HDB Financial Services, Vikram Solar, Four Others Get SEBI Nod For IPO

HDB Financial Services Ltd., Vikram Solar Ltd. and four other companies have received the go-ahead from the Securities and Exchange Board of India for their initial public offerings. The market regulator issued its observation letter on May 28, which in SEBI parlance means final approval.

A-One Steels India Ltd., Shanti Gold International Ltd., Dorf-Ketal Chemicals India Ltd. and Shreeji Shipping Global Ltd. are the companies getting the SEBI nod for their IPOs.

HDB Financial Services filed its draft red herring prospectus in October last year to raise up to Rs 12,500 crore through an IPO. The offer entails both fresh issue and offer for sale.

The financial services company will offer equities with a face value of Rs 10 each worth Rs 2,500 crore as fresh issue. Promoter HDFC Bank will sell Rs 10,000-crore equities with a face value of Rs 10 each in the subsidiary.

HDFC Bank owns 94.6% stake in HDB Financial Services. After fundraise from the primary market, HDB Financial Services will continue to be its subsidiary, the private lender said earlier in the month.

HDB Financial Services is going for the initial public offer as the Reserve Bank of India mandated that large non–banking financial services companies are required to be listed on the exchanges by financial year 2025.

Vikram Solar is a solar photo-voltaic modules manufacturers. The IPO, with a face value of Rs 10 per equity share, is a mix of fresh issue of shares up to Rs 1,500 crore and an offer for sale of up to 17.45 million equity shares by promoter and promoter group selling shareholders.

A-One Steel India filed its draft papers in January for Rs 650-crore initial public offer. The offer consists of a fresh issue worth Rs 600 crore and Rs 50 crore offer for sale.

Promoters Sandeep Kumar, Sunil Jallan, and Krishnan Kumar Jalan will offload shares with a face value of Rs 10 up to Rs 50 crore or 25.13% of their total holding, according to the DRHP.

Dorf-Ketal Chemicals IPO is a book-building of Rs 5,000 crore. The issue is a combination of a fresh issue of Rs 1,500 crore and offer for sale of Rs 3,500 crore.

The company manufactures and supplies specialty chemicals across the hydrocarbons and industrial supply chains, including the oil and gas, refining and petrochemicals industries.

The portfolio includes hydrocarbons-related chemicals like oil field, refinery, and fuel additives, as well as industrial chemicals like organometallic titanates, PVF, OBA, and lubricant additives.

Shanti Gold International IPO consists of a fresh issue of 1.8 crore shares and Shreeji Shipping Global IPO has a fresh issue of two crore shares.