Vikram Solar secured SEBI approval for a ₹1,500 crore IPO (fresh issue + OFS of 1.745 crore shares). It plans to invest ₹793 cr to build a new 3,000 MW solar cell &amp; module facility&nbsp; via VSL Green Power, Additionally, ₹603 crore is allocated for expanding the solar module manufacturing capacity at the same site from 3,000 MW to 6,000 MW in Tamil Nadu.&nbsp;&nbsp; At present, Vikram Solar boasts an installed manufacturing capacity of 4.50 GW. The company plans to increase this capacity to 10.50 GW by Fiscal 2026 and further to 15.50 GW by Fiscal 2027. The establishment of a 3.00 GW solar cell manufacturing facility in Tamil Nadu is part of its backward integration strategy. Will <a target="_blank" href="https://www.planify.in/research-report/vikram-solar/">Vikram Solar IPO</a> power returns in India’s fast-growing solar sector?

Vikram Solar secured SEBI approval for a ₹1,500 crore IPO

Tata Capital is now aiming to become India’s fourth-largest NBFC by market cap, following Bajaj Finance, Bajaj Finserv, and Jio Financial Services, riding on strong sector sentiment.&nbsp; This Positions Tata Capital as India’s 4th largest NBFC by valuation and market buzz fueled by a successful recent rights issue and strong financials.&nbsp; <a target="_blank" href="https://www.planify.in/research-report/tata-capital/">Tata Investment shares</a> jumped ~6% post updated DRHP filing.&nbsp;<ul><li>$18–$20 Bn valuation target (~₹1.67 lakh Cr) vs. initial $11 B aspiration </li><li>​$2.2 billion to be raised via a mix of fresh issue &amp; OFS </li><li>23 Cr shares being sold by Tata Sons + 3.58 Cr by IFC, plus up to 21 Cr fresh shares </li></ul>

