India’s IPO market is bracing for a significant boost, as the market regulator, the Securities and Exchange Board of India (SEBI), is expected to give approval to 3 IPOs in the coming weeks, as per CNBC TV-18. The public offering includes 2 leading non-banking financial companies—HDB Financial Services and Hero FinCorp, as well as a renewable energy firm, Vikram Solar.
HDB Financial Services is a subsidiary of HDFC Bank, which is poised to be one of the largest non-bank lenders. The ₹12,500 crore HDB Financial Services IPO includes a ₹2,500 crore fresh issue and a ₹10,000 crore offer for sale by HDFC Bank.
HDB’s IPO faced extended scrutiny due to alleged violations of the Companies Act, 2008. The concerns stemmed from a private placement of shares to over 50 HDFC Bank employees, raising questions over its classification and compliance.
Hero FinCorp, the financial services arm of Hero MotoCorp and backed by ChrysCapital, is on track to secure SEBI’s final approval for its ₹3,668 crore IPO. The issue includes a ₹2,100 crore fresh capital raise and a ₹1,568 crore offer for sale by existing shareholders.
The company filed its draft red herring prospectus (DRHP) in July 2024, though regulatory approval has reportedly been delayed due to compliance concerns linked to rules applicable to unlisted entities.
Founded in 1991, Hero FinCorp provides financing solutions across a broad spectrum, ranging from two-wheeler loans and affordable housing finance to educational loans and SME funding. The IPO proceeds will be directed toward strengthening its Tier-I capital base to support future lending activities.
Vikram Solar, one of India’s top manufacturers of solar photovoltaic modules, is also nearing a market debut. The company filed its DRHP with SEBI on September 30, 2024, outlining a ₹1,500 crore IPO, comprising a fresh issue and an offer-for-sale of 1.74 crore shares by promoters Gyanesh Chaudhary, Anil Chaudhary, and Vikram Capital Management.
The company is exploring a potential ₹300 crore pre-IPO placement. Any capital raised through this route would proportionately reduce the size of the fresh issue.
Also Read: Upcoming IPOs This Week: 4 Mainboard and 5 SME IPOs to Hit Dalat Street
With these three offerings expected to receive regulatory nods imminently, India’s IPO market is shaping up for a strong rebound in mid-2025. The entries of major players from the financial services and renewable energy sectors are set to reinvigorate investor sentiment and deepen capital market participation.
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: May 28, 2025, 9:18 AM IST
Sachin Gupta
Sachin Gupta is a Content Writer with 6+ years of experience in the stock market, including global markets like the US, Canada, and Australia. At Angel One, Sachin specialises in creating financial content that simplifies complex market trends. Sachin holds a Master's in Commerce, specialising in Economics.
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