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IPO Race Ahead: HDB Financial, Vikram Solar, and 4 Others Get Green Light From SEBI

Written by: Aayushi ChaubeyUpdated on: Jun 4, 2025, 9:45 AM IST
Six companies, including HDB Financial and Vikram Solar, have received SEBI approval for their IPOs, and are set to raise significant capital.
IPO Race Ahead: HDB Financial, Vikram Solar, and 4 Others Get Green Light From SEBI
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India's capital market regulator, SEBI, has given its approval to the initial public offering (IPO) plans of six companies, including big names like HDB Financial Services and Vikram Solar. This clearance, known as an "observation letter" from SEBI, means these companies can now launch their IPOs within the next year. 

The approvals were granted during the week ending May 30, with observation letters issued on various dates. Dorf-Ketal Chemicals and Shreeji Shipping Global received their approvals on May 27, HDB Financial Services on May 28, and Vikram Solar on May 29. A-One Steels India and Shanti Gold International got their clearances on May 30. 

HDB Financial Services IPO to Lead the Pack 

HDB Financial Services, a subsidiary of HDFC Bank, is set to launch the largest IPO among this group, aiming to raise a massive ₹12,500 crore. This will include a fresh issue of equity shares worth ₹2,500 crore and an offer-for-sale (OFS) of ₹10,000 crore by its promoter.  

The company, a retail-focused non-banking financial company, plans to use fresh funds to strengthen its capital base to support future growth. 

Vikram Solar Eyes IPO to Fuel Green Expansion 

Kolkata-based Vikram Solar, a manufacturer of solar photo-voltaic modules, plans to raise funds through a fresh issue of ₹1,500 crore and an OFS of 1.74 crore shares by its promoters.  

The company intends to use the fresh funds to establish a new integrated solar cell and module manufacturing facility in Tirunelveli, Tamil Nadu, and to expand its existing module manufacturing capacity. There's also a possibility of a pre-IPO round to raise up to ₹300 crore. 

Dorf-Ketal Chemicals and Others Join the IPO Race 

Mumbai-based Dorf-Ketal Chemicals India, a specialty chemicals manufacturer, is looking to raise ₹5,000 crore through a combination of fresh issue of shares worth ₹1,500 crore and an OFS of ₹3,500 crore by its promoter, Menon Family Holdings. The company aims to use fresh funds for debt repayment and general corporate purposes. They are also considering a pre-IPO round of up to ₹300 crore. 

Among the other approved IPOs: 

  • Shanti Gold International, a Mumbai-based gold jewellery maker, plans a fresh issue of 1.8 crore equity shares for expansion, working capital, and debt repayment. 

  • Shreeji Shipping Global, a Gujarat-based shipping and logistics provider, will offer an entirely fresh issue of 2 crore equity shares to acquire dry bulk carriers, repay debt, and for general corporate purposes. 

  • A-One Steels India, a Bangalore-based steel manufacturer, aims to raise ₹650 crore through a mix of fresh issue of shares worth ₹600 crore and an OFS of ₹50 crore by promoters. The company will use the fresh funds for facility expansion, investment in solar energy, and debt repayment. 

 Read more: TCS Final Dividend of ₹30: Ex-Date Today, June 4, 2025

Conclusion 

These approvals signal a busy period ahead for the Indian primary market, offering investors a diverse range of opportunities across various sectors, from financial services and renewable energy to chemicals, jewellery, shipping, and steel manufacturing. 
 
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. 

Published on: Jun 4, 2025, 9:45 AM IST

Aayushi Chaubey

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