In a decisive boost to India’s capital markets, the Securities and Exchange Board of India (SEBI) has granted IPO approvals to six prominent companies spanning diverse sectors—finance, consumer foods, identity solutions, auto components, fintech, and renewable energy. The approvals, issued through observation letters in second week of September 2025, clear the decks for Canara Robeco Asset Management Company, Orkla India, Manipal Payment and Identity Solutions, Hero Motors, Pine Labs, and Emmvee Photovoltaic Power to proceed with their public offerings. Below is a detailed look at each of the six IPOs.
Canara Robeco AMC IPO Approval
DRHP Filing Date: 24 April 2025
SEBI Approval Date: 10 September 2025
Issue Type: Offer for Sale (OFS only)
Size: Up to 4.98 crore shares (2.59 crore by Canara Bank, 2.39 crore by ORIX Corporation Europe NV)
Canara Robeco AMC, the country’s second-oldest asset management company, is stepping into the public market with an IPO structured entirely as an OFS. This ensures no fresh capital for the company itself, but provides promoters an opportunity to monetize holdings. With a quarterly average AUM of INR 1.08 trillion as of December 2024, the company’s strong track record, coupled with the rarity of AMC listings in India, makes this issue highly anticipated. SBI Capital Markets, Axis Capital, and JM Financial are lead managers.
Orkla India IPO Approval
DRHP Filing Date: 16 June 2025
SEBI Approval Date: 12 September 2025
Issue Type: Pure OFS
Size: Up to 2.28 crore shares by Orkla Asia Pacific and others
Orkla India, best known for household brands MTR Foods and Eastern Condiments, is entering the markets through a pure OFS. While no new funds will flow into the company, the listing enhances visibility for one of India’s best-known packaged food players. Incorporated in 1996, the company has a legacy of expanding ready-to-eat and packaged foods across Indian households. Market watchers expect the listing to strengthen transparency in the sector and set a valuation benchmark for peers in the FMCG space.
Manipal Payment IPO Approval
DRHP Filing Date: 28 June 2025 (confidential filing)
SEBI Approval Date: 2 September 2025
Issue Type: NA (Confidential Filing)
Size: NA
Manipal Payment and Identity Solutions (MPISL), India’s largest producer of payment and identity cards, will look to raise INR 1,200 crore (source: market reports) through a combination of fresh equity and secondary sales. The proceeds are largely earmarked for debt reduction at the promoter level. With clients spanning major banks, fintechs, and government agencies, MPISL is strategically positioned at the intersection of payments and secure identity solutions. A pre-IPO holding of 60% by promoters and marquee institutional investors gives further depth to the offering.
Hero Motors IPO Approval
DRHP Filing Date: 30 June 2025 (refiled)
SEBI Approval Date: 12 September 2025
Issue Type: Fresh issue + OFS
Size: INR 1,200 crore (Fresh INR 800 crore + OFS INR 400 crore)
Hero Motors, part of the famed Hero Group, has revised its IPO upwards to INR 1,200 crore. The fresh issue component is slated for debt reduction and capacity expansion at its Uttar Pradesh plant, while the OFS allows partial promoter dilution. Supplying high-precision engine and transmission components to global majors like BMW and Ducati, the company posted FY24 revenues of over INR 1,060 crore. A public listing will elevate its global profile and give the company resources to push further into high-value auto component markets.
Pine Labs IPO Approval
DRHP Filing Date: 25 June 2025
SEBI Approval Date: 11 September 2025
Issue Type: Fresh issue + OFS
Size: Approximately INR 2,600 crore
Pine Labs, one of India’s foremost fintech unicorns, has received SEBI’s nod for a landmark INR 2,600 crore IPO. The offering combines fresh equity issuance with an OFS by existing backers, which include Peak XV Partners, Mastercard, and PayPal. Pine Labs operates across Asia and the Middle East, offering merchant commerce solutions and digital payments infrastructure. The IPO is expected to provide early investors with liquidity while positioning the firm for expansion in global markets.
Emmvee Photovoltaic IPO Approval
DRHP Filing Date: 6 July 2025
SEBI Approval Date: 9 September 2025
Issue Type: Fresh issue + OFS
Size: INR 3,000 crore (Fresh INR 2,143.86 crore + OFS INR 856.14 crore)
Emmvee Photovoltaic Power, India’s second-largest integrated solar module and cell manufacturer, is making a bold market entry with a sizable INR 3,000 crore issue. More than half the proceeds will go toward repaying debt exceeding INR 1,600 crore, while the rest funds ambitious expansion to 16.3 GW module and 8.94 GW cell capacity by FY28. Leveraging advanced TOPCon technology, Emmvee is well-placed to tap into surging global demand for solar energy and reinforce India’s clean energy drive.
The Bigger Picture
The six IPO approvals reflect the diversity and depth of India’s corporate landscape. From asset management and packaged foods to fintech and renewable energy, these companies showcase a broad spectrum of growth opportunities. The combined issue sizes signal investor appetite for large-scale offerings and underscore SEBI’s role in facilitating timely clearances.
For investors, this batch of IPOs offers both sectoral diversification and exposure to companies with strong market positions. Market conditions in the coming months will determine the timing of launches, but one thing is clear—India’s IPO pipeline has rarely looked stronger.
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