HDB Financial Services, Vikram Solar, 4 Others Get Sebi Nod for IPO

As many as six entities including HDB Financial Services, a subsidiary of HDFC Bank, Dorf-Ketal Chemicals and Vikram Solar have received Sebi's go ahead to raise funds through initial public offering (IPOs), an update with the markets regulator showed on Tuesday.

The other firms that received Sebi's nod are -- A-One Steels India, Shanti Gold International, and Shreeji Shipping Global Ltd.

Together, these six firms are looking to raise over Rs 20,000 crore through initial share-sales.

These six firms, which filed their preliminary IPO papers with Sebi between October 2024 and January 2025, obtained their observations during May 27-30, the update showed.

In Sebi's parlance, obtaining observations means go ahead to float the public issue.

Overall, 16 firms came out with their IPOs in 2025 so far, which includes five last month.

As for HDB Financial Services, its proposed IPO is a combination of a fresh issue of equity shares worth Rs 2,500 crore and an offer-for-sale (OFS) of Rs 10,000 crore by promoter HDFC Bank, according to the draft red herring prospectus (DRHP).

At present, HDFC Bank holds 94.36 per cent stake in HDB Financial Services, a non-banking financial company (NBFC).

The company proposes to utilize the proceeds from the fresh issue to strengthen its Tier-I capital base. This will support future capital needs, including additional lending, to support business growth.

Dorf-Ketal Chemicals India's Rs 5,000-crore IPO comprises a fresh issue of equity shares aggregating up to Rs 1,500 crore and an OFS of shares worth Rs 3,500 crore by promoter Menon Family Holdings Trust, as per the draft papers.

Proceeds from the fresh issue to the tune of Rs 829 crore will be allocated to repay debt of the company, Rs 333 crore will be invested in subsidiary Dorf Ketal Chemicals FZE to repay or prepay its outstanding borrowings and the remaining funds will be used for general corporate purposes.

Solar module maker Vikram Solar's IPO is a mix of fresh issue of shares up to Rs 1,500 crore and an OFS of up to 17.45 million equity shares by promoter and promoter group selling shareholders.

The company plans to use the proceeds amounting to Rs 793.36 crore for capital expenditure through investment in its wholly-owned subsidiary VSL Green Power Pvt Ltd for setting up a 3,000-MW solar cell and module manufacturing facility.

Additionally, Rs 602.95 crore has been earmarked for expanding the existing solar module manufacturing facility from 3,000 MW to 6,000 MW, along with allocations for general corporate purposes.

A-One Steels India is looking to raise Rs 600 crore through fresh issue of equity shares, while promoters will sell shares valued Rs 50 crore through OFS.

The company proposes to utilise the net proceeds, from the fresh issue towards investment in its subsidiary, Vanya Steels Pvt Ltd, for purchase of equipment /machinery, expansion of manufacturing facility, and investment in Group captive power for procurement of solar energy.

Funds will also be used by A-One Steels to repay debt and general corporate purposes.

Going by the draft papers, the IPO of Shreeji Shipping Global Ltd, which provides shipping and logistic solutions for dry bulk cargo, is entirely a fresh issue of 2 crore equity shares.

The company is planning to use Rs 289.4 crore out of the IPO proceeds for acquisition of dry bulk carriers in the supramax category in the secondary market, and further use Rs 19.5 crore for repaying debt.

Manufacturer of gold jewellery Shanti Gold International's maiden public offering is entirely a fresh issue of 1.8 crore equity shares, draft papers showed.

Proceeds from the fresh issue to the extent of Rs 45.83 crore will be used for setting up of the Jaipur facility; Rs 190 crore will be allocated for funding the company's incremental working capital requirements; Rs 20 crore will be utilised for payment of debt and a portion will be used for general corporate purposes.

Shares of these six firms are proposed to be listed on the BSE and NSE.