The Securities and Exchange Board of India (SEBI) has given approval to HDB Financial and 5 others. These are big milestones for these companies to raise new capital, achieve their growth plans and get more visibility in the public market. The recent SEBI approval is a thumbs up to these companies’ business model, financials and regulatory compliance. The IPOs are across industries like renewable energy, finance, metals, chemicals, jewelry and logistics.
Here is the detailed overview of each company, their IPO structure, SEBI approval status and the use of funds:
Vikram Solar IPO Approval
Overview: Vikram Solar, based in Kolkata is one of the leading solar energy solution providers in India with specialization in high efficiency photovoltaic (PV) modules. As India moves towards energy transition to renewable sources Vikram Solar will benefit from the country’s push towards green and sustainable power. The company’s growth plans are driven by increasing demand for solar installations from commercial and residential customers.
IPO Details:
- IPO Size: INR 2,000 crore, out of which INR 1,500 crore is fresh issue and 1.74 crore equity shares is Offer for Sale (OFS) by existing promoters.
- DRHP Filing Date: 30 September 2024
- SEBI Approval Date: 29 May 2025
Purpose of IPO: The company will use the IPO proceeds to scale up the manufacturing capacity, develop advanced solar technologies and invest in R&D and working capital. The fresh capital will help the company to strengthen its competitive position and meet the growing demand in domestic and international markets.
HDB Financial IPO Approval
Overview: HDB Financial Services is a major non-banking financial company (NBFC) and a wholly owned subsidiary of HDFC Bank. With a wide range of loan products, asset finance and BPO services, the company has built a large customer base through its large branch network and strong digital presence. With financial inclusion in India gaining momentum, HDB Financial is well positioned to lend and support to underserved markets.
IPO Details:
- IPO Size: INR 12,500 crore including fresh issue of INR 2,500 crore and OFS of INR 10,000 crore by parent HDFC Bank.
- DRHP Filing Date: 31 Oct 2024
- SEBI Approval Date: 28 May 2025
Purpose of IPO: The IPO is to comply with RBI’s directive for listing of systemically important NBFCs. The funds will also strengthen the company’s capital adequacy, enhance lending capacity and support digital initiatives and operational infrastructure.
A-One Steels IPO Approval
Overview: A-One Steels India is an integrated steel manufacturing enterprise with operations spanning across iron and steel production, including billets, TMT bars, and structural steel products. With an emphasis on quality and innovation, the company caters to the growing construction and infrastructure sector in India. It seeks to increase its production footprint and improve operational efficiency through modernization and expansion initiatives.
IPO Details:
- IPO Size: INR 650 crore, comprising a fresh issue of INR 600 crore and an OFS of INR 50 crore by promoters.
- DRHP Filing Date: 30 December 2024
- SEBI Approval Date: 30 May 2025
Purpose of IPO: The proceeds will be directed towards the development of a new rolling mill, repayment of high-cost borrowings, and funding daily operational needs. A portion of the funds will also be earmarked for technology upgrades to improve product consistency and reduce carbon footprint.
Shanti Gold IPO Approval
Overview: Shanti Gold International, based in Mumbai, is engaged in the design, manufacture, and sale of traditional and contemporary gold jewelry. The company has cultivated a niche in the lightweight and wedding jewelry segment and distributes its offerings through a strong network of wholesalers and retailers. As consumer demand for gold ornaments remains resilient in India, Shanti Gold seeks to capitalize on favorable market trends by expanding its manufacturing capabilities.
IPO Details:
- IPO Size: The IPO comprises a fresh issue of 1.8 crore equity shares. The monetary value of the issue is yet to be formally declared.
- DRHP Filing Date: 13 January 2025
- SEBI Approval Date: 30 May 2025
Purpose of IPO: The capital raised will be utilized to set up an advanced production facility, boost inventory for peak season demand, and improve working capital liquidity. Additional investment will be channeled into marketing and brand visibility across tier-II and tier-III cities.
Dorf-Ketal Chemicals IPO Approval
Overview: Dorf-Ketal Chemicals India is a global leader in specialty chemicals used in oil and gas, refining, petrochemicals and other industrial applications. The company has presence in over 25 countries and has developed multiple chemical formulations to improve energy efficiency and safety. With the IPO, Dorf-Ketal plans to strengthen its R&D capabilities and pursue inorganic growth opportunities.
IPO Details:
- IPO Size: INR 5,000 crore comprising of fresh issue of INR 1,500 crore and OFS of INR 3,500 crore by existing shareholders.
- DRHP Filing Date: 24 Jan 2025
- SEBI Approval Date: 27 May 2025
Purpose of IPO: The proceeds will be used to expand production at its flagship plant, invest in green chemistry R&D and strengthen international distribution channels. A significant portion of the funds will also be used to reduce outstanding debt thereby improving financial leverage and profitability.
Shreeji Shipping Global IPO Approval
Overview: Shreeji Shipping Global, based in Gujarat, offers maritime transport and logistical services, specializing in dry bulk cargo. The company operates a modern fleet and provides integrated solutions including vessel chartering, warehousing and port operations. As India is emerging as a major trade hub, Shreeji Shipping is looking to rapidly expand its fleet and services.
IPO Details:
- IPO Size: Fresh issue of 2 crore equity shares. The size will be disclosed closer to the listing date.
- DRHP Filing Date: 25 Jan 2025
- SEBI Approval Date: 27 May 2025
Purpose of IPO: Proceeds from the IPO will be used to acquire new vessels, strengthen port handling capabilities and meet operational expenses. Part of the capital will also be used for technological upgradation for real time fleet tracking and logistics automation.
These six IPOs approved by SEBI are a testament to the vast opportunities in the Indian capital markets. Each of these companies will provide investors with access to high growth sectors while bringing in transparency and governance into the companies. As these companies move from private to public, the
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