SEBI Grants In-Principle Approval for Six Prominent IPOs
The Securities and Exchange Board of India (SEBI) has recently granted in-principle approval for six Initial Public Offerings (IPOs), marking a significant moment in the Indian financial landscape. The companies poised for this opportunity include HDB Financial Services, Vikram Solar, Shreeji Shipping Global, Shanti Gold International, Dorf-Ketal Chemicals, and A-One Steels India. Each of these firms brings unique offerings to the table, reflecting the diverse sectors of the Indian economy.
HDB Financial Services: A Landmark IPO
HDB Financial Services is set to make headlines with its ambitious plan to raise ₹12,500 crore through a combination of a fresh issue of ₹2,500 crore and an Offer For Sale (OFS) component of up to ₹10,000 crore. This IPO is poised to be the largest ever by a non-banking financial company (NBFC) in India. The funds raised will be instrumental in augmenting the company’s Tier-I Capital base, meeting future capital requirements, and supporting its expansion initiatives. As the financial services sector continues to grow, HDB’s IPO is expected to attract significant investor interest.
Vikram Solar: Powering the Future
Vikram Solar, one of India’s leading solar photovoltaic (PV) module manufacturers, has also received SEBI approval. The company filed its Draft Red Herring Prospectus (DRHP) on September 30, 2024, and secured approval on May 29, 2025. The proposed issue consists of a fresh issuance of ₹1,500 crore along with an OFS of 1.74 crore shares by its promoters. With the global shift towards renewable energy, Vikram Solar’s IPO is timely, as it aims to capitalize on the growing demand for sustainable energy solutions.
Shreeji Shipping Global: Navigating New Waters
After a five-month wait following its DRHP filing, Shreeji Shipping Global has received SEBI’s nod for its IPO. This Gujarat-based shipping and logistics solution provider plans to issue 2 crore equity shares entirely as a fresh issue, with no OFS component. The proceeds from this IPO will be directed towards acquiring dry bulk carriers, repaying or prepaying borrowings, and general corporate purposes. As the logistics sector continues to evolve, Shreeji Shipping’s entry into the public market is a strategic move to enhance its operational capabilities.
Shanti Gold International: A Touch of Elegance
Mumbai-based Shanti Gold International, a manufacturer of high-quality gold jewellery, is also set to make its mark with a fresh issue of up to 18,096,000 equity shares, without any OFS. The company specializes in crafting exquisite 22kt CZ casting gold jewellery, including bangles, rings, and necklaces. The net proceeds from this IPO are earmarked for establishing a new facility in Jaipur, repaying borrowings, and funding general corporate purposes. As consumer demand for luxury goods rises, Shanti Gold’s IPO is expected to attract attention from investors looking to tap into the jewellery market.
Dorf-Ketal Chemicals: A Global Player
Dorf-Ketal Chemicals, a global manufacturer of specialty chemicals, has filed its DRHP with SEBI to raise ₹5,000 crore through its IPO. The proposed issue includes a fresh issue of ₹1,500 crore and an OFS component of ₹3,500 crore. Founded in 1992, the company serves a diverse customer base, including industry giants like Reliance Industries and Indian Oil Corporation. The funds raised will be crucial for expanding its operations and enhancing its product offerings in the competitive chemicals market.
A-One Steels India: Strengthening Foundations
A-One Steels India is set to launch an IPO comprising a fresh issue of equity shares worth up to ₹600 crore, along with an OFS of shares aggregating up to ₹50 crore by its promoters. Based in Bengaluru, A-One Steels is a backward-integrated steel manufacturer with six facilities across Karnataka and Andhra Pradesh. The proceeds from the IPO will be utilized for investments in its subsidiary, Vanya Steels Pvt Ltd, as well as for repaying borrowings and general corporate purposes. As the demand for steel continues to rise, A-One Steels’ IPO is strategically timed to bolster its market position.
Conclusion
The recent approvals by SEBI for these six IPOs reflect a vibrant and growing Indian economy, with companies from diverse sectors seeking to capitalize on public investment. Each of these firms has unique plans for utilizing the funds raised, whether for expansion, debt repayment, or enhancing operational capabilities. As these IPOs approach, investors will be keenly watching the market dynamics and the potential for growth in these sectors.
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