SEBI Clears Seven IPOs as BharatPe Gears Up for Market Debut

India’s capital markets are preparing for a busy phase as the Securities and Exchange Board of India (SEBI) has cleared seven companies to launch their initial public offerings (IPOs). At the same time, fintech major BharatPe is advancing its pre-IPO fundraising plans, highlighting the strong momentum in India’s equity markets across sectors.

SEBI-Approved IPOs Across Sectors

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

• Among the seven approvals, Canara Robeco Asset Management Company will launch an IPO of 4.98 crore equity shares, entirely through an offer for sale (OFS). Promoter Canara Bank will sell 2.59 crore shares, while ORIX Corporation Europe NV will offload 2.39 crore shares. Since it is a pure OFS, the company itself will not receive proceeds.
• Hero Motors has secured approval to raise ₹1,200 crore, including a fresh issue of ₹800 crore and an OFS of ₹400 crore. Proceeds will be used to repay ₹285 crore in debt and invest ₹237 crore in new equipment at its Gautam Buddha Nagar facility. The OFS will involve OP Munjal Holdings, Bhagyoday Investments, and Hero Cycles.
• Emmvee Photovoltaic Power plans a ₹3,000 crore issue, combining a fresh issue worth ₹2,143.86 crore and an OFS of ₹856.14 crore. About ₹1,607.90 crore of the funds will go toward repaying debt and meeting interest obligations, with the balance set aside for general corporate purposes.
• Manipal Payment and Identity Solutions has confidentially filed its draft prospectus, with reports suggesting it aims to raise around ₹1,200 crore. Detailed terms will be disclosed in due course.
• Meanwhile, Orkla India, the owner of food brands MTR and Eastern, will launch an IPO entirely via an OFS of 2.28 crore shares, giving existing shareholders a partial exit.
• Canara HSBC Life Insurance also received SEBI’s nod for an IPO of 23.75 crore shares through OFS. Canara Bank will divest 13.77 crore shares, HSBC Insurance (Asia-Pacific) will sell 0.47 crore, and Punjab National Bank will offload 9.5 crore.

BharatPe Plans Pre-IPO Fundraise

Alongside these approvals, BharatPe is preparing for its upcomig IPO and has begun lining up bankers. The company aims to raise between ₹800 crore and ₹1,200 crore in a pre-IPO round, valuing it at 11.5–12 times revenue—close to Paytm’s 11x multiple but below its peak ₹20,000 crore valuation in 2021.

The company turned profitable in FY25, just seven years after launch. In comparison, Paytm achieved profitability in FY26, 15 years after its inception. While Paytm continues to dominate on scale with FY25 revenues of ₹6,900 crore against BharatPe’s ₹1,500 crore, BharatPe reported stronger margins at 7.3%, compared with Paytm’s 4%.

BharatPe is focused heavily on lending, which contributes 57% of its revenues, compared with 27% for Paytm. To strengthen this vertical, the company has increased its stake in its lending arm, Trillionloans. Additionally, it has secured RBI approval to operate as a payment aggregator and is in advanced talks to raise $80–100 million from Coatue Management.

Outlook

The upcoming IPOs reflect strong momentum across industries such as finance, automotive, renewable energy, food, and fintech. For investors, the key decisions will involve evaluating BharatPe’s lean and profitable model against Paytm’s larger scale, while also considering opportunities in the seven SEBI-cleared offerings. Together, these developments underline the growing depth and diversity of India’s capital markets