Tata Investment shares jumped ~6% post updated DRHP filing

Tata Capital IPO: Upcoming Insights

The financial markets are marked to witness and focused a widespread event as NSDL (National Securities Depository Limited), subsidized by industry stalwarts IDBI Bank and the National Stock Exchange (NSE) that is looking to prepare to release a ₹463 crore Initial Public Offering (IPO) at an expected valuation of ₹1.85 billion. This strategic move is being intently watched through investors keen to capitalize on the potential of one of India’s most crucial market infrastructure institutions. The unfolding IPO tale extends beyond numbers — it heralds a transformative segment not only for NSDL however additionally for India's capital market ecosystem. NSDL’s emergence within the IPO area arrives amid growing market anticipation fueled by its dominant role in securities depository offerings. Before the IPO, NSDL unlisted shares have been actively traded, capturing investor interest because of their promise of listing gains and the corporation’s sturdy financial backbone. However, these shares have exhibited a brilliant price range in grey market dealings, clarifying the need for a transparent listing for price discovery. The prevailing <a target="_blank" href="https://www.planify.in/research-report/nsdl/">NSDL unlisted share price</a> has varied but recently stabilized around ₹1,025, reflecting both demand and tempered investor expectancies post-intensified regulatory scrutiny. NSDL IPO Details&nbsp; National Securities Depository Limited (NSDL), established in August 1996, is registered with SEBI as a Market Infrastructure Institution providing depository services to a huge network of traders, brokers, monetary establishments, and issuers. It holds a dominant market position with an 86.83% share in assets under custody, dealing with securities worth ₹423.44 lakh crore, and servicing over 5.27 crore demat accounts as of FY24. The NSDL IPO is set to open approximately ₹3,000 to ₹4,000 crore (around $463 million), targeting a valuation nearing ₹1.85 billion (approx. $1.85 bn). The offering particularly consists of some sort of an Offer for Sale (OFS), wherein existing shareholders, including IDBI Bank, NSE, and Union Bank, will divest a portion of their holdings. The NSDL IPO is scheduled to open for public subscription from July 30 to August 1, 2025, with anchor investor bidding on July 29. The decided price band has been announced between ₹760 and ₹800 according to per share, and the lot size is set at 18 equity shares, requiring a minimal investment of around ₹14,400 at the upper price band.&nbsp; Investors should plan their participation accordingly, considering the IPO is a fully offer-for-sale issuance by existing shareholders, including major financial institutions like IDBI Bank and NSE. The allotment of shares is expected on August 4, with the tentative listing date on stock exchanges set for August 6, 2025, marking NSDL’s debut as the country’s second publicly traded depository. Around 50.1 million shares are proposed to be presented, and the IPO has a retail quota of about 35%, Qualified Institutional Buyers (QIB) quota of 50%, and High Net Worth Individuals (HNI) allotted 15%. The upcoming issue is going to list on each NSE and BSE platform in this month, following regulatory approvals and timely procedural clearances. NSDL Unlisted Shares and Grey Market Pricing&nbsp; Prior to the IPO launch, trading of NSDL unlisted shares has been active in the grey market but was frozen from July 18, 2025, as per regulatory norms ahead of the public listing. Before this freeze, the NSDL unlisted share price peaked around ₹1,275 per share in line with proportion but slipped almost 20% to approximately ₹1,025 these days, influenced by means of market sentiment and pricing anticipation for the NSDL IPO. Regarding the NSDL gray market price, it fluctuated with increasing call for because the IPO date approached, with a said premium mountaineering from ₹138 to approximately ₹165 consistent with shares in mid to overdue July 2025, indicating strong marketplace interest in spite of the price adjustments. Regulatory Delays and Listing Timeline&nbsp; The IPO opening dates have seen some extensions by SEBI, pushing the deadline for listing NSDL shares to mid-August 2025, due to promoters like NSE and IDBI Bank needing to reduce their holdings to regulatory compliance levels below 15% as mandated for depository entities. Financial Highlights and Market Position&nbsp;NSDL is financially strong with revenues exceeding ₹1,268 crore and a profit after tax of ₹275 crore, maintaining a debt-free status which appeals to investors looking for stability in market infrastructure investments. NSDL Market Position Comparison with other Depository NSDL serves fewer clients but with a significantly higher average custody value per account, approximately ₹1.25 crore, showcasing its strong institutional presence.&nbsp; CDSL caters to a larger number of retail investors, with an average custody value near ₹5 lakh per account. NSDL has a longstanding association with the <a target="_blank" href="https://www.planify.in/research-report/national-stock-exchange/">National Stock Exchange</a> (NSE), India's premier stock exchange, which reinforces its position in handling bulk institutional transactions.&nbsp; CDSL is linked closely and majorly focused with the Bombay Stock Exchange (BSE) that has grown primarily by capturing the retail segment. <div style="margin-left:0pt"><table><tbody><tr><td>Segments</td><td>NSDL</td><td>CDSL</td></tr><tr><td>Demat Accounts&nbsp;</td><td>~3.91 Cr active accounts</td><td>About 14.65 Cr demat accounts</td></tr><tr><td>Value of Assets under custody</td><td>Dominates with more than 89% share.&nbsp;</td><td>Holds around 20-24% of assets value.</td></tr><tr><td>Client Base</td><td>Few, Large clients with high average custody value (₹1.25 Cr per account)&nbsp;</td><td>Larger retail customer base with lower custody value (₹5 lakh per account)</td></tr><tr><td>Service Association</td><td>Close association with NSE</td><td>Works Closely with BSE</td></tr><tr><td>Growth Trends</td><td>Consistent revenue with increased EBITDA growth, emphasizes Institutional Clients</td><td>Rapid growth driven by retail investor base</td></tr></tbody></table></div> Investor Considerations&nbsp;Investors eyeing the NSDL IPO should note that while shares are poised to be listed on both NSE and BSE, the past performance of NSDL unlisted shares and recent grey market premiums showcase fluctuating valuation expectations going into the IPO. The lock-in on <a target="_blank" href="https://www.planify.in/pre-ipo/">pre-IPO shares</a> will last six months post-listing, restricting immediate resale to maintain market balance. Conclusion The NSDL IPO supported and backed by IDBI Bank and NSE-focused NSDL IPO has planned to concentrate and focus on about approximately ₹463 million at a ₹1.85 billion valuation, and stands as a landmark event in India’s capital markets. It not only most effectively represents a vast fundraising milestone for NSDL but additionally reinforces the credibility and modernization of India’s securities market infrastructure. Supported by heavyweight institutional backing, sturdy marketplace positioning, and sturdy financials, the NSDL IPO offers investors a strategic opportunity to take part inside the boom of an essential national financial institution.

The financial markets are marked to witness and focused a significant event as NSDL (National Securities Depository Limited) is looking to prepare to release a ₹463 crore Initial Public Offering (IPO) at an expected valuation of ₹1.85 billion.

