SEBI Clears HDB Financial IPO and Five Others: India’s IPO Engine Gains Speed in 2025
India’s IPO landscape is heating up in 2025 as the Securities and Exchange Board of India (SEBI) has approved six major IPOs, including that of HDB Financial Services, a key NBFC arm of HDFC Bank. The HDB Financial IPO SEBI approval marks a significant development for India’s capital markets, coming ahead of the RBI’s mandate requiring large NBFCs to be listed by September 2025. With a cumulative issue size of over ₹12,500 crore, the IPO is poised to inject fresh energy into the financial sector, while five other diverse IPOs aim to shake up segments like solar energy, chemicals, shipping, steel, and jewellery.
SEBI Clears HDB Financial IPO: A Mega Listing in the Making
SEBI issued its observation letter for HDB Financial’s IPO on May 28, 2025, as confirmed in SEBI’s document published on June 3. The IPO comprises a fresh issue worth ₹2,500 crore and an offer-for-sale (OFS) of ₹10,000 crore by HDFC Bank, which currently holds a 94.36% stake.
HDB Financial, incorporated in 2007, offers a mix of secured and unsecured loans through 1,680+ branches pan-India. The IPO proceeds will be utilised to strengthen its Tier-I capital, enabling the firm to scale lending operations and meet future growth demands.
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Financial Snapshot (Q4 FY25):
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Net Profit: ₹530 crore
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Net Revenue: ₹2,620 crore
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Loan Book: ₹1.07 trillion
This IPO not only aligns with RBI’s 2022 norms but also signifies HDFC Bank’s strategic intent to unlock value and enhance governance in its NBFC arm.
SEBI Clears HDB Financial IPO& Five Others Across Diverse Sectors
Besides HDB Financial, SEBI also approved five other IPOs in the last week of May 2025, reinforcing India’s bullish equity sentiment.
1. Vikram Solar Ltd. (Kolkata-based solar PV manufacturer)
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Fresh Issue: ₹1,500 crore
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OFS: 1.74 crore shares
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Pre-IPO Plan: Raise up to ₹300 crore
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Use of Funds: To set up a 3,000 MW solar cell + module plant in Tirunelveli, TN, and expand to 6,000 MW in Phase-II
2. Dorf-Ketal Chemicals India Pvt Ltd. (Mumbai-based specialty chemicals maker)
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Total Issue Size: ₹5,000 crore
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Fresh Issue: ₹1,500 crore
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OFS: ₹3,500 crore by Menon Family Holdings
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Pre-IPO Round: Up to ₹300 crore
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Use of Proceeds: Debt repayment and general corporate purposes
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Industries Served: Oil, gas, petrochemicals, and industrial processing
3. Shreeji Shipping Global Ltd. (Gujarat-based shipping and logistics company)
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IPO Type: Entirely fresh issue of 2 crore shares
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Focus: Acquisition of Supramax dry bulk carriers, debt repayment, and expansion of logistics capacity
4. A-One Steels India Ltd. (Bangalore-based steel manufacturer)
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IPO Size: ₹650 crore
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Fresh Issue: ₹600 crore
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OFS: ₹50 crore
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Use of Funds: Expand steel manufacturing, invest in group captive solar power, and reduce debt
5. Shanti Gold International Ltd. (Mumbai-based gold jewellery maker)
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IPO Structure: Fresh issue of 1.8 crore shares
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Purpose: Expansion, working capital needs, and debt servicing
IPO Wave Signals Confidence in India’s Growth Sectors
This diverse IPO wave—from finance and renewables to chemicals and logistics—indicates a strong revival of investor sentiment and a broad-based economic recovery. The cumulative public issues will not only channelize retail and institutional investments but also support job creation and technological upgrades in capital-intensive sectors.
Moreover, after the SEBI clears HDB Financial IPO, its listing will likely set a benchmark for other NBFCs approaching their regulatory listing deadline. With large-cap names entering the fray, we may also see a ripple effect across secondary market valuations, especially in financial services and clean energy stocks.
SEBI Clears HDB Financial IPO & Five Others: Market Impact and Investor Takeaway
SEBI clears HDB Financial IPO, with its sizeable offer and established parentage, could become one of India’s biggest NBFC listings. Investors should watch for the price band, listing timeline, and grey market premium (GMP) once the RHP is filed. Simultaneously, the approvals of Vikram Solar and Dorf-Ketal may ignite sector-specific rallies in solar and chemical stocks, boosting mid-cap energy and specialty chemical indices.
The current IPO approvals reflect SEBI’s push towards a more transparent and diversified capital market, and could lead to a robust Q2-Q3 pipeline in FY25.
Disclaimer: The views and investment insights provided here are based on publicly available information and do not constitute financial advice. Readers are advised to conduct their own research or consult certified financial experts before making investment decisions.
