The Indian Initial Public Offering (IPO) market is experiencing a significant surge in 2025, with a cohort of latest-age startups that together are targeting to raise about ₹18,000 crore.

Big IPO Plans: Startups to Raise ₹18,000 Crore in 2025

﻿Crizac Limited, a distinguished B2B education platform specializing in worldwide student recruitment, is poised to launch its Initial Public Offering (IPO) on July 2, 2025, with the subscription window closing on July 4, 2025.

Crizac Limited IPO Review: A Deep Dive into the International Education Recruitment Opportunity

In a significant regulatory move, the Securities and Exchange Board of India (SEBI) has obligatory and mandated the regulations related to all <a target="_blank" href="https://www.planify.in/venture-fund/">Venture Capital Funds</a> (VCFs) which are registered under the SEBI (Venture Capital Funds) Regulations, 1996, are required to transition to the AIF framework under the SEBI (Alternative Investment Funds) Regulations, 2012, by July 25, 2025."&nbsp; <h3 style="line-height:1.38;text-align: justify">Background</h3>​ <ul><li style="font-size:15px;color:#000000;background-color:transparent">VCF Structure (1996): VCFs were regulated under SEBI’s 1996 regime, which was aimed at mainly facilitating early-stage capital investment.&nbsp;&nbsp; </li><li style="font-size:15px;color:#000000;background-color:transparent">AIF Regulations (2012): Came into effect with a normative framework that aimed to standardize and provide more clarity and flexibility of pooling fund capabilities that was more comprehensive than VCFs.&nbsp;&nbsp;</li></ul>​Why Migration? This is not simply a regulatory move on the bureaucratic side of things, it seems to be a move toward modernity, transparency, and to align with the realities of today’s investments. Here's why SEBI is doing this:​ <div style="margin-left:0pt"><table><tbody><tr><td>Key Aspects</td><td>Old Regulations&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; (1996)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>New Regulations (2012 Onwards)&nbsp;</td><td>Key Benefits&nbsp;</td></tr><tr><td>Regulatory Framework&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Separate, outdated rules specific to Venture Capital Funds&nbsp;</td><td>Unified, flexible framework covering all Alternative Investment Funds (AIFs).</td><td>Consolidates fund structures under one regime, simplifying compliance and oversight.</td></tr><tr><td>Ecosystem Relevance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Designed for a nascent startup and investment environment.</td><td>Tailored for a modern, diverse investment panorama consisting startups, PE, hedge funds.</td><td>Better alignment with current market realities and investor needs.&nbsp; </td></tr><tr><td>Risk Categorisation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Limited risk classification and governance norms.&nbsp;&nbsp;&nbsp;</td><td>Clear risk categories (Category I, II, III) with defined governance standards.</td><td>Enhanced risk management and investor protection. </td></tr><tr><td>Investor Transparency&nbsp;&nbsp;&nbsp;</td><td>Minimal disclosure and reporting requirements.</td><td>Mandatory detailed disclosures, regular reporting.</td><td>Improves investor trust through greater transparency</td></tr><tr><td>Regulatory Oversight&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Fragmented oversight with potential regulatory gaps&nbsp;</td><td>Streamlined SEBI oversight with uniform compliance rules.&nbsp;</td><td>Reduces regulatory arbitrage and enforces consistent practices.&nbsp;</td></tr><tr><td>Flexibility &amp; Innovation</td><td>Rigid structure limiting fund strategies&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Flexible framework supporting varied investment strategies&nbsp;</td><td>Encourages innovation and adaptability in fund management.&nbsp;</td></tr></tbody></table></div>

This table demonstrates why SEBI is directing the shift from the prior VCF regulations to the AIF structure by July 2025. The move is not just procedural but it also is a major modernisation aimed to improve transparency, governance, and investors' confidence in India's&nbsp; evolving investment ecosystem.<h4 style="line-height:1.38;text-align: justify">&nbsp;What Does This Mean for Existing VCFs?</h4>VCFs that were registered under the 1996 regulations have two choices: <ul><li>Re-register as AIFs under the 2012 framework by July 2025.</li></ul><ul><li>Wind down operations by the deadline by July 2026, if they don’t plan to continue.</li></ul> SEBI has stated that legacy funds will not be permitted to raise new capital unless they transition to the AIF structure.​Current Mandates​<ul><li style="font-size:15px;color:#000000;background-color:transparent">Migration Deadline: SEBI demands that any legacy VCF to transitions into Category I AIFs under a new “migrated VCF” sub-category must submit their migration application by 19 July 2025.<a href="https://www.indiaipo.in/news/detail/sebi-engages-with-venture-capital-funds-directly-to-smoothen-transition-to-aif?utm_source=chatgpt.com">&nbsp;</a><a href="https://www.indiaipo.in/news/detail/sebi-engages-with-venture-capital-funds-directly-to-smoothen-transition-to-aif?utm_source=chatgpt.com"> </a></li><li style="font-size:15px;color:#000000;background-color:transparent">Extended Liquidation Timeline: Post-migration, funds managing expired schemes get an additional year, until 19 July 2026, to complete wind-ups.</li></ul> SEBI’s Engagement Many Venture Capital Funds (VCFs) are experiencing challenges with migration to the Alternative Investment Fund (AIF) regime, primarily due to asset liquidation delays and a lack of clarity regarding reporting under AIF norms. Certain VCFs remain operational despite the expiry of their scheme tenures and have yet to initiate the transition process. Additionally, industry feedback revealed outdated contact records and confusion surrounding the regulatory shift. SEBI has collaborated with Venture Capital Funds (VCFs) and industry bodies such as IVCA and PEVCCFO to resolve these issues and support the transition from VCFs to AIFs. In response to the issues, SEBI has taken the following actions:

<div style="margin-left:0pt"><table><tbody><tr><td>Affected Funds &amp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Issues&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>SEBI's Responses &amp; Measures&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td></tr><tr><td>Asset Liquidation Delays</td><td>Liquidation Extension: Granted a one-year extension until July 19, 2026, for winding up expired schemes.&nbsp;Purpose of the extension:Gives invaluable time to funds to clean up without compromising their governance and avoiding impairing their investors' returns. </td></tr><tr><td>Lack of Clarity on AIF Reporting &amp; Compliance</td><td>Direct Engagement: Engaged with VCFs and industry bodies like IVCA and PEVCCFO to clarify challenges.&nbsp;Industry Feedback &amp; Support: Invited industry feedback and promoted dialogue to address confusion and assist with compliance.&nbsp; </td></tr><tr><td>Tepid Response to Migration Circular</td><td>Fixed Migration Deadline: Maintained the firm deadline of July 19, 2025, for VCFs to apply for migration to the AIF framework.&nbsp;Migration Framework: Introduced a one-time migration window with simplified re-registration, fee waivers, and customized compliance norms.&nbsp; </td></tr><tr><td>Outdated Contact Records &amp; Operational VCFs Past Tenure</td><td>Proactive Outreach: Partnered with IVCA and PEVCCFO to disseminate information and effectively reach out to VCFs.Compliance Enforcement: Emphasized that VCFs operating past their permitted tenure without migration may face regulatory action.&nbsp; </td></tr><tr><td>Challenges with Residual Assets &amp; Winding Up.&nbsp;</td><td>Structured Path: The migration framework offers a structured path for managing residual assets and ensuring regulatory compliance.&nbsp;Conditions for Migration: Migration is limited to well-governed and fully compliant funds with no outstanding investor grievances or governance concerns.&nbsp; </td></tr></tbody></table></div>

Implications &amp; Outlook <ul><li style="font-size:15px;color:#000000;background-color:transparent">Regulatory Clarity: The firm's July 2025 deadline signals SEBI’s intent to finalise the consolidation of funds under the modern AIF umbrella. </li><li style="font-size:15px;color:#000000;background-color:transparent">Industry Cleanup: Underperforming or non-compliant legacy VCFs face a decision between migration or surrendering their registration. </li><li style="font-size:15px;color:#000000;background-color:transparent">Compliance Plus Time: The extra liquidation window reflects SEBI’s flexible yet structured approach, allowing a smoother glide path without compromising oversight.</li></ul> Conclusion&nbsp; SEBI’s decisive move balances momentum and flexibility, pressing VCFs to align with the contemporary AIF regime while offering them breathing space to cleanly wrap up legacy portfolios. For fund managers, the crux lies in the timely submission of migration applications by mid‑July 2025, backed by prompt and disciplined asset wind-down.