IDBI Bank and NSE-Backed NSDL Plan ₹463-Mn IPO at ₹1.85-Bn Valuation

​<a target="_blank" href="https://www.planify.in/research-report/onix-renewables/">Onix Renewable Limited</a> has declared a Bonus Issue of Equity Shares and, in accordance with Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, has fixed Friday, July 25, 2025 as the Record Date for determining the eligibility of shareholders for the bonus allotment.<h3>Key Details of the Bonus Issue:</h3><ul><li>Type of Corporate Action: Bonus Issue of Equity Shares</li><li>Ratio: 44:1 (i.e., 44 Bonus Shares for every 1 fully paid-up Equity Share held)</li><li>Record Date: Friday, July 25, 2025</li><li>Purpose: To ascertain the names of shareholders entitled to receive Bonus Equity Shares</li></ul>The Bonus Shares will be credited to the eligible shareholders' accounts in due course, in line with applicable regulations and statutory timelines.

Onix Renewable Limited has declared a Bonus Issue of Equity Shares at a ratio of 44:1

📢 Investor Update: Record Date for Bonus Issue of Equity Shares

The financial corridors are abuzz as Tata Capital, a pivotal arm of the esteemed Tata Group, advances its initial public offering (IPO) process with renewed vigor in 2025. The recent catalyst particularly with the submitting of its updated Draft Red Herring Prospectus (DRHP) with Securities and Exchange Board of India (SEBI) has not only signaled development for the <a target="_blank" href="https://www.planify.in/research-report/tata-capital/">Tata capital IPO</a> but additionally sparked a significant and notable 6.2% rally in Tata Investment shares, which holds a strategic stake in Tata Capital. This recent event embarks and&nbsp; highlights investor sentiment and confidence along with anticipation surrounding the upcoming public debut, marking a substantial milestone within the Indian NBFC (Non-Banking Financial Company) landscape. Tata Capital IPO Details Tata Capital has been preparing for market listing for a long time and finally going to list certainly one of the biggest IPOs in India’s financial offerings arena in 2025, with the planned IPO Structure to raise about ₹17,200 crore through the combination fresh issue and offers for sale (OFS).&nbsp; This great capital infusion aligns with regulatory mandates that require large NBFCs to get listed by the period of timeline mandated by September 2025. The fresh issue could bolster Tata Capital’s came this far and showcased extreme potential to increase its loan book and penetrate underserved markets, in particular in SME segments, at the same time as the OFS will see&nbsp; Tata Sons and International Finance Corporation (IFC) offloading a combined substantial stake. Tata Capital Share Price Reaction The significant surge in <a target="_blank" href="https://www.planify.in/article/tata-capital-ipo-to-raise-2-billion-as-sebi-approves-2025s-biggest-listing/">Tata Investment stocks</a>, which rallied 5-6% following information of the DRHP submitting, displays the market’s optimism about Tata Capital's valuation and listing potential. Tata Investment Corporation presently holds approximately 2.15% stake in Tata Capital, making it a right away beneficiary of the IPO buzz and excitement all around. The ripple effect across Tata institution shares clearly demonstrated the impact of the upcoming IPO on the broader Tata ecosystem, attracting significant upcoming attention towards the planned IPO from institutions and investors alike. Digging deeper into the valuation dynamics, the Tata capital unlisted shares experienced a top notch price journey leading to early 2025, surging from around ₹300 in 2022 to a peak of approximately ₹1,050-1,100 in early 2025, driven via robust pre-IPO sentiment and regulatory expectations. However, publishing the DRHP submission and revised valuations, these <a target="_blank" href="https://www.planify.in/unlisted-shares/">unlisted shares</a> have seen a correction to about ₹875-900 levels, indicating a 30% markdown from their height.&nbsp; Parallelly, the Tata capital unlisted share&nbsp;price within the grey market has been ranging between around share price ₹900 to ₹1,100 in mid-2025, reflecting the continued anxiety among bullish anticipation and valuation pragmatism created notable investment spark. The gray market remains an essential indicator, representing investor sentiment earlier than the real information about the IPO price band is introduced. The Tata capital grey market price as a consequence offers a real-time glimpse into secondary market perceptions, which presently suggest a mild tempering compared to its in advance exuberance. Tata Capital operates as a diversified NBFC with strong backing from Tata Sons, which owns ~ 88.6% stake, and other Tata group companies holding an additional 7%. The company’s portfolio spans retail and SME lending, commercial finance, wealth and investment banking, private equity, and sustainable finance solutions, positioning it well within the growing credit demands of India’s economy. With assets under management (AUM) reported at ₹2.2 lakh crore in FY25 and a consistent net profit surge to ₹3,657 crore, Tata Capital exhibits robust financial health despite some rising non-performing assets (NPAs). <div class="se-component se-image-container __se__float-center" style="min-width: 100%; width: 75%"><figure style="width: 75%;"><img src="https://testing-planify.s3.amazonaws.com/sun_editor/6da43a52-656d-4928-b88e-e0b111976584.png" alt="" data-rotate="" data-proportion="true" data-size="75%," data-align="center" data-percentage="75," data-file-name="image.png" data-file-size="40078" data-origin="," origin-size="867,430" style="width: 100%;"></figure></div> On the valuation front, the saga becomes even more compelling. The Tata capital unlisted shares witnessed meteoric rises between 2022 and early 2025, soaring nearly threefold from ₹300 to over ₹1,000, propelled by speculators and <a target="_blank" href="https://www.planify.in/pre-ipo/">pre-IPO investors</a> banking on Tata’s growth promise. Yet, the IPO price band, tentatively pegged around ₹400, has sent ripples of caution through these unlisted avenues. This sizable markdown presents a clear signal: the public market listing will come at a conservative P/E ratio that weighs operational fundamentals over speculative frenzy. Early investors betting at unlisted heights now see a reset—a classic example of how public market discipline tempers private enthusiasm. For informed investors eyeing the Tata capital pre IPO phase, this recalibration serves as a crucial lesson in patience and prudence. Outlook as the IPO Approaches Tata Capital grey market pricing remains a high-risk, high-reward space—cautious traders may prefer to stay close to <a target="_blank" href="https://www.planify.in/buy-pre-ipo/">IPO pricing</a> levels. Tata Capital had rolled out its rights issue at ₹343to serve as a strong valuation anchor for both listed and unlisted markets. In the ongoing outlook and&nbsp; market sentiment investors should keenly follow the Tata Capital share price evolution and for this it is essential to recognize that the true price discovery process unfolds post-listing. The grey market and unlisted share prices offer first-rate insights, regularly leading headline market expenses by months, however the public market will in the end validate valuations through transparent demand and supply for dynamics. The coming quarters should witness heightened volatility but also big possibilities for long-term price advent and crucial advancement is needed as Tata Capital unlocks new capital, expands lending, and benefits from greater marketplace scrutiny. Conclusion In essence, Tata Capital’s IPO journey represents a blend of legacy, regulation, and market ambition. The 6.2% significant recent surge in Tata Investment shares post-DRHP filing isn’t just a percentage point rise rather above that it signals potential and specifically indicates renewed investor faith in Tata Capital’s forthcoming public market transformation. As grey market prices oscillate and unlisted share valuations recalibrate, knowledgeable informed investors have to carefully stabilize enthusiasm with financial discipline. The Tata Capital IPO isn't merely a transaction; it is an emblematic case of India’s evolving capital marketplace story—in which investment tradition meets disruption, and where patient investing may also acquire great rewards.

