SEBI Approves Six IPOs, Including HDB Financial and Vikram Solar

India’s IPO scene is heating up again. The Securities and Exchange Board of India (SEBI) has approved the initial public offerings of six companies, including notable names such as HDB Financial Services and Vikram Solar. Together, these IPOs could bring in over ₹20,000 crores, signalling a comeback for the capital markets after a quiet stretch.

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HDB Financial Services: A ₹12,500 Crore Milestone

Let’s start with the biggest one, HDB Financial Services. This HDFC Bank subsidiary has SEBI’s green light to raise a whopping ₹12,500 crore through a fresh share issue. If it goes as planned, it’ll be the largest IPO ever by a non-banking financial company (NBFC) in India.

Why now? It ties into regulatory changes. The Reserve Bank of India (RBI) wants upper-tier non-banking financial companies (NBFCs) like HDB to be publicly listed and for their parent companies to reduce their stakes. Currently, HDFC Bank owns 94.36% of HDB Financial, but this stake is expected to decrease below 20% over time.

Still, it hasn’t been entirely smooth sailing. SEBI took a closer look at HDB's past share allotments, specifically a 2008 issue to over 400 HDFC Bank employees, which may have exceeded the 50-investor limit under the Companies Act. While the issue is under review, most industry insiders don’t expect it to derail the IPO.

Vikram Solar: Charging Ahead with ₹1,500 Crore IPO

Vikram Solar, one of India’s top solar module makers, also got SEBI’s nod. The Kolkata-based company plans to raise ₹1,500 crore through a mix of new shares and an offer for sale by its promoters.

The money will power some major growth plans, including:

• Setting up a brand-new 3,000 MW solar cell and module plant under VSL Green Power (₹793.36 crore)
• Doubling their current solar module production from 3,000 MW to 6,000 MW (₹602.95 crore)
   

Vikram’s aiming big: 10.5 GW capacity by FY26 and 15.5 GW by FY27, including a central solar cell facility in Tamil Nadu. Their financials look solid, too. FY24 revenue jumped 21% to ₹2,510.99 crore, and profits skyrocketed by over 450%.

Four More IPOs on the Way

Besides HDB and Vikram, SEBI cleared four more companies to hit the public markets:

• A-One Steels India – Riding the infrastructure boom
• Shanti Gold International – Expanding its jewellery retail network
• Dorf-Ketal Chemicals – Specialising in high-performance chemicals
• Shreeji Shipping Global – Offering logistics and shipping solutions with an eye on global trade
   

It’s a nice mix of sectors, demonstrating investor appetite that extends beyond finance and tech.

What This Means for the Market

SEBI’s approval spree is more than a paperwork update; it’s a green light for momentum to return to India’s capital markets. After a sluggish period, this wave of IPOs could be the push that gets things moving again.

For investors, this presents new opportunities to invest in growth stories across various industries, including clean energy and chemicals. Analysts are urging individuals to do their homework and think long-term when considering these offers.

As the economy continues to pick up pace, more companies are likely to follow this path, which could result in a more diverse and dynamic market for everyone involved.