(SEBI) has obligatory and mandated the regulations related to all Venture Capital Funds (VCFs) which are registered under the SEBI (Venture Capital Funds) Regulations, 1996, are required to transition to the AIF framework under the SEBI (Alternative Investment Funds) Regulations, 2012, by July 25, 2025."

SEBI Sets Deadline for Venture Capital Funds to Shift to AIF Structure by July 2025

In India's booming aviation industry, a billionaire Vijay Mallya dreamed of creating India's most luxurious airline. He wasn't just starting an airline though—he was starting a brand that would take the decadence of his liquor empire into the stratosphere. In 2005, Kingfisher Airlines started its operation with its crimson red branding, glamorous air hostesses, and in-flight entertainment screens on every seat—then a novelty—Kingfisher was the airline everyone wanted to fly. For a time, it appeared that Mallya could do no wrong. He was dubbed the “King of Good Times,” living large in private jets, hosting lavish parties, and even owning a Formula One team. But behind the scenes, cracks were forming. And they ran deep. <h3 style="line-height:1.38">Dreams Too Big</h3>​ Mallya had grand ambitions, but so were his spending habits. He did not simply want to operate an airline; he wanted to rule the skies. In 2007 Kingfisher Airlines purchased struggling Air Deccan, which was India’s first low-cost carrier, to gain entry to the budget segment. It was a big risk; merging two very different brands and business models.&nbsp;At its peak, Kingfisher had: <ul><li style="font-size:15px;color:#000000;background-color:transparent">A fleet of 66 aircraft</li><li style="font-size:15px;color:#000000;background-color:transparent">Served over 70 domestic and international destinations</li><li style="font-size:15px;color:#000000;background-color:transparent">A market share of around 20% in Indian aviation</li></ul>But the luxury came at a cost — and it wasn’t sustainable.<h3 style="line-height:1.38">The Unraveling</h3>By 2011, the airline was bleeding money. To keep it head above water, Kingfisher borrowed massive sums of money from a consortium of 17 banks, including State Bank of India (SBI).The loans amounted to a staggering ₹9,000 crore at that time. Employees went unemployed, flights were grounded, and angry passengers inundated social media with complaints. Kingfisher had gone from an aspirational image to a national disgrace.Mallya gave personal guarantees and pledged Kingfisher brand value as collateral. But these turned out to be overvalued or worthless. The airline stopped operations in 2012, and soon after, it defaulted on its loans. The airline’s license was officially suspended. And by 2012:<ul><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Net losses had crossed ₹7,000 crore (~$1.2 billion).</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Salaries went unpaid for months.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Flights were grounded, and its flying license was eventually suspended by the Directorate General of Civil Aviation (DGCA).</li></ul> <h3 style="line-height:1.38">The Escape</h3>After the debts became overwhelming and numerous court cases, Mallya made a quick escape from India in 2016 and boarded a flight to London. He left behind a bankrupt airline, thousands of people not paid wages and a trail of upset banks.&nbsp; The Indian government labeled him a "willful defaulter," meaning someone who is capable of paying but chose not to. He claimed it was a witch-hunt. That he was being singled out. Unfortunately, it was all in front of him.&nbsp; Investigations revealed that the money for loans to Kingfisher Airlines was diverted to shell companies and accounts overseas.&nbsp; In 2019, a UK court agreed to extradite him to India, however, he continues to fight the extradition. Evaluating claims vs. evidence <div style="margin-left:0pt"><table><tbody><tr><td>Claims by Mallya</td><td>Evidence / Counterpoint</td></tr><tr><td>Loans repaid fully</td><td>Banks recovered only ₹10,815 cr of ₹17,781 cr owed; significant amount still unrecovered</td></tr><tr><td>Funds used to save airline</td><td>ED alleges ₹3,500 cr diverted to non‑airline uses like F1 &amp; IPL .</td></tr><tr><td>No wrongdoing—the airline failed due to crisis</td><td>While macroeconomic factors played a role, misuse of funds and overlooked statutory obligations were major issues .</td></tr><tr><td>Legitimate exit via pre-planned trip</td><td>He traveled to London on March 2, 2016, just before legal restrictions were enforced .</td></tr></tbody></table></div><h3 style="line-height: 1.38"> </h3><h3 style="line-height:1.38">Conclusion</h3>Today, Kingfisher Airlines lives on only in memories and legal battles. The brand that once promised luxury now serves as a cautionary tale in business schools. Vijay Mallya, once India’s Richard Branson, is now a fugitive. The skies may have moved on, but the story of Kingfisher reminds us that when ego outpaces ethics, even the most glamorous dreams can come crashing down.

By 2011, the airline was bleeding money. To keep it head above water, Kingfisher borrowed massive sums of money from a consortium of 17 banks, including State Bank of India (SBI)

The Rise and Fall of Kingfisher Airlines: A Cautionary Tale of Glamour, Debt, and Deceit