﻿The financial corridors are abuzz as Tata Capital, a pivotal arm of the esteemed Tata Group, advances its initial public offering (IPO) process with renewed vigour in 2025.

Tata Capital IPO Update: DRHP Filing Triggers 6.2% Surge in Tata Investment Shares

​<a target="_blank" href="https://www.planify.in/research-report/manjushree-technopack-share-price/">Manjusree</a> held its 30th AGM recently. FY25 performance was presented, but shareholder discontent dominated. Notably, audio clarity dropped specifically during key disclosures, including responses on ESOPs and valuation, which may have affected transparency. 📊 Performance Update: FY25 revenue rose 21% YoY to ₹2,569 Cr, with adjusted net profit growing ~12%. Reported profit included a ₹90 Cr exceptional gain from CCD conversion. Operational momentum was strong, but some metrics lacked sufficient clarity. ⚠ Key Shareholder Concerns:<ul><li>A major concern was the cash settlement of earlier ESOPs, followed closely by the rollout of a new plan. Shareholders flagged this as questionable governance and sought explanation, which was either unclear or disrupted by audio issues.</li><li>Despite a ₹55/share interim dividend last year, this year’s dividend roadmap was not addressed. Shareholders demanded clarity on payout intent and rationale, especially given profitability and private equity involvement.</li><li>A vocal shareholder requested a buyback or exit offer at ₹1,800/share, citing corporate governance gaps and lack of trust. This reflects heightened concern among minority shareholders, many of whom echoed similar discomfort.</li><li>Multiple attendees also asked for clarity on PAG’s acquisition price and institutional cap table details. Reports of CPPIB and Pravesha's involvement were mentioned, but management's reply was inaudible during this segment.</li></ul> 🗣 Management Response<ul><li>The team attributed lower adjusted profits to higher costs and investments. However, several answers to critical financial questions were either unclear or affected by poor audio, particularly those related to deal pricing, cap table, and ESOP logic.</li><li>Audio quality during the meeting was generally fine but notably deteriorated at moments of importance, specifically when management attempted to address shareholder questions on sensitive issues—causing further concern.</li></ul>📎 Takeaway: While Manjusree’s operational performance holds steady, the AGM spotlighted governance red flags and transparency issues. Shareholders are growing more vocal. Post-AGM actions and clearer disclosures will be key to restoring trust. Note: Summary is based on AGM audio. Audio distortion occurred primarily during critical response segments, affecting full interpretation.

