IPO Tsunami Incoming! NSDL, JSW Cement, Hero Fincorp among 74 Companies with SEBI Nod to Float Public Offers

As India’s equity markets maintain bullish momentum in 2025, a wave of initial public offerings (IPOs) is poised to make landfall. According to the latest data from the Securities and Exchange Board of India (SEBI), as many as 74 companies have received regulatory approval to launch their IPOs, setting the stage for what market watchers are calling an “IPO tsunami.”

The surge in filings and clearances comes at a time when investor sentiment remains high, valuations are buoyant, and economic indicators support robust corporate expansion. Companies across diverse sectors — from financial services and cement to digital infrastructure and logistics — are eyeing the public route to fund growth and deleverage balance sheets.

IPO Pipeline Gathers Steam: Major Names in the Queue

Among the 74 approved companies are National Securities Depository Limited (NSDL), JSW Cement, Hero Fincorp, Snapdeal, Go Digit General Insurance, and Firstcry, to name a few. These names are not only established in their respective domains but also hold significant public interest.

• NSDL, one of India’s premier depositories, is expected to raise approximately ₹4,500 crore via its IPO. The move is anticipated to unlock value and offer investors a rare play in India’s capital market infrastructure.

• JSW Cement, a subsidiary of the JSW Group, has secured SEBI’s nod to raise around ₹3,000 crore, targeting capacity expansion and debt reduction.

• Hero Fincorp, the NBFC arm of Hero MotoCorp, plans to strengthen its retail and MSME lending operations through its upcoming issue.

In addition, consumer-facing brands like Firstcry and Snapdeal are expected to draw attention from retail investors, especially as they chase the growth of India’s digital economy.

Why Now? Favorable Market Conditions Drive IPO Rush

This unprecedented IPO activity comes on the back of multiple tailwinds. The BSE Sensex and NSE Nifty 50 have continued to hit new lifetime highs in 2025, with liquidity flowing freely from domestic and foreign institutional investors.

“Companies see this as a golden window. The appetite from investors, especially in sectors like fintech, infrastructure, and consumer lending, is massive,” said Rajesh Kamat, a capital markets analyst at AlphaGrow Advisors. “The performance of recent listings like Awfis, ixigo, and Tata Technologies has emboldened others to tap the markets while the sentiment is still favorable.”

Diverse Sectors, Unified Ambition: Growth and Expansion

The current IPO pipeline reflects India’s changing economic narrative. No longer dominated by traditional manufacturing or banking, the SEBI-approved list includes tech unicorns, green energy firms, logistics startups, and retail lenders.

Notable sectors and examples include:

• Fintech & NBFCs: Hero Fincorp, Five Star Business Finance

• Cement & Infra: JSW Cement, Emcure Infrastructure

• Tech & E-commerce: Snapdeal, Firstcry, Unicommerce

• Insurance: Go Digit General Insurance

• Healthcare & Pharma: Emcure Pharma, Mankind Diagnostics

“India’s growth is now being driven by a broader set of industries. It’s a very healthy sign for a developing economy,” noted Meenal Shah, Senior Research Analyst at QuantEdge Capital.

Market Implications: Liquidity Test Ahead

While the listing pipeline looks strong, market experts caution that the deluge of offerings could strain investor liquidity if not spaced out efficiently.

“There’s a real possibility of investor fatigue if too many IPOs are bunched up in a short time,” warned Kunal Kedia, an investment banker with FortBridge Capital. “SEBI and merchant bankers will need to coordinate to avoid overlaps and maximize pricing outcomes for issuers.”

Indeed, in 2021 and early 2022, a similar IPO frenzy led to oversubscriptions but also post-listing underperformance for several mid-tier companies due to inflated valuations.

Retail Investor Perspective: Opportunity and Caution

Retail investors are expected to play a large role in this IPO cycle, especially with simplified digital onboarding via UPI and online broker platforms.

For them, the message from financial advisors is clear: choose quality over hype.

“Stick to companies with strong fundamentals, profitability, and a clear growth roadmap. IPOs like NSDL and Hero Fincorp present long-term value, but some consumer-tech names still have profitability concerns,” advised Rakesh Pathania, a wealth advisor at FinVista.

The Road Ahead: Will the Momentum Sustain?

Analysts believe that barring any global macro shocks, the Indian IPO market is set for a blockbuster FY2025. However, pricing discipline and investor education will be key to ensuring sustained participation.

“India’s capital market ecosystem is evolving rapidly. With new-age companies entering the fold and regulatory frameworks tightening, we’re entering a mature IPO phase,” concluded Meenal Shah.

Investor Outlook

Investors should expect a busy IPO calendar over the next two quarters. From large-cap players to niche startups, a wide variety of options will become available. Those looking to participate should consider the fundamentals, pricing, sector outlook, and peer comparisons before subscribing.

As the primary market gets ready for its busiest spell yet, the phrase “IPO tsunami” is not just media hyperbole — it’s the reality of India’s booming capital market landscape.