India’s capital markets regulator, the Securities and Exchange Board of India (SEBI), is poised to approve three major IPOs in the coming weeks, according to sources with direct knowledge of the matter. These include the highly anticipated public offerings of non-bank lenders HDB Financial Services, and Hero FinCorp, as well as solar photo-voltaic modules manufacturer Vikram Solar.
HDB Financial IPO: ₹12,500 crore mega listing on the horizon
The much-awaited HDB Financial offering of ₹12,500 crores (or approx. $1.5 billion) would be the country’s largest IPO ever for a non-bank lender, apart from Tata Capital’s proposed ₹
The IPO will comprise a ₹2,500 crore fresh issue and a ₹10,000 crore offer for sale by its parent company, HDFC Bank. Filed in November 2023, the draft offer was under extended SEBI scrutiny over a potential violation of the Companies Act, 2008, concerning a private placement of shares to over 50 employees of HDFC Bank — a move that triggered classification concerns.
Sources tell CNBC-TV18 that the compliance issue has since been resolved, paving the way for SEBI’s approval.
The listing also is in line with RBI’s directive for upper-layer NBFCs to go public. HDFC Bank, which owns 94.36% of HDB, must eventually bring its stake below 20% to comply with RBI’s structural separation norms.
The IPO of Hero FinCorp, backed by ChrysCapital and part of the Hero MotoCorp group, is also close to receiving SEBI clearance.
Hero Fincorp filed its DRHP with SEBI in July 2024, proposing to raise ₹3,668 crore, comprising a ₹2,100 crore fresh issue and an ₹1,568 crore offer for sale (OFS) by existing investors. Reports had since suggested the SEBI nod was delayed due to potential compliance issues related to rules governing unlisted companies.
Hero Fincorp, which is the financial services arm of India's largest two-wheeler maker Hero MotoCorp, plans to use IPO proceeds for the augmentation of its Tier–I Capital base to meet its future capital requirements towards onward lending. Established in December 1991, the NBFC offers two-wheeler financing, advances for buying homes in the affordable housing segment, loans for education, and lending to the small and medium enterprise sector.
Vikram Solar IPO: ₹1,500 crore listing
Vikram Solar, which is one of the largest solar photo-voltaic modules manufacturers in India, had filed draft papers with SEBI for fund-raising via initial share sale on September 30. The proposed IPO consists of a fresh issue of ₹1,500 crore worth shares and an offer-for-sale of 1.74 crore equity shares by promoters Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary.
The solar solutions provider may consider raising ₹300 crore funds via private placement (the pre-IPO placement). If the company raises funds in pre-IPO placement, the said amount will be reduced from the fresh issue.
With all three offerings expected to receive the green light soon, the Indian IPO market is gearing up for a robust mid-2025, with major financial and renewable energy names preparing to tap public capital.
HDB Financial IPO: ₹12,500 crore mega listing on the horizon
The much-awaited HDB Financial offering of ₹12,500 crores (or approx. $1.5 billion) would be the country’s largest IPO ever for a non-bank lender, apart from Tata Capital’s proposed ₹
15,000 crores IPO, which is yet to be cleared. HDB Financial’s IPO would also be the biggest one among all sectors since Hyundai Motor India’s $3.3 billion deal last year.
The IPO will comprise a ₹2,500 crore fresh issue and a ₹10,000 crore offer for sale by its parent company, HDFC Bank. Filed in November 2023, the draft offer was under extended SEBI scrutiny over a potential violation of the Companies Act, 2008, concerning a private placement of shares to over 50 employees of HDFC Bank — a move that triggered classification concerns.
Sources tell CNBC-TV18 that the compliance issue has since been resolved, paving the way for SEBI’s approval.
The listing also is in line with RBI’s directive for upper-layer NBFCs to go public. HDFC Bank, which owns 94.36% of HDB, must eventually bring its stake below 20% to comply with RBI’s structural separation norms.
Hero FinCorp IPO: ₹3,668 crore offering awaits final nod
The IPO of Hero FinCorp, backed by ChrysCapital and part of the Hero MotoCorp group, is also close to receiving SEBI clearance.
Hero Fincorp filed its DRHP with SEBI in July 2024, proposing to raise ₹3,668 crore, comprising a ₹2,100 crore fresh issue and an ₹1,568 crore offer for sale (OFS) by existing investors. Reports had since suggested the SEBI nod was delayed due to potential compliance issues related to rules governing unlisted companies.
Hero Fincorp, which is the financial services arm of India's largest two-wheeler maker Hero MotoCorp, plans to use IPO proceeds for the augmentation of its Tier–I Capital base to meet its future capital requirements towards onward lending. Established in December 1991, the NBFC offers two-wheeler financing, advances for buying homes in the affordable housing segment, loans for education, and lending to the small and medium enterprise sector.
Vikram Solar IPO: ₹1,500 crore listing
Vikram Solar, which is one of the largest solar photo-voltaic modules manufacturers in India, had filed draft papers with SEBI for fund-raising via initial share sale on September 30. The proposed IPO consists of a fresh issue of ₹1,500 crore worth shares and an offer-for-sale of 1.74 crore equity shares by promoters Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary.
The solar solutions provider may consider raising ₹300 crore funds via private placement (the pre-IPO placement). If the company raises funds in pre-IPO placement, the said amount will be reduced from the fresh issue.
With all three offerings expected to receive the green light soon, the Indian IPO market is gearing up for a robust mid-2025, with major financial and renewable energy names preparing to tap public capital.
(Edited by : Akanksha Upadhyay)
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