IPO Rush Ahead of Diwali: Major Listings Such As JSW Cements, Reliance Jio , PhonePe , Set to Light Up Indian Markets

With Diwali approaching in the coming months, India's primary markets are gearing up for what’s shaping up to be a vibrant IPO season. Several marquee companies across a range of sectors are preparing to tap the bourses, with public issues worth thousands of crores lined up over the next few months.

From cement and financial services to healthcare and quick commerce, the coming weeks promise a busy calendar for investors and market watchers alike.

Here are some of the most anticipated listings expected before Diwali 2025:

JSW Cement

Issue size: Rs 3,600 crore
Opening: August 7
The Sajjan Jindal-led cement major is set to hit the markets after revising its offer size down from Rs 4,000 crore. The funds raised will go towards capacity expansion and debt reduction as the company eyes long-term growth in India’s infrastructure-led economy.

NephroPlus

Estimated size: Rs 2,000 crore
Backed by Nephrocare Health Services, NephroPlus operates one of India’s largest dialysis networks. The company has filed its draft red herring prospectus (DRHP) with SEBI, hoping to capitalise on rising investor interest in healthcare services.

Also Read: IPO Boom: 14 New Public Issues to Launch Next Week, 12 Listings Await - Market Surge Alert | Republic World

NSDL (National Securities Depository Ltd.)

Estimated size: Rs 3,400–Rs 3,500 crore
As India’s first and oldest depository, NSDL is coming to the market with a pure offer-for-sale (OFS). With a healthy grey market premium of ₹135–140, investor appetite appears strong ahead of its public debut.

Tata Capital

Expected size: Rs 15,000–Rs 17,000 crore
Tata Sons’ financial services arm has received SEBI clearance and is expected to launch one of the biggest IPOs of the year by September. The issue also aligns with regulatory norms that mandate listing for large NBFCs under RBI guidelines.

HDB Financial Services

Estimated size: Rs 12,500 crore
A subsidiary of HDFC Bank, HDB’s IPO is seen as a strategic step to bolster its funding and growth plans. The issue will be closely tracked by investors bullish on the banking and financial services sector.

Zepto

Target size: $800 million–$1 billion (approx. Rs 6,500–Rs 8,000 crore)
Zepto, the fast-growing quick-commerce start-up, is gearing up for its market debut before the year-end. With strong traction in metros and an expanding footprint, the company is expected to attract high investor interest, particularly from the tech-savvy retail crowd.

Reliance Jio Infocomm

Projected size: Rs 40,000–Rss52,000 crore
India’s telecom giant is reportedly preparing for what could become the largest IPO in Indian capital markets history. Though the official date hasn’t been announced, internal preparations and roadshows are said to be underway.

Others in the pipeline

A host of other companies are also expected to launch IPOs ahead of the festive season, including Vikram Solar, Ather Energy, Hero FinCorp, PhonePe, and Of Business. While timelines remain unknown, market conditions and regulatory approvals will determine how many of these hit the market before Diwali.