India’s primary capital market is set for a renewed burst of activity as four companies prepare to launch initial public offerings (IPOs) worth more than Rs. 6,600 crore in the final week of May. Hospitality major Schloss Bangalore, logistics player Aegis Vopak Terminals, stainless steel tube manufacturer Scoda Tubes, and power solutions provider Prostar Info Systems are each set to test investor appetite. Despite a subdued 2025 IPO calendar so far—owing to market uncertainty—regulatory data signals a strong pipeline of upcoming issues across diverse sectors, reflecting sustained corporate interest in public fundraising.
IPO Pipeline Gains Traction Despite Tepid Start to 2025
After a stellar 2024 in which 91 IPOs raised a record Rs. 1.6 lakh crore, India’s IPO market experienced a relative cooling in 2025, with only 12 companies listing as of late May. Volatility driven by macroeconomic uncertainty, both global and domestic, has made companies cautious about their timing.
However, optimism persists. According to Axis Capital’s May 2025 IPO market update, 57 companies have already secured final approvals from the Securities and Exchange Board of India (SEBI), while another 74 are pending regulatory clearance. This underscores robust intent despite the uncertain equity backdrop.
The upcoming IPOs—cutting across hospitality, logistics, steel manufacturing, and tech-enabled power infrastructure—highlight the sectoral breadth of India’s IPO pipeline, spanning clean energy, pharma, manufacturing, real estate, MNC subsidiaries, and even entertainment.
Schloss Bangalore Leads the Pack with Rs. 3,500 Crore Offering
Schloss Bangalore Ltd, which operates Leela Palaces Hotels & Resorts and is backed by Brookfield Asset Management, is the largest of the week’s IPOs. The company will raise Rs. 3,500 crore through a mix of fresh equity and an offer for sale (OFS).
The fresh issue, worth Rs. 2,500 crore, will be used to pare down debt across the company and its subsidiaries, while the Rs. 1,000-crore OFS will be executed by its promoter, Project Ballet Bangalore Holdings (DIFC) Pvt Ltd.
Schloss has priced its shares in the range of Rs. 413–435, and the issue will remain open to the public from May 26 to May 28. Funds raised are also earmarked for general corporate use, a typical deployment strategy to enhance liquidity flexibility post-listing.
Aegis Vopak Terminals Targets Rs. 2,800 Crore to Expand Infrastructure
Aegis Vopak Terminals, a subsidiary of Aegis Logistics Ltd, will open its IPO on the same dates—May 26 to 28—with the aim of raising Rs. 2,800 crore via a pure fresh issue.
The majority of the proceeds—Rs. 2,016 crore—will go towards servicing outstanding debt. An additional Rs. 671.30 crore is allocated to finance the acquisition of a cryogenic LPG terminal in Mangalore, supporting the company’s growth trajectory in India’s fast-evolving energy logistics space.
The issue is priced in the band of Rs. 223 to Rs. 235 per share, and like Schloss, it will be listed on both the BSE and NSE.
Scoda Tubes Plans Rs. 220 Crore Issue to Expand Manufacturing
Gujarat-based Scoda Tubes, which manufactures stainless steel tubes and pipes, will open its IPO to the public on May 28, closing on May 30. The Rs. 220-crore offering is entirely a fresh issue, with no offer for sale component.
The price band has been set at Rs. 130 to Rs. 140 per share, and bidding by anchor investors is scheduled for May 27.
Proceeds will primarily be directed towards expanding the firm’s seamless and welded tube manufacturing capabilities. The remainder will support working capital requirements and broader corporate objectives.
Prostar Info Systems Pursues Growth Through Rs. 168 Crore IPO
Rounding out the week’s public offerings is Prostar Info Systems, an integrated power solutions provider. The Rs. 168-crore IPO will open on May 27 and close on May 29.
The book-built issue comprises 1.6 crore equity shares, with a price band set between Rs. 95 and Rs. 105. Of the total funds, Rs. 72.50 crore will be allocated to capital expenditure, while Rs. 17.95 crore will go towards debt repayment.
The remaining proceeds are intended to facilitate inorganic expansion through strategic acquisitions, underscoring the company’s ambition to scale operations beyond organic growth.
Market Debuts and Broader Outlook
In addition to the new IPO launches, two firms—Borana Weaves and Belrise Industries—are scheduled to make their market debut on May 28 and May 29, respectively. These listings could offer insight into investor sentiment and the secondary market’s reception of new entrants.
While 2025 has thus far been muted compared to the previous year, the breadth of filings and upcoming issues suggest the slowdown is likely temporary. Should volatility subside, market participants can expect a sharp rebound in listing activity—particularly from sectors aligned with structural trends such as green energy, digital infrastructure, and export-oriented manufacturing.
Conclusion
India’s primary market appears poised for a cautious but measured revival. The Rs. 6,600-crore fundraising effort by Schloss Bangalore, Aegis Vopak, Scoda Tubes, and Prostar Info Systems reflects sustained corporate confidence amid uncertainty. Backed by strong institutional support, an expanding regulatory pipeline, and a deepening investor base, India’s IPO market continues to be a vital conduit for capital formation and sectoral innovation. As companies prepare for market entry, all eyes will be on investor response to gauge the strength of this tentative resurgence.
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