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The Securities and Exchange Board of India (SEBI) has given its in-principle approval for six companies to launch their Initial Public Offerings (IPOs). These companies are HDB Financial Services, Vikram Solar, Shreeji Shipping Global, Shanti Gold International, Dorf-Ketal Chemicals, and A-One Steels India.
Here is a detailed look at each of these upcoming IPOs:
HDB Financial Services IPO
HDB Financial Services plans to raise a total of ₹12,500 crore. This will be done through two parts: a fresh issue of ₹2,500 crore where new shares will be created, and an Offer for Sale (OFS) of up to ₹10,000 crore, where existing shareholders sell their shares.
This will be the largest IPO ever by a non-banking financial company (NBFC) in India. The money raised will help HDB Financial Services strengthen its Tier-I Capital base, meet future capital needs, and support the company’s growth plans.
Vikram Solar IPO
Vikram Solar, one of India’s largest solar panel manufacturers, filed its Draft Red Herring Prospectus (DRHP) with SEBI on September 30, 2024, and received approval on May 29, 2025.
The company plans to raise ₹1,500 crore through a fresh issue of shares. In addition, promoters will sell 1.74 crore shares through an OFS.
Vikram Solar is well-known for its strong installed capacity of solar photovoltaic (PV) modules, playing a major role in India’s renewable energy sector.
Shreeji Shipping Global IPO
Shreeji Shipping Global, a Gujarat-based company providing shipping and logistics solutions, received SEBI approval after about five months since filing its DRHP.
This IPO will consist entirely of a fresh issue of 2 crore equity shares, with no offer for sale component.
The funds raised will be used to buy dry bulk carriers, repay or prepay existing borrowings, and for general corporate purposes to support the company’s business operations.
Shanti Gold International IPO
Mumbai-based Shanti Gold International, a manufacturer of high-quality 22-karat gold jewellery with cubic zirconia (CZ) casting, is offering a fresh issue of up to 1.8 crore equity shares.
There is no offer for sale in this IPO.
The proceeds from the IPO will be used to build a new manufacturing facility in Jaipur, repay loans, fund working capital, and other corporate needs. Shanti Gold makes a variety of jewellery items, including bangles, rings, necklaces, and sets.
Dorf-Ketal Chemicals IPO
Dorf-Ketal Chemicals, founded in 1992, is a global supplier of specialty chemicals used in hydrocarbons and industrial supply chains. The company’s clients include big names like Reliance Industries, Indian Oil Corporation, and Vedanta.
Dorf-Ketal plans to raise ₹5,000 crore through its IPO, consisting of a fresh issue worth ₹1,500 crore and an OFS component of ₹3,500 crore.
A-One Steels India IPO
A-One Steels India, based in Bengaluru, is a steel manufacturer with six plants across Karnataka and Andhra Pradesh. It is a backward-integrated company, meaning it controls multiple stages of steel production.
The company is planning a fresh equity issue worth up to ₹600 crore, along with an OFS of shares totaling up to ₹50 crore by the promoters.
The IPO proceeds will be used to invest in its subsidiary, Vanya Steels Pvt Ltd, repay borrowings, and for other corporate purposes.
Conclusion
SEBI’s approval for these six IPOs marks an important development for investors and the Indian capital market. These offerings cover a diverse range of industries including finance, renewable energy, shipping, jewellery manufacturing, specialty chemicals, and steel production. The funds raised through these IPOs will help these companies strengthen their capital, repay debts, expand operations, and invest in future growth.