AGM Summary: Manjushree Technopack (30th AGM)

It’s not often that the watchdog pulls up the gatekeeper. India’s oldest bourse, the BSE, has been slapped with a ₹25 lakh penalty by SEBI, highlighting systemic lapses in handling critical corporate disclosures. The regulator’s 45-page order, based on inspections from February 2021 to September 2022, revealed two major failings: Early Access for Trusted Users: BSE’s internal Listing Compliance Team and paid clients reportedly received price-sensitive announcements ahead of the official website release, a breach of Regulation 39(3) of SECC norms. Weak Broker Code Oversight: Brokers were allowed to alter trade details in error accounts without proper verification, risking manipulation or misuse.&nbsp; In simple terms, brokers could change trade information in error accounts without properly checking.&nbsp; This lack of oversight made it possible for someone to misuse or manipulate the trades. It’s like being able to fix errors without anyone double-checking, which can create risks. An error account is a temporary holding area for trades that were punched incorrectly (like entering the wrong customer code) and brokers were shifting trades there without checking why they went wrong. Although BSE implemented corrective measures such as time-stamped release mechanisms and tighter surveillance. SEBI noted these actions only came post-inspection, underscoring that the real issue was inherent, not incidental.&nbsp; SEBI emphasized that exchanges serve as the “first layer of oversight.” Reforms should come proactively, not reactively, post-inspection. Market Fallout: BSE Shares Slide on Compliance Blues BSE shares dropped over 1% following the announcement. By July 8, BSE shares had fallen down nearly 15% over past three sessions due to the ongoing <a href="https://www.planify.in/article/the-jane-street-scandal-unveiling-a-market-manipulation-scheme-in-india/">jane street case</a>, and furthermore, BSE shares plunged 21% from its early-July record high. Yet, a key nuance: derivatives contribute roughly 58% of BSE’s earnings, with the Jane Street ban affecting only ~1% of that, suggesting long-term revenue erosion is likely limited, even if sentiment hits longer. The Core Violations: Unequal Access and Lax Monitoring SEBI's investigation revealed that BSE's system architecture allowed its paid clients and internal listing compliance monitoring (LCM) team to access corporate announcements before they were publicly available on its website. This created a breach of fair disclosure norms, as the data dissemination process lacked safeguards to ensure simultaneous and equal access for all stakeholders. Specifically, in 6 out of 100 cases examined, paid subscribers received information before general website users, while the LCM team received data before it was replicated to other databases in 98 out of 100 instances.&nbsp; Such practices violate Regulation 39(3) of the Securities Contracts (Regulation) (Stock Exchange and Clearing Corporations) Regulations, 2018, which mandates fair and transparent access for all users. SEBI also noted BSE's failure to establish a "really simple syndication" (RSS) feed, which could have mitigated the risk of unequal access. Although BSE later implemented a time gap to address the issue, SEBI found that this corrective action was taken only after the inspection brought the lapses to light. Another significant finding was BSE's inadequate monitoring of client code modifications (CCM), which are only permitted in cases of genuine errors. The exchange failed to initiate disciplinary action against brokers with frequent modifications and did not sufficiently monitor 'error accounts'. This raised concerns about potential misuse and a lack of due diligence in trades between unrelated institutional clients.&nbsp; Why this Penalty Matters The financial penalty, while not substantial for an organisation of BSE's size, carries significant symbolic weight. It sends a clear message that regulatory lapses, even those seemingly minor, will not be overlooked. For investors, this incident underscores the importance of regulatory vigilance. A fair and transparent market relies on the principle of equal information access for all participants. Any deviation from this principle can create an uneven playing field, potentially disadvantageous to investors who do not have access to premium data feeds or early information. The penalty reinforces the idea that exchanges, as frontline regulators, have a profound responsibility to ensure their systems and processes uphold the highest standards of integrity. Beyond the immediate fine, the SEBI action on BSE contributes to a broader narrative of increasing regulatory scrutiny in the Indian financial markets. Recent events, such as the ban on US quant trading firm Jane Street due to allegations of manipulating Nifty Bank, highlight SEBI's proactive stance against market malpractices. These actions are indicative of a concerted effort by the regulator to strengthen market infrastructure, enhance transparency, and protect investor interests. The cumulative effect of these measures is aimed at fostering a more robust and trustworthy capital market ecosystem, which is essential for attracting both domestic and foreign investment. Conclusion The ₹25 lakh penalty imposed by SEBI on BSE serves as a crucial wake-up call for all market participants, especially stock exchanges, regarding their fundamental responsibility to ensure market integrity.&nbsp; Going forward, SEBI is likely to replicate this clampdown across exchanges and brokers. For <a href="https://www.planify.in/investors/">investors</a>, the takeaway is clear: market integrity is fragile, and vigilance is paramount. As the regulatory landscape continues to evolve, exchanges are expected to demonstrate greater proactive compliance and robust governance to prevent future lapses and safeguard the interests of all stakeholders.