PhonePe, a dominant upcoming force in India's digital payments and fintech sector, is poised for a significant Initial Public Offering (IPO) in 2025, aiming to raise approximately $1.5 billion. This strategic decision to go public and shift is anticipated to value the business enterprise at around $15 billion, marking a massive growth from its previous and last private valuation of $12 billion in 2023. The upcoming planned public debut represents a pivotal moment for PhonePe and for India's burgeoning fintech enterprise, signaling the maturation of digital payment structures in the country. PhonePe anticipates filing its Draft Red Herring Prospectus (DRHP) with Indian regulators as early as August 2025, indicating that preparations are gathering massive momentum. About PhonePe: Journey and Business Model Founded in December 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe rapidly emerged as a main digital payments and financial services firm in India. The company's increased growth became considerably reinforced by means of its early adoption and integration with India's Unified Payments Interface (UPI) system, which went live in August 2016. PhonePe's core business model revolves around its mobile software, enabling users to perform a big range of financial transactions, including sending and receiving money, recharging mobiles, paying utility payments, and making in-store payments. Beyond its foundational payments offerings, PhonePe has strategically varied its services to come to be a complete financial and digital ecosystem. This growth consists of financial services including insurance, lending, and wealth management, along with new consumer technology ventures like Pincode, a hyperlocal e-commerce trade platform, and the Indus App Store, India’s first localized app;ication store. PhonePe generates sales through diversified numerous channels which includes commissions from product promotions on its app, partnerships via its 'Switch' platform, and commissions from cell and phone recharges and also by online purchases. The company additionally piloted processing costs for cell recharges in late 2021, indicating a shift toward diversifying revenues streams even inside its core offerings. Over the years, PhonePe has grown unexpectedly to be India’s biggest UPI platform by market share proportion, handling nearly half of all UPI transactions in the country. As of 2025, the phonePe platform already serves over 600 million registered users and surpasses more than 40 million merchants, processing close to 310 million transactions daily. As of January 2025, PhonePe accounted for nearly half of all UPI transactions in India, ultimately commanding a dominant 48.4% market share.&nbsp; <div class="se-component se-image-container __se__float-justify"><figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXemaM9fu94y0s4IiINbdIIedW3RVPHe9GQXC9QBwp3QbX8lwN1Osc1bZyXIlD1QHDpzBzOZjYKyojNCMWpDi-tsO4rRia0pcL3CvJtWjJnUrzTn2IlnrhDaAdgcpt30GNPIuFXH3Q?key=B5weAsHCHbbEhYLNDOdAEw" alt="" data-proportion="true" data-align="justify" data-file-name="AD_4nXemaM9fu94y0s4IiINbdIIedW3RVPHe9GQXC9QBwp3QbX8lwN1Osc1bZyXIlD1QHDpzBzOZjYKyojNCMWpDi-tsO4rRia0pcL3CvJtWjJnUrzTn2IlnrhDaAdgcpt30GNPIuFXH3Q?key=B5weAsHCHbbEhYLNDOdAEw" data-file-size="0" data-origin="," data-size="," data-rotate="" data-percentage="auto,auto" origin-size="751,575" style="margin-left: 0px; margin-top: 0px;"></figure></div>Strong Financial Performance Driving IPO Aspirations PhonePe has&nbsp; demonstrated strong and robust financial growth with a significant growth trajectory in the direction of profitability that lays down a sturdy foundation for its upcoming IPO ahead. In the financial year FY24, the enterprise stated an outstanding operating sales and revenue of ₹5,064 crore, marking a 73% to 74% year-on-year growth from ₹2,914 crore in FY23. This enormous sales increase highlights the accelerating adoption of PhonePe's services throughout India. Significantly, PhonePe has additionally made significant development in its profitability journey. While it stated a net loss of ₹1,996 crore in FY24, this represents a 28.6% to 29% discount from its ₹2,795 crore loss in FY23. More drastically, apart from employee stock option (ESOP) prices, PhonePe accumulated an adjusted Profit After Tax (PAT) of ₹197 crore in FY24, a terrific turnaround from a loss of ₹738 crore within the previous financial year. The corporation's payments enterprise mainly suggested an adjusted PAT of ₹710 crore in FY24, reinforcing its core operational efficiency, strength and demonstrating a path to average profitability. This overall financial performance is a key factor enabling PhonePe to put together for a public listing. Unrivaled Market Leadership: Users, Merchants, and Transactions PhonePe has solidified its function as India's main digital payments platform, commanding an unprecedented marketplace share within the UPI surroundings. As of May 2025, PhonePe processed 47.6% of UPI transactions in terms of volume and an outstanding 50% by value, handling ₹12.56 lakh crore, surpassing its closest competitors.&nbsp; The platform boasts an immense user and customer base, with over 610 million registered customers as of June 2025, and a significant acceptance network of over 40 million merchants. PhonePe also approaches over 290 million to 340 million day by day transactions, showcasing its essential role in India's digital economy. Its annualized Total Payment Value (TPV) exceeds $1.6 trillion, cementing its leadership position globally, even surpassing businesses like PayPal and Stripe on this metric. A big portion of PhonePe's customers and merchants (85%) are positioned outside India's top eight cities, demonstrating its massive penetration into non-metro areas and its commitment to financial inclusion. In January 2025, PhonePe additionally accounted for over 48% of general UPI transactions, even as Google Pay accompanied with 36.91%, and Paytm's share dipped to 6%. Strategic Backing from Walmart and Domicile Shift As we shed light on PhonePe's journey, it has been simply intertwined with Flipkart and its ultimate parent, Walmart. PhonePe was acquired by means of Flipkart in 2016, and finally became part of Walmart's portfolio when the retail giant received a majority stake in Flipkart in 2018. A big improvement prior to the IPO was the entire possession separation of PhonePe from Flipkart in December 2022, allowing both entities to pursue impartial growth paths. Walmart remains the majority shareholder in PhonePe and Flipkart. This separation and Walmart's continued backing are strategically crucial for <a target="_blank" href="https://www.planify.in/research-report/phonepe/">PhonePe's IPO</a>. Walmart’s backing and support provides financial balance and credibility, bolstering investor sentiment in PhonePe's business model and sturdy growth potential. The IPO additionally offers an opportunity for Walmart to monetize its investment and unlock cost from its Indian assets. A key prerequisite for its Indian listing was PhonePe's decision to shift its domicile and abode from Singapore to India. This "reverse flipping" method, finished in December 2022, included an ₹8,000 crore tax charge to the Indian authorities by using its investors, inclusive of Walmart, underscoring the dedication to an Indian public listing and aligning with local regulatory frameworks. PhonePe also converted from a private limited organisation to a public limited company in April 2025, an obligatory step for Indian IPOs, similarly signaling its readiness for enhanced transparency and governance in the public market. Regulatory Compliance and the Indian IPO Landscape Navigating India's regulatory landscape is a crucial element of PhonePe's IPO. The process as we know is typically governed by the Securities and Exchange Board of India (SEBI) via and through consideration of&nbsp; its Issue of Capital and Disclosure Requirements (ICDR) Regulations, which resulted in mandate stringent eligibility standards, disclosure norms, and due diligence. PhonePe's conversion to a public limited business enterprise in April 2025 was a prerequisite and crucial aspect&nbsp; under the Companies Act, 2013, to permit it to offer shares to the public. The corporation's engagement of distinguished investment banks along with Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley reflects the dimensions and institutional aid for the IPO. These firms will handle and manage the entire offering, ensuring compliance with SEBI's recommendations on diverse factors, such as the preparation and filing of the DRHP. A significant regulatory consideration for PhonePe is the National Payments Corporation of India's (NPCI) proposed 30% market share cap for UPI participants. While this cover and cap remains a long-term threat, NPCI prolonged the cut-off date or deadline for compliance to December 2026, offering PhonePe with some breathing room. This regulatory thing, combined with the overall volatility determined in Indian fintech IPOs, underscores the need for PhonePe to demonstrate persisted continuous growth and diversification. Competitive Dynamics and Diversification Challenges PhonePe operates in an enormously competitive Indian digital payments market, facing bold opponents along with Google Pay, Paytm, and Amazon Pay. While PhonePe and Google Pay together dominate the UPI panorama, conserving over 80% of the marketplace proportion, intense competition persists, in particular as players expand beyond center payments. A key mission for PhonePe, in spite of its market management, is its heavy reliance on payments and bills for revenue generation. In FY24, PhonePe's financial offerings commercial enterprise contributed the handiest ₹207.4 crore, a trifling 4% of its overall revenue, with 95% nonetheless derived from its payments business enterprise. This revenue concentration exposes PhonePe to margin pressures, particularly given regulatory changes just like the elimination of Merchant Discount Rate (MDR) furthermore fees on UPI transactions, which affect payment corporations' revenue streams. While PhonePe has invested significantly in diversifying into insurance, lending, and wealth management, scaling these new verticals has tested difficult. For example, insurance revenues, though growing substantially, nevertheless constitute a small part of the total, and its credit business remains nascent. This confined diversification makes PhonePe more vulnerable to sector-specific downturns or regulatory headwinds impacting the payments space. Conclusion The market anticipates PhonePe's IPO with vast enthusiasm, viewing it as a great opportunity to put money into a market leader inside India's hastily expanding virtual economy. The reported $15 billion valuation target is visible as a reflection of its scale, market dominance, and the sturdy backing from Walmart.&nbsp; However, a few expert evaluations advise caution, specifically in light of the blended overall performance of previous fintech listings in India, consisting of Paytm, whose stock extensively declined post-IPO. Analysts emphasize the significance of scrutinizing PhonePe's long-term period profitability and its capability to diversify revenues streams beyond core payments, which continue to be a dominant portion of its income. The grey market premium for PhonePe's unlisted shares reflects high investor interest but also raises questions on expected potential overvaluation in the <a target="_blank" href="https://www.planify.in/buy-pre-ipo/">pre-IPO marketplace</a>. Despite those considerations, PhonePe's set up market management, significant user and merchant network, robust economic overall performance, and strategic boom tasks function it as a compelling investment opportunity. The IPO is anticipated to be a landmark event for the Indian fintech sector, providing capital for PhonePe to cement its marketplace position and retain its innovation-driven boom in India’s digital economy.

