SEBI to approve IPOs for HDB Financial, Hero FinCorp, and Vikram Solar
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SEBI to approve IPOs for HDB Financial, Hero FinCorp, and Vikram Solar

Growfast Securities and Credit Private Limited / Blog  / News  / SEBI to approve IPOs for HDB Financial, Hero FinCorp, and Vikram Solar
03 Jun 2025

SEBI to approve IPOs for HDB Financial, Hero FinCorp, and Vikram Solar

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Sebi to aprove ipo for hdb financial , herofincorp, vikram solar

India’s capital markets regulator, the Securities and Exchange Board of India (SEBI), is likely to grant approval for three high-profile initial public offerings (IPOs) in the coming weeks. These include IPOs from two major non-banking financial companies—HDB Financial Services and Hero FinCorp—as well as solar energy solutions provider Vikram Solar, according to sources familiar with the developments.

HDB Financial Services IPO: ₹12,500 Crore Landmark Listing in Sight

HDB Financial Services is poised to launch a massive ₹12,500 crore IPO, which could become the largest IPO ever by a non-bank lender in India. This offering is only rivaled by Tata Capital’s proposed ₹15,000 crore IPO, which is still under SEBI review. If cleared, the HDB Financial IPO will also be the biggest across sectors since Hyundai Motor India’s $3.3 billion issue in 2024.

The structure of the IPO includes a ₹2,500 crore fresh issue and a ₹10,000 crore offer for sale (OFS) by its parent company, HDFC Bank, which currently holds a 94.36% stake. Originally filed in November 2023, the IPO was under extended scrutiny due to a possible breach of the Companies Act, 2008, involving a private share placement to over 50 employees. Sources indicate that the regulatory issue has now been resolved.

This move also aligns with the Reserve Bank of India’s mandate requiring upper-layer NBFCs to go public. Over time, HDFC Bank will need to reduce its stake in HDB below 20% to meet RBI’s structural norms.

Hero FinCorp IPO: ₹3,668 Crore Listing Nearing Approval

Hero FinCorp, the financial services arm of Hero MotoCorp and backed by private equity player ChrysCapital, is also close to receiving SEBI’s final nod. Filed in July 2024, the proposed IPO aims to raise ₹3,668 crore, consisting of a ₹2,100 crore fresh issue and a ₹1,568 crore OFS from existing investors.

The IPO proceeds are intended to strengthen the company’s Tier-I Capital base, which will support its future lending growth. Hero FinCorp, established in 1991, provides financing across multiple segments including two-wheelers, affordable housing, SME loans, and education.

Vikram Solar IPO: ₹1,500 Crore Offering in the Pipeline

Solar energy firm Vikram Solar is also awaiting SEBI clearance for its ₹1,500 crore IPO. The draft red herring prospectus was filed on September 30, and the issue comprises a fresh equity issuance along with an offer-for-sale of 1.74 crore shares by promoters Gyanesh Chaudhary, Anil Chaudhary, and Vikram Capital Management.

The company may also raise ₹300 crore through a pre-IPO private placement, which would reduce the size of the fresh issue accordingly. Vikram Solar is among the top players in India’s solar PV module manufacturing sector and is expected to benefit from the country’s strong push towards renewable energy adoption.

A Promising IPO Season Backed by Strong Fundamentals

With all three IPOs likely to receive SEBI’s green light soon, India’s primary market is gearing up for a vibrant mid-2025. The upcoming listings from leading financial and renewable energy companies underscore investor confidence and economic momentum.

Where Should You Invest? A Guide from Growfast Securities

For investors looking to make informed decisions, understanding the future potential of these companies is crucial. Monitoring HDB Financial share price, Hero FinCorp share price, and Vikram Solar price post-listing will offer key insights into market sentiment and business performance.

If you’re interested in participating early or exploring opportunities in unlisted shares, Growfast Securities and Credit Pvt Ltd specializes in buying and selling unlisted shares and can guide you through investment options tailored to your goals. Whether you’re eyeing long-term growth in financial services or the booming renewable energy sector, our experts help you identify which company is best suited for your future portfolio.

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