BSE, has been slapped with a ₹25 lakh penalty by SEBI, highlighting systemic lapses in handling critical corporate disclosures.

BSE Shares Slide on Compliance Blues

SEBI Fines BSE ₹25 Lakh: A Wake-Up Call for Market Integrity

<ul><li>Financial Highlights:&nbsp;PPFAS delivered a strong consolidated performance in FY25 with gross income increasing to ₹429.09 Cr, marking a significant YoY growth of 49.8% over ₹286.43 Cr in FY24. This robust growth was largely driven by higher management fees and rising AUM across mutual fund and PMS businesses. Total expenses increased moderately by 34% to ₹93.33 Cr, indicating operating leverage at play. Profit before tax rose to ₹335.76 Cr (up 54.8% YoY), and PAT stood at ₹246.60 CR, reflecting a YoY growth of 44%. Net margins remained strong, underlining disciplined cost control and higher scale efficiencies. The company declared a dividend of ₹15 per equity share, and retained earnings soared to ₹622.35 Cr, suggesting ample capital for reinvestment and shareholder returns.</li><li>Operational Developments:&nbsp;Operationally, PPFAS continued to build on its core strength of long-term, value-based investing across both PMS and mutual fund businesses. Assets under management (AUM) for the mutual fund arm increased significantly from ₹68,453.01 crore to ₹1,06,357.72 crore (+55% YoY), driven by healthy SIP inflows, new investor additions (from 33.75 lakh to 49.05 lakh folios), and strong performance across equity, hybrid, and liquid categories. PMS AUM also expanded from ₹67.86 crore to ₹80.67 crore, with both discretionary and non-discretionary strategies outperforming benchmarks. PPFAS also broadened its national footprint through physical branches and strengthened its technological backbone to enhance operational efficiency, cybersecurity, and investor service.</li><li>Future Outlook:&nbsp;Looking ahead, the company remains focused on enhancing its research, execution, and compliance capabilities. PPFAS aims to expand its fixed income team and is evaluating differentiated passive fund strategies to complement its active offerings. The company launched a new subsidiary—PPFAS Alternate Asset Managers IFSC Pvt. Ltd.—at GIFT City to explore opportunities in alternate assets and deepen its institutional reach. Despite a volatile macro backdrop and elevated market valuations, the company maintains a disciplined capital allocation approach. Its commitment to low-cost operations, high governance standards, and focused product suite positions it for sustainable long-term growth in India’s evolving asset management landscape.</li></ul>​