PhonePe, a dominant upcoming force in India's digital payments and fintech sector, is poised for an enormous Initial Public Offering (IPO) in 2025, aiming to raise approximately $1.5 billion

PhonePe IPO 2025: Digital Payments Giant Targets $1.5 Billion Listing

﻿Tata Capital Limited, the well known financial services firm being part of the esteemed Tata Group, is preparing ahead for a landmark Initial Public Offering (IPO) in 2025, with India's market regulator, the Securities and Exchange Board of India (SEBI) that reportedly granting its approval to proceed and giving the green positive signal. This upcoming expected public offering is anticipated to raise ~$2 billion, equivalent to ~₹17,200 crore, positioning it as probably the biggest list in the Indian financial sector for the year. This ongoing strategic move represents a widespread strategic step for Tata Capital, driven with the aid of each ambitious growth objective and a vital regulatory mandate from the Reserve Bank of India (RBI).​Tata Capital's move and decision to head public is intrinsically connected to the Reserve Bank of India's (RBI) Scale-Based Regulation (SBR) framework, which mandates stricter oversight for Non-Banking Financial Companies (NBFCs) categorized as 'top-layer' entities. Tata Capital is predominantly considered as an upper-layer NBFC in September 2022 which obligates it to list on a stock exchange as per the guidelines by September 2025. This regulatory requirement ambitions to enhance transparency and public accountability for systemically essential financial companies. Interestingly, Tata Sons Private Limited, the promoter of Tata Capital, which holds a giant 92.83% stake as of March 31, 2024, has additionally been classified as an upper-layer NBFC, reinforcing the mandatory list closing date for both&nbsp; entities.&nbsp; Beyond compliance, the IPO is viewed as a strategic leap ahead to solidify Tata Capital’s presence inside the formal credit ecosystem, allowing it to enlarge organically and probably through acquisitions. The funds raised are intended to reinforce its financial basis, improve lending ability, especially in excessive-growth areas like infrastructure and clean energy, and fuel digital transformation projects. Strategic Capital Deployment: Fueling Future Growth Engines The <a target="_blank" href="https://www.planify.in/research-report/tata-capital/">tata capital IPO</a> structure is like all other fresh issues of equity shares and an Offer for Sale (OFS) structure designed in order to serve dual targets. The fresh issue factor, comprising approximately 23 crore equity shares, will infuse great number one capital without delay into Tata Capital. This capital is earmarked for critical strategic initiatives: more often than not, bolstering the enterprise's Tier-I capital base, that's fundamental for helping its burgeoning lending operations and adhering to the RBI’s stringent capital adequacy norms.&nbsp; This fresh infusion will permit Tata Capital to scale its numerous lending portfolios throughout retail, SME, and institutional segments, which includes high-growth regions like inexperienced finance and infrastructure initiatives. A significant portion may also be directed closer to superior digital transformation, making an investment in AI-driven analytics, automation, and more suitable digital structures to improve operational performance, client experience, and hazard management. This proactive funding in generation is vital for navigating a competitive landscape and increasing attainment, especially in semi-urban and rural markets. The Offer for Sale (OFS) aspect, through which present shareholders like Tata Sons and the International Finance Corporation (IFC) will divest a component of their holdings, serves to release price for those long-term investors and doubtlessly increase the public shareholder base. While the proceeds from the OFS do not flow into the business enterprise, this dilution aligns with broader strategic objectives, such as undoubtedly decreasing the general promoter holding to satisfy regulatory hints and facilitating a smoother listing system. Furthermore, the ₹1,500 crore rights issue concluded in February 2025 that is completely and entirely subscribed by Tata Sons, reflecting promoter's commitment to fortifying Tata Capital's capital present state of position in anticipation of the IPO. Robust Financial Performance Tata Capital has confirmed a strong financial performance leading up to its IPO. For the fiscal 12 months finishing March 2025 (FY25), the agency reported a consolidated internet earnings of ₹3,655 crore, and growth from ₹3,327 crore in the preceding financial year. Total revenue for FY25 surged to ₹28,313 crore from ₹18,175 crore in FY24. In the March quarter of FY25, consolidated net income multiplied by means of 31% y-o-y to ₹1,000 crore, at the same time as operational revenue stood at ₹7,478 crore, reflecting strong growth momentum. The organization’s total assets as of March 31, 2025, reached ₹2,48,465 crore, in comparison to ₹1,76,694 crore within the preceding year. Its loan book recorded ₹1.57 trillion as of March 31, 2024 which further positions the business enterprise as the seventh largest NBFC in India in terms of loan book. Tata Capital has maintained a robust capital adequacy ratio of 18.5%, that is well above the Reserve Bank's minimal requirement, indicating its ability to soak up capability losses. Despite a strong top-line surge, a sharp increase in expenses and growing non-performing assets (NPAs) had been referred to. Gross NPA extended from 1.71% in FY24 to 2.33% in FY25, and Net NPA rose from 0.38% to 0.98%, indicating a slight deterioration in asset quality. The Power of Integration: Synergies from Tata Motors Finance Merger A massive strategic improvement before the IPO is the merger of Tata Motors Finance (TMFL) with Tata Capital, which obtained NCLT approval. This integration is a game-changer, bringing TMFL's sizable car finance portfolio, exceeding ₹30,000 crore, below Tata Capital’s umbrella. This flow will unlock enormous synergies, mainly inside the beneficial vehicle finance section, which includes used vehicle financing and electric vehicle (EV) loans. Post-merger, Tata Motors will preserve a minority stake of about 4.7% in Tata Capital, remodeling it from a captive finance arm into a strategic partner within a broader economic offerings entity. This integration enhances Tata Capital's marketplace share in vehicle finance, diversifies its asset base, and lets in for pass-selling opportunities throughout the sizable Tata environment. Beyond mergers, Tata Capital’s different commercial enterprise version is a key asset. It operates throughout myriad financial merchandise, from personal and home loans to state-of-the-art wealth management and cleantech finance. Its wide distribution community, with a substantial presence in non-metro areas, coupled with continuous investment in digital platforms, positions it to tap into the underpenetrated Indian credit market efficiently. Valuation Dynamics and Market Buzz: A Cautious Optimism The anticipation surrounding the Tata Capital IPO has fueled an incredible grey market premium (GMP) for its unlisted stocks, which have reportedly traded at ₹1,000 to ₹1,050 in keeping with per share. This indicates a <a target="_blank" href="https://www.planify.in/pre-ipo/">pre-IPO valuation</a> of almost ₹3.8 lakh crore. However, this number drastically outpaces the projected IPO price band of ₹350–₹400 according to share, leading to a vital dialogue round and discussion around potential overvaluation within the unlisted market. While the strong interest reflects the great brand recall of "Tata" and the success of beyond Tata Group listings like Tata Technologies, investors who received shares at expanded grey market prices may face confined listing gains. The surge in Tata Investment Corporation stocks, regularly considered a proxy for the value unlocking in the Tata Group, similarly underscores the high-quality market sentiment surrounding this IPO. The successful list of Tata Technologies, which added a high-quality 140% listing benefit, has created a robust precedent, setting high expectations for Tata Capital. Yet, it’s vital for investors to differentiate between brand premium and intrinsic value, undertaking thorough due diligence based on the IPO's final price band and other listing information. Navigating Risks and Seizing Opportunities On the one side Tata Capital IPO presents an interesting and exciting funding street, it isn't without its share of risks. Macroeconomic headwinds, which include interest charge volatility, inflationary pressures, and geopolitical uncertainties have represented a direct impact on the financial services sector via affecting borrower reimbursement ability, capacity and based on loan demand. The latest upward push in NPAs, even though manageable within its normal increase, indicates the need for continuous vigilance in credit underwriting and portfolio management. The competitive landscape, ruled with the aid of agile players like Bajaj Finance and well-capitalized banks, also provides margin pressures and needs consistent innovation. Regulatory modifications, especially concerning NBFC classifications, capital requirements, or lending norms, could necessitate changes to Tata Capital's operational techniques. Conversely, the opportunities for Tata Capital are great. India's financial services sector is experiencing robust tailwinds, with retail credit projected to develop at a CAGR of 13%-15% through FY27, and the broader NBFC quarter at 15-17%. Government tasks promoting financial inclusion and access to credit for MSMEs in addition to expanding the addressable market. Tata Capital's various product offerings, coupled with its robust brand consideration, widespread distribution network, and ongoing digital transformation, role it properly to seize a full-size proportion of this increase. The strategic merger with Tata Motors Finance and its focus on both traditional and rising segments like green finance enhance its competitive area and long-term growth prospects. Conclusion The Tata Capital IPO is greater than only a public offering; it's a testimony to the Tata Group's strategic foresight and its commitment to strengthening its financial services footprint in India. Driven by means of a pragmatic response to regulatory mandates and an ambitious imaginative and prescient for destiny increase, the IPO aims to inject important capital, decorate governance, and unlock sizable value. While the sturdy market buzz and grey marketplace top class reflect high expectations, potential investors ought to behave with a balanced assessment of the company’s solid financial foundation, diverse commercial enterprise version, and strategic synergies in opposition to the inherent risks of the financial region. As India's economic system continues to expand and formalize, Tata Capital, with its storied legacy and forward-looking approach, is poised to play an important role within the country's credit landscape, making its IPO a compelling narrative for those seeking a considerate investment in India's financial future.

