Upcoming IPOs: HDB Financial, Vikram Solar, Four Others Get SEBI Nod For IPO
The Securities and Exchange Board of India (SEBI) has granted in-principle approval for six IPOs, namely HDB Financial Services, Vikram Solar, Shreeji Shipping Global, Shanti Gold International, Dorf-Ketal Chemicals, and A-One Steels India IPO.
HDB Financial Services IPO
HDB Financial Services plans to raise ₹12,500 crore through a mix of fresh issue of ₹2500 crores and OFS (Offer For Sale) component of up to ₹10,000 crores. This offering is set to be the largest ever by a non-banking financial company (NBFC) in India.
The funds raised will be used to augment the Company’s Tier–I Capital
Base, meet future capital requirements and support its expansion initiatives.
Vikram Solar IPO
Vikram Solar filed its DRHP with SEBI on September 30, 2024, and got approval on May 29, 2025. The proposed issue comprises a fresh issuance of ₹1,500 crore and an OFS of 1.74 crore shares by promoters.
The company is one of India’s largest solar photovoltaic (“PV”) module manufacturers in terms of installed capacity.
Shreeji Shipping Global
After almost five months of filing the DRHP, the Gujarat-based shipping and logistics solution provider has finally received SEBI approval for an IPO. The offer is entirely a fresh issue of 2 crore equity shares with no Offer for sale.
Proceeds from the IPO will be utilised to acquire dry bulk carriers, repay/prepay borrowings and for general corporate purposes.
Shanti Gold International
Mumbai-based gold jewellery manufacturer, Shanti Gold International, is offering a Fresh issue of up to 18,096,000 Equity Shares with no Offer for sale. The company manufactures high-quality 22kt CZ casting gold jewellery, including bangles, rings, necklaces, and sets.
The net proceeds from the fresh issue are intended to be used to set up the Proposed Jaipur Facility, repay/prepay borrowings, fund general corporate purposes, and working capital.
Dorf-Ketal Chemicals
Dorf-Ketal Chemicals filed its DRHP with SEBI to raise ₹5,000 crore through an IPO. The proposed issue comprises fresh issue of ₹1500 crore and an OFS component of ₹3500 crore.
Founded in 1992, Dorf-Ketal Chemicals is a global manufacturer and supplier of speciality chemicals across the hydrocarbons and industrial supply chains. The company's customer base includes major players like Reliance Industries, Petronas,
Indian Oil Corporation, PPG Industries, Clariant, Liberty Energy, Italiana Petroli, and Vedanta.
A-One Steels India IPO
A-One Steels India IPO comprises a fresh issue of equity shares worth up to ₹600 crore and an offer for sale of shares aggregating up to ₹50 crore by promoters. Based in Bengaluru, A-One Steels is a backwards-integrated steel manufacturer with six manufacturing facilities across Karnataka and Andhra Pradesh.
A-One Steels plans to utilise the IPO proceeds for investment in its Indian subsidiary, Vanya Steels Pvt Ltd, repay/prepay borrowings, and general corporate purposes.
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