Upcoming IPOs: 6 firms get Sebi’s approval to launch IPOs; HDB Financial, Vikram Solar on the list

The Securities and Exchange Board of India (SEBI) on Tuesday announced that it approved the initial public offering for six companies to raise capital through initial public offerings (IPOs), according to a regulatory update released on Tuesday.

The approved entities are HDB Financial Services, a subsidiary of HDFC Bank, and Vikram Solar, A-One Steels India, Shanti Gold International, Dorf-Ketal Chemicals, and Shreeji Shipping Global.

These companies had submitted their draft IPO documents to SEBI between October 2024 and January 25, 2025.

They received SEBI’s observations between May 27 and May 30, 2025. 

HDB Financial Services IPO details

HDB Financial Services plans to raise funds through a combination of a fresh issue of equity shares worth Rs 2,500 crore and an offer-for-sale (OFS) of Rs 10,000 crore by its promoter, HDFC Bank.

Currently, HDFC Bank holds a 94.36 per cent stake in the non-banking financial company (NBFC). The proceeds from the fresh issue will be used to strengthen the company’s Tier-I capital base, supporting future lending and business expansion.

Vikram Solar IPO details

Vikram Solar also plans a mixed IPO, comprising a fresh issue of shares worth up to Rs 1,500 crore and an OFS of up to 17.45 million equity shares by the promoter and promoter group.

Shares of all six companies are proposed to be listed on both the BSE and NSE.