PPFAS announced FY25 results

India's primary market is poised for a significant H2’FY25, with ~ 162 companies planning to raise a record ₹2.4 lakh crore through public offerings. This fundraising surge is unprecedented in the capital market, occurring as stock markets stabilize and geopolitical tensions ease.&nbsp; India’s IPO market is witnessing remarkable activity in mid-2025, with a record number of companies preparing to raise substantial funds. By the end of June 2025, 71 companies had already received approval from the Securities and Exchange Board of India (SEBI) to launch IPOs, aiming to collectively raise around ₹1.14 lakh crore. Additionally, 90 companies have filed their Draft Red Herring Prospectus (DRHP) with SEBI as of July 2, 2025, seeking to raise a total of ₹1.17 lakh crore and awaiting regulatory approval. &nbsp;Overview of India's IPO Market in 2024 and Early 2025​India's IPO market demonstrated remarkable resilience and growth in 2024 and early 2025, positioning itself as a global leader. In 2024, India achieved the top global position in IPO volume for the first time, listing nearly twice as many IPOs as the US and two-and-a-half times more than Europe. A total of 327 companies went public, raising $19.9 billion, which represented a 36% y-o-y increase in volume and a 150% increase in proceeds. The <a href="https://www.planify.in/research-report/national-stock-exchange/">National Stock Exchange</a> (NSE) also claimed the top spot globally for funds raised in 2024, surpassing NASDAQ. This period was marked by strong economic fundamentals, stable stock markets, low inflation, and increasing retail investor participation.​<div class="se-component se-image-container __se__float- __se__float-center" style="min-width: 100%; width: 100%"><figure style="width: 100%;"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfy6tsu70i68XMQBoIY1tT9B88lsbuCWtYdKHINRTUkis5NS7-nYkwR4vC5ToiXTUygz7ukefbUlOOx-zEeE4-oGUj3hJPxfkz1KNaYFaYy_PCW613XR5v4_AXuPMjCoGbT5vjVgA?key=g8tXNjsm3BpaU47BOLFeWA" alt="" data-proportion="true" data-align="center" data-file-name="AD_4nXfy6tsu70i68XMQBoIY1tT9B88lsbuCWtYdKHINRTUkis5NS7-nYkwR4vC5ToiXTUygz7ukefbUlOOx-zEeE4-oGUj3hJPxfkz1KNaYFaYy_PCW613XR5v4_AXuPMjCoGbT5vjVgA?key=g8tXNjsm3BpaU47BOLFeWA" data-file-size="0" data-origin="," data-size="100%," data-rotate="" data-percentage="100," origin-size="751,452" style="margin-left: 0px; margin-top: 0px; width: 100%;"></figure></div>​ Despite a record-breaking 2024, the beginning of 2025 noticed a more cautious sentiment within the IPO marketplace. In Q1 2025, IPO interest in India dropped by 20% as compared with last year Q1 2024, with 62 IPOs raising $2.8 billion, a lower from 82 IPOs in Q1 2024. This decline was influenced by multiple factors including global macroeconomic uncertainties, together with the U.S. prevalent tensions and geopolitical centric spherical concerns. However, India, despite the fact the notion has been created and that value only led India to be ranked fourth globally in IPO proceeds for the period of&nbsp; Q1 2025, contributed 10% to the entire global capital raised. By the end of January 2024, India had passed country wise parameter led Hong Kong to turn out to be the world's fourth in number largest stock market. <div class="se-component se-image-container __se__float-justify"><figure style="width: 752px;"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc4IgF5hBVkp8Zpv7536ej_Ea6Y4q_K4YIGucS90NArUJhQhIiiRRsPZTnD3th58wi09Fl30syIYbAinWjSE98KEMypFXdSRMnpOutJmAbvBwlVOrtjVOA_VF6bPAfKEc0g-PWF?key=Npr3Mi_s1UdQpQAr6uhY_g" alt="" data-proportion="true" data-size="752px,452px" data-align="justify" data-file-name="AD_4nXc4IgF5hBVkp8Zpv7536ej_Ea6Y4q_K4YIGucS90NArUJhQhIiiRRsPZTnD3th58wi09Fl30syIYbAinWjSE98KEMypFXdSRMnpOutJmAbvBwlVOrtjVOA_VF6bPAfKEc0g-PWF?key=Npr3Mi_s1UdQpQAr6uhY_g" data-file-size="0" origin-size="752,452" data-origin="752px,452px" style="margin-left: 0px; margin-top: 0px; width: 752px; height: 452px;"></figure></div>

