HDB Financial Services, Kalpataru and 3 other IPOs open next week; here's how they stack up on profitability and valuation metrics

IPOs are back in action after a lacklustre start in the first five months of 2025. The year started on a cautious note with multiple headwinds for the markets from recession, tariff war, to geopolitical tensions in the Middle East and more. However, the headwinds now look to be trimming further. Next week, five IPOs are going on the street for subscription, the most in a single week in the recent past. As IPO investors who saw a dry first half of 2025, they are expected to see strong action in a single week. Here’s how five companies fare against each other.

HDB Financial Services (IPO size: ₹12,500 crore)

The company is an upper-layer non-banking financial services (NBFC) subsidiary of HDFC Bank. It is also seventh seventh-largest diversified retail-focused NBFC in terms of gross loan book as of FY24. The gross loan book as of FY25 stood at ₹10688 crore, which grew by 23% CAGR from FY23. The company generated a profit of ₹2,180 crore in FY25, growing at a CAGR of 5.38%. On the valuation front, the company traded at a price-to-book value of 3.72% vs 5.7% of Bajaj Finance, which top-most NBFC by market capitalisation.

The public issue is also one of the largest IPO’s in 2025 at ₹12,500 crore, which consists of ₹2,500 crore fresh issue and ₹10,000 crore offer for sale. The price band is fixed at ₹700-₹740 for the IPO, and the subscription opens from June 25 to June 27.

Kalpataru (IPO Size: ₹1,590 crore)

The company is a part of the Kalpataru group and an integrated real estate developer based out of Mumbai. The company is engaged in activities like real estate development, including the identification and acquisition of land, planning, designing, executing, sales, and marketing of our projects. As of December 2024, the company has 25 ongoing projects, including 23 residential and 2 commercial projects with a saleable area of 24.8 million sq. ft. The company envisages 6 forthcoming projects and 5 planned projects. On financial terms, for 9MFY25, the company’s revenue stood at ₹1,624 crore and an EBITDA profit of ₹101.6 crore vs ₹78 crore EBITDA loss in FY24.

The IPO is an entirely fresh issue of ₹1,590 crore for 3.84 crore shares. The IPO is set to open for subscription from June 24 to June 26 and comes with a price band of ₹387 to ₹414 apiece.

Ellenbarrie Industrial Gases (IPO Size: ₹852 crore)

The company is one of the oldest industrial gases companies in India, with a legacy of 50 years. They manufacture and supply industrial gases including oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon and nitrous oxide and more gases. 66.7% of the revenue comes from bulk customers, and the remaining from package and onsite customers. In FY25, the company’s revenue from operations stood at ₹312.4 crore as against ₹2,694 crore, a growth of 16% YoY. The EBITDA nearly doubled from ₹61 crore to ₹109 crore. Lastly, the net profit of the company also nearly doubled from ₹45.2 crore to ₹83.2 crore. The post IPO price-earnings ratio of the company stands at 67x as compared to the industry average of 140x, making it cheaper than its peers.

The ₹852 crore IPO is a combination of a fresh issue and offer for sale. The combination included ₹400 crore of fresh issue and ₹453 crore of offer for sale. The price band for the IPO is fixed at ₹380 to ₹400 per share and opens from June 24 to June 26.

Sambhav Steel Tubes (IPO Size: ₹540 crore)

The company is one of the key manufacturers of electric resistance welded (ERW) steel pipes and structural tubes. The company is also one of the two players in India in manufacturing ERW steel pipes and tubes (along with hollow section pipes and tubes) using narrow-width HR coil. It has a fully backwards-integrated manufacturing process from manufacturing sponge iron to blooms/slabs and hot rolled (“HR”) coil, cold rolled (“CR”) coil (mild steel) and GP coils.

As of 9MFY25, the company’s revenue stood at ₹1016 crore vs ₹1,285 crore in FY24. The company’s net profit has grown from ₹72 crore in FY22 to ₹82.4 crore in FY24 and ₹40 crore in 9MFY25. In terms of valuations, the company’s post IPO price-to-earnings ratio stands at 44.5x, a little higher than the industry average of 39x.

The closest peers of the company include names like APL Apollo Tubes, Hari Om Pies Industries, Hi-tech Pipes, JTL Industries, Rama Steel Tubes and Surya Roshni.

The ₹540 crore public issue is a combination of ₹440 crore of fresh issue and ₹100 crore worth of offer for sale. The price band for the IPO is fixed at ₹77 to ₹82 per share, and the subscription opens on June 25 to June 27.

Globe Civil Projects (IPO Size: ₹119 crore)

The company is an engineering, procurement & construction (EPC) player headquartered in New Delhi. The company is engaged in activities related to infrastructure projects, comprising Transport & Logistics, Social and Commercial Projects. As of 9MFY25, the revenue from operations stood at ₹254 crore, and the FY24 revenue stood at ₹332 crore, up from ₹285 crore in FY22. The company’s orderbook as of 9MFY25 stood at ₹778 crore and 13 ongoing projects. On the profitability front, the net profit of the company has increased from ₹5.2 crore in FY22 to ₹15.3 crore in FY24, and the 9MFY25 profit stood at ₹17.7 crore.

In terms of valuation, the post IPO price-to-earnings ratio of the company stands at 17.8x, and the pre-IPO PE ratio stands at 19.8x as of FY24 EPS. This stands in line with the industry average of 19.9x

The IPO is an entirely fresh issue of ₹119 crore of 1.16 crore shares. The price band for the IPO is fixed at ₹67 to ₹71 per share and the subscription will start on June 24 to June 26.