Tata Capital Limited, the well known financial services firm being part of the esteemed Tata Group, is preparing ahead for a landmark Initial Public Offering (IPO) in 2025.

Tata Capital IPO to Raise $2 Billion as SEBI Approves 2025’s Biggest Listing

The Indian capital markets are in the midst of an unlisted shares frenzy, however no tale has captured the imagination of investors quite like the rally of <a target="_blank" href="https://www.planify.in/research-report/nsdl/">NSDL pre-IPO</a>&nbsp;in 2025. With its exceedingly predicted public issue at the horizon, National Securities Depository Limited’s unlisted shares have surged a watch-popping 40% in only two months, cementing this as one of the most watched episodes in India’s present day financial history. To respect the thrill, it enables us to understand what NSDL does. Established in 1996, NSDL is considered as India's biggest digital securities depository. In easy phrases, NSDL holds your shares, bonds, and mutual funds in virtual digital (demat) form in preference to old-fashioned paper certificates. This innovation revolutionized the Indian stock market, making transactions more secure, faster, and almost free of risks like fraud, robbery, or loss—all of which had been serious troubles with paper-primarily based securities. Today, NSDL manages trillions of rupees in securities, servicing investors, and it appeared as a cornerstone within the easy functioning of the Indian financial markets. The mechanics and role behind the 40% rally in NSDL Unlisted Shares So, why are NSDL’s unlisted shares soaring in price even earlier than the IPO? There are some important motives: Simplified Transfer of Unlisted Shares: Until these days, buying or selling unlisted stocks—inclusive of NSDL’s—was a gradual and bureaucratic technique that would take months to complete. With the introduction of a brand new ISIN (International Securities Identification Number) and advanced lower back-give up approaches in April 2025, transfers now appear in 1–2 days. This has made the stocks plenty greater liquid and accessible. IPO Anticipation and FOMO (Fear of Missing Out): When SEBI gave the green light for NSDL’s IPO, scheduled for July 2025, investors rushed to <a target="_blank" href="https://www.planify.in/unlisted-shares/">buy unlisted shares</a> in hopes of locking in profits if the enterprise lists at a better valuation. Add to this the truth that the business enterprise cut down the IPO size from 57.26 million to 50.15 million stocks, making the supply tighter and growing a “shortage premium”. Strong Financials Supporting the Story: NSDL has represented a large economic&nbsp; quantity—a net earnings jump of approximately 25% in FY25 (to ₹343 crore), and a revenue of ₹1,535 crore. This sure and steady performance offers investors a sort of confidence that they’re no longer simply making a bet on momentum, however on an enterprise with real, growing cash flows. National Securities Depository Limited (NSDL) has established robust monetary performance. During the zone ended March 2025 (Q4 FY25), NSDL's consolidated net income improved by way of 4.77% y-o-y, attaining ₹83.3 crore, up from ₹79.5 crore in the equal length the preceding year i.e. In Q4 FY24. The enterprise's total profits for the sector also noticed a great boom, growing with the aid of 9.94% to ₹394 crore from ₹358 crore. If we look at the full year ending March 2025 and shed light on its financials then it reveals that NSDL's consolidated net income reached ₹343 crore, along with a great and significant 24.57% increase and surge compared to ₹275 crore in FY24. The sales or annual profits additionally produced a robust boom, mounting 12.41% to ₹1,535 crore, underscoring the company's robust financial health because it procedures its public offering. How Does NSDL Compare to Other Pre-IPO Rallies? NSDL isn’t the best company witnessing this form of fashion. The National Stock Exchange (NSE), itself a great shareholder in NSDL, noticed its own unlisted stocks rally over 50% in the weeks leading up to its upcoming IPO. Other monetary heavyweights like HDB Financial Services, Hero Fincorp, and Tata Capital have additionally experienced double-digit gains in their <a target="_blank" href="https://www.planify.in/pre-ipo/">pre-IPO shares</a> at some stage in intervals of regulatory clearance and active IPO planning. These rallies are signs of a deeper shift—the rise of India’s unlisted share market as a playground for classy investors, or even private equity funds searching for early exposure to groups earlier than they cross public. NSDL Vs CDSL:&nbsp; A Comparative Overview&nbsp; <div class="se-component se-image-container __se__float-center" style="width: 50%; min-width: 100%"><figure style="width: 50%;"><img src="https://testing-planify.s3.amazonaws.com/sun_editor/13652aac-4be8-4de7-ba76-d4b83dccfd76.png" alt="" data-rotate="" data-proportion="true" data-size="50%," data-align="center" data-percentage="50," data-file-name="image.png" data-file-size="111523" data-origin="," origin-size="662,347" style="width: 100%;"></figure></div>Market Outlook The unlisted stocks of NSDL have shown robust buying interest, surging nearly 30% due to the fact May and 40% when you consider that April, with fees currently soaring around ₹1,250 a proportion as compared to ₹995 in early April. This shows a sizable top rate inside the grey marketplace. While the professional price band for the NSDL IPO is yet to be introduced, estimates suggest it might vary between ₹750-₹900 according to share, implying a P/E ratio of 40-55x based totally at the latest EPS of ₹17.15. This envisioned price range suggests that the cutting-edge unlisted share price is extensively better than the likely IPO valuation, leading professionals to propose warning and advise looking forward or waiting towards a potential lower in unlisted share price before the IPO.&nbsp; The ability disparity between the gray market valuation and the eventual IPO price band may also result in a marvel for investors, much like the conditions determined with HDB Financial Services and it could possibly be with Tata Capital. Conclusion The 40% leap in NSDL's unlisted shares over simply two months represents greater than simply an investment possibility – it signals the evolution of India's capital markets. The transformation of unlisted share transfers from a months-long bureaucratic method to a seamless two-day transaction demonstrates how regulatory and operational improvements can unencumber vast prices and democratize access to funding possibilities. As NSDL moves toward its public debut before the July 31 cut-off date, this pre-IPO surge will be remembered as a case study in how technical improvements in marketplace infrastructure, mixed with sturdy basics and strategic positioning, can power great price appreciation even before a business enterprise hits the general public markets. For investors and marketplace observers alike, NSDL's journey from unlisted premium to capability IPO achievement story gives treasured insights into the maturation of India's more and more sophisticated financial ecosystem.

NSDL’s unlisted shares have surged a watch-popping 40% in only two months, cementing this as one of the most watched episodes in India’s present day financial history.

