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HDB Financial to GNG Electronics: Here’s how IPOs listed in July are performing
4 min read | Updated on August 01, 2025, 13:42 IST
SUMMARY
July 2025 saw a robust performance in India’s IPO market, with 45 companies going public, reflecting strong demand across sectors. Notable IPOs like HDB Financial Services, GNG Electronics, Crizac Limited, Ellenbarrie Industrial Gases and Anthem Biosciences were significantly oversubscribed. Investors should focus on fundamentals and long-term growth potential to capitalise on the booming IPO market.
GNG Electronics’ IPO was subscribed over 150 times and listed at nearly 50% premium on July 30.
India's IPO market remained vibrant in July 2025, with a total of 45 companies going public, comprising 13 mainboard IPOs and 32 SME IPOs. The surge in activity reflected strong investor confidence and robust demand across sectors. While listing gains varied, several offerings witnessed healthy oversubscriptions, making July one of the most active months for primary markets this year.
| Company name | Listing date | Issue price (₹) | Return from issue price (%)* | Listing day gain (%) |
|---|---|---|---|---|
| Globe Civil Projects | July 1 | 71 | 15.66% | 33.04% |
| Kalpataru | July 1 | 414 | -4.19% | 4.58% |
| Ellenbarrie Industrial Gases | July 1 | 400 | 44.41% | 33.65% |
| HDB Financial Services | July 2 | 740 | 2.51% | 13.64% |
| Sambhv Steel Tubes | July 2 | 82 | 55.74% | 19.01% |
| Indogulf Cropsciences | July 3 | 111 | -1.29% | -0.59% |
| Crizac | July 9 | 245 | 35.84% | 25.56% |
| Travel Food Services | July 14 | 1100 | -4.93% | -2.29% |
| Smartworks Coworking Spaces | July 17 | 407 | 4.55% | 9.35% |
| Anthem Biosciences | July 21 | 570 | 33.18% | 28.13% |
| GNG Electronics | July 30 | 237 | 39.70% | 40.67% |
| Indiqube Spaces | July 30 | 237 | -7.84% | -8.03% |
*Return as of July 31 closing
HDB Financial Services
HDB Financial Services, with an issue size of ₹12,500 crore, saw robust demand from investors as the public issue was booked over 16.6 times. The company, a subsidiary of HDFC Bank, operates in enterprise lending, asset finance, and consumer finance, with a major focus on tier-2 and 3 cities. It reported ₹16,300 crore in revenue from operations and ₹2,175 crore in net profit for FY25. The net proceeds, estimated at ₹2,500 crore, will be used to strengthen its tier-I capital base and support future growth.
GNG Electronics
GNG Electronics’ IPO was subscribed an impressive 150.21 times, with strong demand from all investor categories. The company, a leader in refurbishing ICT devices, has a global presence in 38 countries, offering products at a fraction of the cost of new devices. In FY25, GNG posted a revenue of ₹1,411 crore and net profit of ₹69.03 crore, reflecting its robust market position. The IPO proceeds of ₹320 crore (69.50%) will be primarily used for debt repayment, further strengthening the company’s growth trajectory in the booming refurbished ICT market.
Anthem Biosciences
Anthem Biosciences IPO, which raised ₹3,395 crore through an offer-for-sale, was subscribed over 60 times, with strong demand from institutional investors. The pharmaceutical company specialises in drug discovery, development, and manufacturing, with a robust global customer base and strong financial growth. Anthem reported revenue of ₹1,844.55 crore and net profit of ₹451.26 crore in FY25. Net proceeds from the IPO will be received by selling shareholders, with no funds going to the company.
Crizac Limited
Crizac Limited’s IPO, valued at ₹860 crore, was subscribed over 61 times, with significant demand from institutional investors. The company, a leader in B2B international student recruitment with revenue of ₹849.49 crore, processed 2.76 lakh student applications in FY25 and works with 173 global institutions. Crizac’s extensive global agent network and proprietary tech platform position it for strong growth in the international education sector.
Ellenbarrie Industrial Gases
₹852.53 crore IPO of Ellenbarrie Industrial Gases was subscribed 22.19 times, with strong demand from qualified institutional buyers (QIBs). The company, a leader in industrial and medical gases in East and South India, plans to use the proceeds for debt repayment, setting up a new air separation unit, and general corporate purposes. In FY25, the company reported revenue of ₹312.48 crore, a net profit of ₹83.29 crore. With a diverse customer base and expansion into high-growth speciality gases, Ellenbarrie is well-positioned for future growth.
Before you leave
In July 2025 primary market has shown a significant revival, with many companies delivering strong post-listing performances, especially those in the financial services, infrastructure, and healthcare sectors. As investor sentiment recovers, more IPOs are expected, and careful selection of these offerings will be key to capitalising on the market’s potential. Investors should continue to assess IPOs based on their fundamentals and financial results before investing in any public issue.
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