Sebi green lights IPOs of HDB Financial, Vikram Solar, four others

IPO News

Capital market regulator Sebi has approved draft papers of six companies, including HDB Financial Services, Vikram Solar, and Dorf-Ketal Chemicals during week ended May 30, the watchdog has informed, along with few other IPOs.

A-One Steels India, Shanti Gold International, and Shreeji Shipping Global are other three companies that got the approval of the regulator.

The regulator issued observation letter on draft documents of Dorf-Ketal Chemicals and Shreeji Shipping Global on May 27, HDB Financial Services on May 28, and Vikram Solar on May 29. The draft documents of A-One Steels India and Shanti Gold International were cleared on May 30, as per the processing status of draft offer documents published on June 3.

In Sebi's parlance, the issuance of observation letter means the company can launch its IPO within the next one year.

HDB Financial Services, the subsidiary of HDFC Bank, is planning to raise Rs 12,500 crore via initial public offering (IPO), which will consist of fresh issuance of equity shares worth Rs 2,500 crore, and an offer-for-sale (OFS) of Rs 10,000 crore by the promoter. This is the largest IPO amongst these six.

Incorporated in 2007, the retail-focused non-banking financial company, which had filed draft papers on October 30 last year, will utilise the fresh issue proceeds for augmenting its Tier – I capital base to meet future capital requirements including onward lending, arising out of the growth of its business.

Kolkata-based solar photo-voltaic modules manufacturer Vikram Solar had filed IPO papers with the SEBI on September 30 last year. Its IPO will comprise of fresh issuance of Rs 1,500 crore, and an OFS of 1.74 crore shares by promoters.

The company may consider raising up to Rs 300 crore in pre-IPO round. It intends to use fresh issue funds for setting up of an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility at Tirunelveli, Tamil Nadu (Phase-I project), and further for expanding the manufacturing capacity of the solar module manufacturing facility set up under the Phase-I Project from 3,000 MW to 6,000 MW at the project site (Phase-II project).

Mumbai-based Dorf-Ketal Chemicals India has proposed to raise Rs 5,000 crore via IPO which will be a combination of fresh issue of shares worth Rs 1,500 crore, and an OFS of Rs 3,500 crore worth shares by Menon Family Holdings, the promoter. It had filed draft red herring prospectus for its IPO on January 23 this year.

In pre-IPO round, it is planning to raise up to Rs 300 crore.

The company that manufactures specialty chemicals across the hydrocarbons and industrial supply chains catering to oil and gas, refining and petrochemicals industries intends to utilise fresh issue funds for repaying debt, and general corporate purposes.

Mumbai-based gold jewellery maker Shanti Gold International, which had filed draft documents on January 13 this year, plans to approach capital markets to raise funds for expansion, working capital requirements, and repayment of debt. Its IPO comprises of solely fresh issue of 1.8 crore equity shares.

Shreeji Shipping Global that provides shipping and logistic solution for dry bulk cargo had filed draft papers for IPO on January 24 this year. The offer consists of entirely fresh issue of 2 crore equity shares.

The Gujarat-based company proposes to use IPO proceeds for acquisition of dry bulk carriers in Supramax category in the secondary market, repayment of debt, and general corporate purposes.

A-One Steels India is looking to mobilise Rs 650 crore via initial share sale which will be a mix of fresh issue of shares worth Rs 600 crore, and an OFS of Rs 50 crore worth shares by promoters. The draft papers were filed by the company on December 30, 2024.

The Bangalore-based steel manufacturer plans to utilise fresh issue funds for purchase of equipment /machineries and civil works for expansion of manufacturing facility, investment in group captive power for procurement of solar energy, and repaying debt.