Pre-IPO Boom: How NSDL’s Upcoming IPO is Fueling a 40% Jump in Unlisted Shares

﻿It’s not each day that India’s economic quarter sees a public issue drawing this kind of buzz. But the <a target="_blank" href="https://www.planify.in/research-report/hdb-financial-services-limited/">HDB Financial Services IPO</a>&nbsp; is set to be the showstopper this June, with its massive ₹12,500 Cr fundraising plan and a headline-grabbing ₹62,000 Cr valuation. For investors, analysts, and business-watchers alike, could this be the largest IPO June has ever seen in the NBFC universe, and it might simply form the market’s tone for the relaxation of 2025. About HDB Financial Services IPO HDB Financial Services, the outstanding non-banking financial arm of HDFC Bank, is gearing up for what is predicted to be a significant Initial Public Offering (IPO) in the Indian market. This public difficulty is generating sizable hobby now not just because of its length, but additionally due to HDB's sturdy backing and its fundamental position in India's retail and <a target="_blank" href="https://www.planify.in/sme-ipo/">Small Medium Enterprise</a> lending landscape. The organization recently filed its documents containing the Red Herring Prospectus (RHP) on June 19, 2025, placing the degree for a chief leading market and financial occasion mark in the financial service sector. The IPO itself is based to raise a sizable ₹12,500 crore. This amount might be garnered through an aggregate of a fresh issue of stocks, aiming to raise ₹2,500 crore without delay for the business enterprise, and a bigger Offer for Sale (OFS) of ₹10,000 crore through its parent, HDFC Bank. HDFC Bank presently holds a dominant 94.3% stake in HDB Financial Services, making this OFS a strategic pass to partly divest at the same time as nonetheless keeping extensive management. This dual shape permits HDB Financial Services to inject fresh capital for its very own boom initiatives, at the same time as HDFC Bank monetizes a portion of its investment. The subscription window for this, particularly this expected within the financial industry, predicted the IPO is scheduled to open on June 25, 2025, and will stay open for 3 days, remaining on June 27, 2025. Ahead of the general public subscription, a dedicated bidding session for anchor investors is slated for June 24, 2025. This phased approach lets institutional investors devote early, frequently setting a nice tone for the retail portion of the IPO. The organisation's stocks are tentatively predicted to be indexed and listed on each the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on July 2, 2025.&nbsp; The price band for the IPO has been set among ₹700 and ₹740 per share, with bids common in masses of 20 shares. This pricing implies a marketplace capitalization of about ₹68,900 crore on the higher end of the band. The HDB Financial Services IPO recently revealed a price band of ₹700-₹740 in line with the amount of per share that has reportedly surprised&nbsp; and shocked the market, falling appreciably beneath the better valuations determined inside the grey market or Pre IPO stage, representing an extensive 66% cut price.&nbsp; A Strategic Move: The IPO's Core Purpose The selection with the aid of HDB Financial Services to go public is not arbitrary. It’s a multi-faceted strategic pass, mainly driven with the aid of a mandate from the Reserve Bank of India (RBI) for all "Upper Layer" NBFCs to list via September 2025. This regulatory push is remodeling the world, prompting huge players like HDB to toughen their capital bases and enhance transparency. The ₹2,500 Cr fresh issue, an element of the IPO, is mainly designed to strengthen HDB's Tier-1 capital, crucial for sustained increase and meeting future regulatory requirements in a dynamic financial environment. Beyond compliance, this ₹12,500 Cr issue used to the extent of fundraising attempt and additionally gives an extensive opportunity for HDFC Bank, its parent company. By offloading stocks thru the ₹10,000 Cr Offer For Sale (OFS), HDFC Bank can release vast cost from its investment in HDB Financial Services while maintaining a strategic majority stake. This pass is a textbook instance of how parent entities can optimize their portfolios and recognize profits from a hit subsidiaries, making it a compelling story within the broader Indian economic sector IPO narrative. Decoding the Valuation: A Deep Dive into HDB's Strength The ₹62,000 Cr valuation for HDB Financial Services is not merely an arbitrary parent; it displays the business enterprise’s robust operational scale and financial health. As of March 2025, HDB’s mortgage e book has impressively crossed the ₹1.07 trillion mark, underpinned by using consistent year-on-yr boom. The business enterprise suggested a sales of ₹16,300 Cr and a Profit After Tax (PAT) of ₹2,176 Cr for the today's sector, showcasing sturdy profitability. The organisation's gross mortgage e-book reached ₹10,68,776 in FY25 from ₹9,02,179 crore, with Assets Under Management (AUM) exceeding ₹90,235 crore in FY24. These figures demonstrate no longer just scale, but a resilient commercial enterprise model. A key thing contributing to this high valuation is HDB’s properly-various lending portfolio, spanning business enterprise, asset, and patron finance. This diversification mitigates awareness chance, with the pinnacle 20 debtors accounting for less than 0.36% of the mortgage book. This granularity is a large de-risker, presenting stability in a quarter frequently at risk of awareness-related vulnerabilities. Moreover, HDB’s considerable department network of over 1,680 branches, with an extensive presence in Tier 2 and three towns, underscores its deep reach into India's semi-urban and rural markets, enabling inclusive economic growth. Risks and Considerations: What Should Investors Watch? Every IPO comes with its very own set of risks, and the HDB Financial Services IPO is not an exception, in spite of its headline-making ₹62,000 Cr valuation. Rising NPAs, mainly in unsecured loans, remain a problem, as latest developments display a marginal increase in internet non-performing assets and belongings. Regulatory risk, too, is in play; viable future RBI diktats may pressure HDFC Bank to lower its publish-IPO stake in addition, potentially affecting borrowing fees and operational stability. Market volatility, changes in interest prices, and aggressive pressures from fintechs and other NBFCs also need to be taken into consideration—even the biggest IPO in June can’t guarantee immunity from zone-huge shocks. Conclusion The fulfillment of the HDB Financial Services IPO is poised to be a vast barometer for the wider Indian economic zone IPO market. Its scale and the outstanding backing of HDFC Bank mean its overall performance will probably influence the sentiment around upcoming listings, mainly from other "Upper Layer" NBFCs like <a target="_blank" href="https://www.planify.in/research-report/tata-capital/">Tata Capital</a> and Hero Fincorp, which might be additionally eyeing public debuts. A robust showing from HDB should signal sturdy investor appetite for properly-ruled, increase-orientated financial entities, probably unlocking a new wave of capital elevating and public marketplace pastime in India's dynamic financial offerings industry. In essence, the HDB Financial Services IPO is more than just a massive fundraise; it's a pivotal second. It represents both a regulatory vital and a strategic jump for a main NBFC, providing investors a threat to take part in India’s ongoing financial enlargement. The coming weeks will decide if this clearly marks a defining chapter in the largest IPO in June history and what it portends for the destiny of Indian finance.

HDB Financial Services IPO  is set to be the showstopper this June, with its massive ₹12,500 Cr fundraising plan and a headline-grabbing ₹62,000 Cr valuation.

Biggest IPO This June? HDB Financial Services Valued at ₹62,000 Cr Ready to Raise ₹12,500 Cr

