After a noticeable pause in the IPO market, SEBI has given the green light to six major companies to raise funds through initial public offerings worth a total of ₹20,000 crore. This fresh momentum signals a strong revival in primary market activity. The most significant of these is the IPO by HDB Financial, an arm of HDFC Bank, which plans to raise ₹12,500 crore—making it the biggest IPO by any NBFC in India so far.
In the HDB Financial IPO, ₹10,000 crore worth of shares will be sold via the offer for sale (OFS) route, while the remaining ₹2,500 crore will be raised as a fresh issue, allowing the NBFC to infuse capital directly. This will give investors a rare chance to invest in a well-known financial services brand from the HDFC group.
The next big IPO approval came for Dorf-Ketal Chemicals, which plans to raise ₹5,000 crore through a mix of fresh issue and OFS. The company is known for manufacturing and supplying specialty chemicals and hydrocarbon-based solutions across industrial sectors. This IPO is also one of the larger offerings among unlisted chemical companies in recent times.
Vikram Solar, a leading solar photovoltaic module manufacturer, has also received SEBI’s nod. The company aims to raise ₹1,500 crore through a fresh issue, and its existing shareholders are expected to offload 1.75 crore shares via the OFS route. The IPO is set to support its expansion in the booming clean energy sector.
SEBI also cleared IPO plans for three other companies—A-One Steel, Shanti Gold, and Shreeji Shipping. A-One Steel’s IPO size is expected to be around ₹650 crore, while Shanti Gold and Shreeji Shipping are primarily offering shares through OFS. Their issue sizes are currently defined in terms of the number of shares being offered—1.8 crore shares by Shanti Gold and 2 crore shares by Shreeji Shipping—and not in terms of amount raised.
These approvals come as a much-needed boost for the capital market, where listing activity had slowed down significantly in recent months. With large and mid-sized companies preparing to hit the market soon, retail and institutional investors can expect a busy IPO season ahead.