SEBI clears 6 IPOs to raise ₹21,600 crore

Capital market regulator SEBI has given approval to six companies to cumulatively raise about ₹21,600 crore through initial public offerings (IPOs).

The large issues that have received the regulator nod on Tuesday include HDB Financial Services, Dorf-Ketal Chemicals India and Vikram Solar.

HDB Financial Services filed its draft red herring prospectus in last October to raise up to ₹12,500 crore through an IPO.

The listing of HDFC Bank subsidiary was necessitated by the RBI mandate that large non–banking financial services companies are required to be listed on the exchanges by FY25.

The financial services company will offer equities with a face value of ₹10 each worth ₹2,500 crore as fresh issue. Promoter HDFC Bank will sell ₹10,000-crore equities with a face value of ₹10 each in the subsidiary. Even after fund raise, HDB Financial Services will continue to be its subsidiary.

Solar photo-voltaic modules manufacturers, Vikram Solar plans to raise ₹3,000 crore through fresh issue and offer for sale by existing promoters.

The company intends to use proceeds from the fresh issuance to the extent of ₹793 crore for partial funding of capital expenditure through investment in its wholly owned subsidiary, VSL Green Power, for setting up of an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility at the project site.

Another ₹603 crore will be used to fund the expansion of the solar module manufacturing facility set up under Phase I at the same site — from 3,000 MW to 6,000 MW (Phase II of the project), also through investment in VSL Green Power. The company has manufacturing facilities at Falta SEZ in Kolkata and Oragadam in Chennai.

Dorf-Ketal Chemicals IPO is a book-building of ₹5,000 crore. The issue is a combination of a fresh issue of ₹1,500 crore and offer for sale of ₹3,500 crore. The company manufactures and supplies specialty chemicals across the hydrocarbons and industrial supply chains.

A-One Steel India filed its draft papers in January to raise ₹650 crore through IPO. The offer consists of a fresh issue worth ₹600 crore and ₹50 crore offer for sale. Promoters Sandeep Kumar, Sunil Jallan and Krishnan Kumar Jalan will also offload shares.

Shanti Gold International and Shreeji Shippping Global IPO consists of a fresh issue of 1.8 crore and 2 crore equity shares.

Shreeji Shipping plans to use IPO funds for acquisition of dry bulk carriers in supramax category in the secondary market and repay debt.

Published on June 3, 2025