﻿In recent headlines, HDFC Bank, India’s biggest private sector lender, found itself embroiled in controversy while its Managing Director and CEO, Sashidhar Jagdishan, become named in a First Information Report (FIR) filed through the Lilavati Kirtilal Mehta Medical Trust (LKMM Trust), carefully linked to the Mehta circle of relatives that manages Mumbai’s iconic Lilavati Hospital. The middle of those allegations revolved around extreme accusations of financial&nbsp; fraud, conspiracy, and obstruction of justice, with the Trust stressing the immediate suspension and criminal prosecution of the bank’s CEO. The number one declare from the&nbsp; Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) is that Jagdishan acquired a charge of ₹2.05 crore—allegedly supposed as a bribe to annoy the daddy of a cutting-edge trustee—with this declare being supported by recovered diary entries and different documentary proof. Further allegations consist of abuse of fiduciary duty, tampering with proof, preferential scientific remedy as an inducement at Lilavati Hospital, and misuse of Corporate Social Responsibility (CSR) funds by using the bank to hinder or forge institutional facts.&nbsp; The Longstanding Loan Dispute These allegations do not exist in a vacuum however are closely linked to a many years-vintage loan dispute between HDFC Bank and the Mehta family. In 1995, HDFC Bank, alongside having members including other consortium banks, extended a loan to Splendour Gems Limited, a Mehta involvement in a family-owned entity. The corporation defaulted in 2001, and via 2004, the Debt Recovery Tribunal had provided HDFC Bank a recovery certificate, empowering them to pursue the great dues—which, as of May 2025, surpassed ₹65.22 crore, which include interest. Despite ongoing felony and enforcement lawsuits over more than&nbsp; decades, the loan remains unpaid. HDFC Bank asserts that the Mehta circle of relatives has answered to these recuperation attempts with a sequence of prison and crook lawsuits, minority rights petitions, and representations to regulatory bodies, most of which have reportedly been disregarded or are pending decisions. The financial institution frames the new allegations as the today's move in a pattern of vexatious litigation aiming to delay and obstruct valid loan recovery. The Heart of the Allegations: Bribe, Diary Evidence, and More Central to the FIR is the declaration that a former LKMM Trust member paid HDFC Bank’s CEO ₹2.05 crore as a bribe, allegedly for harassing the father of a modern-day trustee. The Trust states that they've documentary evidence, along with a seized handwritten diary and cash ledgers recording this transaction. The Trust additionally alleges misuse of Corporate Social Responsibility (CSR) price range, claiming ₹1.5 crore became disguised as charity; however it was intended to bribe the health center team of workers and smash proof. Other accusations&nbsp; and statements involve preferential scientific treatment for the CEO and his family unidentified and unauthorised deposits of Trust funds in HDFC Bank. The present allegations gained formal prison traction after a Mumbai Magistrate Court, on May 30, 2025, directed the Bandra police to sign an FIR in opposition to Jagdishan and seven others, following a petition from the current Trust management. The Trust claims to have produced documentary proof—mainly, a seized handwritten diary and coins ledgers—that element bribery transactions and other sorts of economic impropriety. The Trust similarly accuses the CEO and previous trustees of facilitating unauthorized movement of Trust funds, influencing clinical staff with doubtful CSR payments, and commonly taking part in broader schemes to misappropriate Trust property. Additionally, the Trust has reached out to more than one regulatory and government bodies—SEBI, RBI, the Central Vigilance Commission, and the Ministry of Finance—demanding Jagdishan's immediate suspension from all govt and board roles till the research concludes. Legal, Regulatory, and Corporate Governance Backdrop​The controversy has invoked substantial effects that resulted in heightened scrutiny over company governance and regulatory oversight in Indian banking. The LKMM Trust has invoked further down the Reserve Bank of India’s “Fit and Proper” tips, wondering whether Jagdishan has to continue and going further on to be in his function in its role of position throughout the pending investigations. However, as of mid-June 2025, no regulatory authority has publicly introduced formal investigations or sanctions against the CEO or the bank. HDFC Bank has repeatedly stated that no government suspension has been effected and that the leadership stays unchanged. Industry specialists and economic analysts comment that the saga exemplifies the reputational dangers facing main economic establishments, mainly whilst public criminal disputes contain senior management. While <a href="https://www.planify.in/research-report/hdfc-securities-limited/">HDFC Bank</a> asserts the energy of its internal controls and criminal role, professionals warn that public belief and regulatory vigilance stay important, specifically given the high-profile nature of the dispute. Market Reaction Even as headlines about the rip-off allegations and FIR went viral, <a href="https://www.planify.in/video/hdfc-bank-quarter-4-results-expected-soon-youtubes/">HDFC Bank’s stock price</a> remained especially consistent. Shares hovered around ₹1,978 with little volatility, reflecting long-term investor religion within the bank’s management and economic balance. Analysts and market specialists referred to strong basics, the enormously small size of the defaulted mortgage in comparison to HDFC Bank’s ordinary book, and robust inner controls as reasons for the shortage of panic or sell-off. Some analysts warn, however, that reputational threat ought to weigh at the bank within the long run, particularly if regulatory authorities open formal investigations or if additional unfavorable findings come to light. For now, HDFC Bank’s sturdy stability sheet, ongoing profitability, and its past record of regulatory compliance preserve marketplace belief. Conclusion The actual iteration and truth behind all these controversies are the subsequent events related to the Lilavati Trust’s allegations and the coming times of HDFC Bank’s CEO will in the end be determined in the courtroom and by way of regulatory government. For now, the case highlights the problematic link among banking, family-led organizations, philanthropy, and the guideline of law in India. While the bank’s fundamentals stay strong and investors accept it as true with endures, the case serves as a caution about reputational danger and the crucial importance of governance in India’s financial sector.

﻿In recent headlines, HDFC Bank, India’s biggest private sector lender, found itself embroiled in controversy while its Managing Director and CEO, Sashidhar Jagdishan, become named in a First Information Report (FIR) filed through the Lilavati Kirtilal Mehta Medical Trust (LKMM Trust),

HDFC Bank CEO Sashidhar Jagdishan Faces Fraud Allegations; Named in ₹2.05 Crore Bribery

India’s consumer tech space is abuzz as Lenskart becomes a public company, positioning itself for what could be one of the largest IPOs by an Indian retailer this decade—a potential fundraise of $1 billion at a sought-after $10 billion valuation.&nbsp; The move is a watershed for the homegrown eyewear leader, signaling a maturity not just of the company but of the broader Indian direct-to-consumer landscape. This insightful report unpacks the strategic groundwork, financials, market ambitions, risks, and transformative milestones behind Lenskart’s public pivot. Lenskart: Financial Performance Lenskart’s financial journey over the past three years offers a compelling story of exponential revenue acceleration alongside efforts to optimize profitability. The company’s revenues have surged and increased from around revenue near ₹1,502 crore in FY22 to ₹5,427 crore by FY24, it represents a more than threefold increase in just two years. Although the net profit dipped slightly to a marginal loss of ₹10 crore in FY24, this major route towards IPO path represents a significant improvement from previous years’ losses, highlighting the company’s successful navigation through a high-investment growth phase. <div class="se-component se-image-container __se__float-center" style="width: 50%; min-width: 100%"><figure style="width: 50%;"><img src="https://testing-planify.s3.amazonaws.com/sun_editor/4ad2f5e6-f13f-4734-a42d-e332094f3ff4.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="50%," data-percentage="50," data-file-name="Screenshot 2025-06-13 121925.png" data-file-size="49830" data-origin="," origin-size="934,559" style="width: 100%;"></figure></div> About Lenskart Upcoming IPO The <a href="https://www.planify.in/research-report/lenskart-share-price/">Lenskart IPO</a> is being designed with clear objectives. The company seeks to raise as much as $1 billion—an amount that would both double its last known valuation and secure growth capital for further expansion. Its last funding round, a $200 million injection led by Temasek and Fidelity, cemented a $5 billion valuation in June 2024; since then, new investor markings have hinted at a current value above $5.6 billion, preparing the stage for the much-publicized $10 billion target. Proceeds from the IPO are expected to drive aggressive investments in technology (including AI-driven retail enhancements and automation), expand manufacturing capacity (including a new factory in Telangana), fuel new store openings across India and Asia-Pacific, and fund strategic acquisitions in international eyewear markets. These expansion plans feed an overarching ambition: not just to dominate India, but to build a world-scale omni-channel eyewear brand. Omnichannel Domination and Global Expansion Lenskart’s success and potential milestone sets lies in its seamless integration of online and offline channels, with over 2,500 stores across India and international markets this omnichannel way model, combined with other facilities and features for modern generation digital platform offering virtual try-ons, home eye check-ups, and personalized fittings. Domestic sales determine the pace of achievement that has crossed and constitute approximately 58% of total revenue, supported by rapid store expansion in tier-II and tier-III cities, while international markets like Japan, Singapore, and Southeast Asia contribute 42%, demonstrating Lenskart’s evolving global ambitions. The company’s strategy and implicities&nbsp; to invest heavily in manufacturing facilities, especially in Rajasthan and Telangana, in order to strengthen supply chain resilience and position Lenskart as a vertically integrated eyewear powerhouse. Its growing manufacturing capacity supports both domestic demand and export strategies, key to sustaining growth post-IPO. Lenskart: Market Positioning Lenskart’s business model is a blueprint for modern consumer retail success. It offers prescription glasses, sunglasses, contact lenses, and vision-care services via a hybrid of digital and physical channels—over 2,500 stores worldwide (of which 2,000 are in India), a top-ranked e-commerce platform, and a suite of home eye-checkup and virtual try-on technologies. Vertical integration helps it control quality, manage costs, and sustain inventory agility. International operations now contribute a substantial 42% of Lenskart’s revenue, propelled by markets like Singapore, Japan, Thailand, Taiwan, and the Middle East—a rare feat for an Indian retailer. The company has also de-risked its supply chain by relocating its global manufacturing to India—expanding its Rajasthan plant and building a new, automated facility in Telangana for an investment of ₹1,500 crore. A key differentiator is relentless technology deployment: <a href="https://www.planify.in/planify-feed/lenskart-ipo-going-to-raise-1bn-at-valuation-of-10-billion/">Lenskart</a> uses AI for inventory optimization, AR for customer fittings, and just-in-time manufacturing to minimize waste and maximize service speed. This digitally augmented omnichannel strategy has secured the brand a market share exceeding 25% in India’s organized eyewear segment, well ahead of close competitors like Titan Eye Plus. Market Outlook: Why Lenskart’s IPO Is Closely Watched Industry observers are framing the Lenskart IPO as a strong bellwether for investor sentiment and it is not just for consumer retail perspective but for the next generation of Indian technology-driven advanced and superb advancements in consumer brands. In a year characterized by global uncertainty and volatile capital flows, Lenskart’s strong revenue growth, technology differentiation, and measured move toward profitability provide rare positive signals. Analysts expect Lenskart’s success—or stumbles—to influence other Indian unicorns (such as Zepto and Groww) weighing IPOs soon. The company’s ability to command a premium valuation will serve as both a financial precedent and a referendum on the sustainability of new-age Indian consumer platforms scaling internationally. Lenskart: Vision for the Future&nbsp; <a href="https://www.planify.in/investors/peyush-bansal/">Founder Peyush Bansal</a> and his team emphasize that the goal is not merely going public, but building a global consumer brand with consistent experience and operational resilience. The IPO is just a waypoint—a means to empower deeper technology investment, solidify supply chain control, grow in high-margin overseas markets, and most importantly, maintain the customer-centric culture that has fueled brand loyalty in India’s hyper-competitive retail world. Conclusion As Lenskart steps into its public chapter, it stands as a symbol of how homegrown tech, manufacturing integration, and global ambition can converge within India’s startup ecosystem. The story is as much about unlocking vision for consumers as it is about offering new sightlines for investors betting on a digital-first, globally competitive Indian brand. With a strong base, strategic clarity, and, crucially, demonstrable financial growth, Lenskart’s anticipated billion-dollar IPO not only marks a new era for the company but might very well set a landmark for Indian retail’s new global age.

