1 / 5HDB Financial Services Ltd.: The unit of HDFC Bank Ltd., India’s largest private-sector lender, plans to raise as much as ₹12,500 crore through an IPO. The listing is to comply with the requirements of the Reserve Bank of India. HDB is in the upper layer of NBFCs, the highest cate gory, which means it needs to be listed by September 2025 under regulatory guidelines.
2 / 5LG Electronics India: South Korean company LG Electronics Inc. is said to consider a valuation of as much as $15 billion for its Indian unit’s listing targeted for the first half of 2025.
3 / 5Quest Global Services Pte: Carlyle Group Inc. is said to weigh an IPO of the engineering-services firm that could raise about $1 billion. The US investment company has held early talks with advisers about a possible share sale in Mumbai that may take place as soon as next year. A listing of Singapore-based Quest Global may help it raise about $1 billion.
4 / 5Zetwerk Pvt Ltd.: The supply-chain startup is said to be considering fundraising options including an IPO that may help it raise as much as $1 billion. The Bengaluru-based company, backed by investors such as Peak XV Partners and Lightspeed India Partners, has held talks with investment banks to help prepare for a potential IPO.
5 / 5Mahle GmbH’s India business: The German car-parts maker is said to be mulling an IPO of its Indian business, with the deal potentially raising as much as $400 million. Mahle is holding early talks with potential advisers about a share sale in Mumbai.
