National Securities Depository Limited (NSDL), India's first and most significant securities depository, has received approval from the Securities and Exchange Board of India (SEBI) for its IPO. The issue is expected to raise approximately Rs 3,400 crore through an Offer for Sale (OFS) by existing shareholders, including IDBI Bank, NSE, SBI, HDFC Bank, and Union Bank of India.

The IPO is anticipated to open in July 2025, with shares listing on the BSE and NSE. NSDL reported a revenue of Rs 1,099 crore in FY23, with a profit of Rs 235 crore, reflecting its dominant position in the Indian depository market.

Tata Capital IPO:

Tata Capital, the financial services arm of Tata Sons, has received approval from SEBI for its Rs 17,200 crore IPO, which could be the largest in India for 2025. The issue will comprise a fresh issue of shares and an Offer for Sale (OFS) by Tata Sons.

The IPO is expected to open before September 2025, aligning with the Reserve Bank of India's mandate for "upper-layer" non-banking financial companies (NBFCs) to list by that deadline. Tata Capital reported a profit of Rs 2,492 crore on revenues of Rs 13,309 crore in FY24/

BlueStone Jewellery IPO:

BlueStone Jewellery and Lifestyle, a Bengaluru-based omnichannel jewellery retailer, has received SEBI's approval for its Rs 1,000 crore IPO. The issue will consist of a fresh issue of shares and an Offer for Sale (OFS) by existing shareholders, including Kalaari Capital Partners II, Saama Capital II, and Sunil Kant Munjal.

The IPO is expected to open in the first week of July 2025, with shares listing on the BSE and NSE. BlueStone reported an increase in operational revenue, indicating strong growth prospects in the competitive jewellery market.

Before you go

These upcoming IPOs showcase the diverse sectors that are attracting investor interest in India, ranging from biotechnology and financial services to depositories and consumer goods. However, you should consider each company's financial health, market position, and growth prospects before applying for the IPO.