The Big Players and What Lies Ahead​The pipeline for the second half of 2025 is bursting with potential, featuring several large and highly anticipated IPOs that are set to contribute significantly to this record-breaking fundraising spree. These listings cut across diverse sectors, showcasing the breadth and dynamism of the Indian economy. Groww is officially in the IPO queue, having filed its DRHP in May 2025 and targeting a valuation between $700 million and $1 billion, with fresh equity expected to raise up to ₹6,000 crore. Meanwhile, LG Electronics India continues to plan a large-scale ₹15,000 crore (~$1-1.5 bn) IPO even if its launch has been delayed due to market volatility, reports indicate its listing may resume later in 2025 once conditions stabilize . In the renewable energy space, Vikram Solar filed its DRHP in September 2024, aiming to raise ₹1,500 crore to finance cell capacity expansion. Backed by a robust &gt;8 GW order book and plans to scale manufacturing to 6 GW by FY26, it typifies capital-efficient growth poised for public markets . Other marquee listings in progress include Reliance Jio—India’s largest-ever potential IPO valued at over ₹40,000 crore—and Tata Capital, planning a ₹15,000 crore listing with a mix of primary and secondary shares. Beyond these, Meesho, the social-commerce startup, and Tata Capital, the NBFC arm of Tata Group, are among the high-profile entities preparing to file DRHPs or receive SEBI approvals in the coming quarters . These offerings will add scale and institutional depth to the market. <a href="https://www.planify.in/research-report/oyo-share-price/">OYO</a>​– Finally aiming to go public after multiple delays, albeit at a lower valuation than its 2021 peak. NSE (National Stock Exchange) – One of the most anticipated IPOs, with an estimated size of over ₹10,000 crore. Other high-profile names planning IPOs include Ola Consumer, <a href="https://www.planify.in/research-report/phonepe/">PhonePe</a>, Urban Company, and <a href="https://www.planify.in/research-report/zepto-kiranakart-technologies-pvt-ltd/">Zepto</a>,&nbsp;&nbsp;each targeting public listings by late 2025 or early 2026, with strong financials and investor pull. Meanwhile, impact/health sector firms like WeWork India and NephroPlus have received SEBI nods for IPO activity; WeWork India will launch an Offer‑For‑Sale, while NephroPlus aims for a ₹2,000 crore public raise via a DRHP filing by July 2025. Indira IVF, preparing its entry via the confidential DRHP route, moves forward backed by EQT, reflecting growing investor confidence in high‑growth healthcare themes. This evolving landscape of 162 expected IPOs aggregating ₹2.4 lakh crore is notable for sectoral breadth—covering fintech, energy, telecom, healthcare, mobility, and digital platforms. It underscores a shift from speculative listings to fundamentally strong companies built for scale, profitability, and transparent governance. Institutional investors particularly QIBs are demanding robust metrics like EBITDA margins, return ratios, and board transparency, indicating a maturing and discerning market . Has IPO Pricing Run Too Hot? After a record-breaking year in 2024, India’s IPO markets are poised for another blockbuster in 2025. According to data from various merchant bankers and DRHP filings, 162 companies are expected to raise a staggering ₹2.4 lakh crore from public offerings this year—nearly doubling the ₹1.6 lakh crore mobilized in 2023. This surge reflects India's growing stature as a global capital market hotspot, outpacing traditional heavyweights like the U.S. and Europe in IPO activity. But behind the euphoria, a question is emerging among investors and analysts alike: Are Indian IPOs getting too hot to handle? As valuations continue to soar and listing gains become increasingly unpredictable, 2025 may test the resilience of both issuers and retail investors. Valuations: Frothy or Justified? While valuations have been steep, many IPOs continue to attract strong attention. A notable example is Hyundai Motor India’s IPO in October 2024—the largest in Indian history. Institutional appetite helped it raise $3.3 billion, valuing the subsidiary at $19 billion, compared with a mere 3.7–5× forward P/E for its Korean parent and ~22–26× P/E in India. While institutional investors like BlackRock and Fidelity heavily subscribed, retail interest remained lukewarm, with only ~50% subscription on the retail portion—suggesting skepticism over rich pricing. Such valuation premiums with wide discrepancies between Indian subsidiaries and global peers have reignited questions: Are Indian IPOs overvalued—or are they priced for long-term growth expectations? Overall, Capital raised through IPOs in the first half of 2025 stood at ₹51,150 crore across 119 listings, compared to ₹37,682 crore from 157 IPOs during the same period in 2024. Despite 63% fewer IPOs in early 2025 versus 2024, average deal size doubled—from ₹905 crore to ₹1,870 crore, driven by blockbuster issues from Hexaware, Ather Energy. Outlook for the Rest of 2025 With ₹2.4 lakh crore expected to be raised across 162 IPOs, the rest of 2025 looks promising but cautiously optimistic. Key factors to watch: <ul><li style="font-size:15px;color:#000000;background-color:transparent">Market sentiment ahead of U.S. elections​</li><li style="font-size:15px;color:#000000;background-color:transparent">India’s Q2 GDP print and inflation numbers​</li><li style="font-size:15px;color:#000000;background-color:transparent">Global liquidity and interest rate trends​</li><li style="font-size:15px;color:#000000;background-color:transparent">Performance of mega IPOs like NSE&nbsp;</li></ul>​If market conditions remain stable, 2025 could go down as India’s most successful IPO year ever—both in terms of volume and value. However, investors need to look beyond just issue price and hype. Final Take India’s IPO boom signals a maturing capital market—robust, diverse, and globally competitive. However, with valuations at a premium, diligence is critical. Discounting market hype in favor of strong earnings, transparent corporate governance, and long-term outlook will distinguish winners from also-rans. The next wave of offerings will be a litmus test—not just for issuers, but for investor discipline and market maturity.

India's primary market is poised for a significant H2’FY25, with ~ 162 companies planning to raise a record ₹2.4 lakh crore through public offerings.

India’s IPO Boom: 162 Companies Set to Raise ₹2.4 Lakh Crore in 2025

Read in-depth articles on unlisted shares, pre-IPO companies and IPOs. Get company results analysis, valuation insights and investor guides on Planify.

Discover. Learn. Stay Ahead.

Vikram Solar secured SEBI approval for a ₹1,500 crore IPO