Lenskart becomes a public company, positioning itself one of the largest IPOs by an Indian retailer this decade with a potential fundraise of $1 billion at a sought-after $10 billion valuation.

Lenskart Becomes Public Company Ahead of Potential $1 Billion IPO

The Indian financial sector is rolling around a significant buzz as Tata Capital, the flagship financial arm of the Tata Group—unveiled a stellar in some stance of greater performance in the fourth quarter of FY25, presenting the awaited listing from Tata group of its much-anticipated <a href="https://www.planify.in/research-report/tata-capital/">Tata capital IPO</a>. With soaring profits, impressive revenue growth, and heightened pre-IPO investor sentiment reflected in the Tata capital unlisted share price, the company's upcoming public listing is now one of the most closely watched events in India’s capital markets this year. Strongest Financial Quarter: Q4 FY25 Performance Let’s dive in quarter wise result so up to some extent In Q4 FY25, Tata Capital recorded and presented a wholesome results having consolidated profit after tax (PAT) of ₹1,000 crore, reflecting a striking uptick 31% leap from ₹765 crore in the same quarter of the previous year, a clear testament to the firm’s impeccable financial execution and resilience in a dynamic market environment. This exceptional bottom-line growth was achieved on the back of operating revenues that surged nearly 50%, reaching ₹7,478 crore, up from ₹4,998 crore in Q4 FY24, marking the company’s highest-ever quarterly revenue and profit. The size and consistency of these gains clearly distinguish Tata Capital from most peers in the NBFC sector. For the entire financial year, the momentum remained strong. Tata Capital’s revenue shows a surge around ₹28,313 crore in FY25, increased and up from ₹18,175 crore in FY24, highlighting and outshining a mark more than a 55% year-on-year increase. The full-year PAT stood at ₹3,655 crore, marking another consistent rise from ₹3,327 crore in the prior year. <div class="se-component se-image-container __se__float-justify"><figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeJsjWz8h0sV7RgCMOeBVMtJS7RlOAq6Kwpa3b1aBku1uWqw_s0PsHOKzEwOv59FfCr3rpXt8g-CWhffDHpHAE668sdUuG22WAAgx_3WtHk_-tb_8Dh3Ljqp1dRFX1OP057ieiYhQ?key=tvaE7p7DUEBxZ4VV3DUhPQ" alt="" data-proportion="true" data-align="justify" data-file-name="AD_4nXeJsjWz8h0sV7RgCMOeBVMtJS7RlOAq6Kwpa3b1aBku1uWqw_s0PsHOKzEwOv59FfCr3rpXt8g-CWhffDHpHAE668sdUuG22WAAgx_3WtHk_-tb_8Dh3Ljqp1dRFX1OP057ieiYhQ?key=tvaE7p7DUEBxZ4VV3DUhPQ" data-file-size="0" data-origin="," data-size="," data-rotate="" data-percentage="auto,auto" origin-size="752,452" style="margin-left: 0px; margin-top: 0px;"></figure></div> About Tata Capital IPO&nbsp; The anticipation around the Tata capital IPO is immense, both because of the company’s financial momentum and the regulatory backdrop. The Reserve Bank of India has mandated that “upper layer” NBFCs must list publicly within three years of receiving their classification, and Tata Capital’s IPO plans fulfill this requirement, with a target listing before September 2025. This not only reflects regulatory compliance but also underlines the company’s transparency and governance. What amplifies excitement is the sheer scale. The Tata capital ipo details indicate an expected size of over ₹15,000 crore (~$2 billion)—one of the largest in the Indian financial services ecosystem in recent memory. The offering will include a fresh issue of about 2.3 crore equity shares and a corresponding Offer for Sale (OFS) by Tata Sons (the holding company, which owns more than 92.8% pre-IPO) and the International Finance Corporation. With a face value set at ₹10 per share, the issue structure mirrors top standards for market inclusion and retail accessibility. Valuation Trends in Unlisted Markets Tata Capital share price in unlisted markets is currently trading about ₹1,050–₹1,100—that is soar and up from ₹800–₹825 prior to IPO approval news . With a Price-to-Earnings ratio of ~112× and Price-to-Book of ~16×, the unlisted valuation reflects both investor optimism and premium pricing for Tata brand integrity.&nbsp; Strategic Moves Pre-IPO: Mergers and Rights Issue To further solidify its operational and capital foundation ahead of the Tata Capital IPO, Tata Capital has recently announced significant strategic moves. The pending merger with Tata Motors Finance—approved by the boards and awaiting final legal sanction—will see the combined entity emerge as one of India’s largest NBFCs by book size. This step ahead finalized will expand reach and further diversify risk further, and augment capital adequacy as Tata Motors will come to hold a 4.7% stake in the combined unit. Additionally, a ₹1,504 crore rights issue completed in early 2025 (fully subscribed by Tata Sons) further strengthens the balance sheet, providing greater lending headroom and increasing investor confidence ahead of public markets. Conclusion Tata Capital’s Q4 FY25 performance with a 31% jump in PAT to ₹1,000 crore and a 50% spike in revenue—culminates years of focused execution, technological investments, and strategic portfolio diversification. As the Tata Group’s financial flagship prepares to go public, the surging Tata capital unlisted share price, positive secondary market sentiment, and a meticulously structured IPO underline strong demand and future promise. For investors, the <a href="https://www.planify.in/article/tata-capital-begins-15000-crore-fundraising-journey/">upcoming Tata capital IPO</a> is more than a compliance event; it is a major value-creation opportunity to participate in one of India’s most trusted and diversified financial institutions. As listing day approaches, all eyes remain on the final Tata capital share price,&nbsp; and how Tata Capital will harness this fresh capital to entrench itself as a dominant force in the evolving Indian credit landscape.

The Indian financial sector is rolling around a significant buzz as Tata Capital, the flagship financial arm of the Tata Group—unveiled a stellar in some stance of greater performance in the fourth quarter of FY25, presenting the awaited listing from Tata group of its much-anticipated Tata capital IPO.

Tata Capital Q4 2025 Results: Profit Up 31% to ₹1,000 Crore Before IPO Launch

Zilingo was once recognised as the future of Southeast Asian e-commerce—a nimble startup co-founded in 2015 by Ankiti Bose and Dhruv Kapoor, with a mission to digitise and democratise the fashion supply chain. The inspiration sparked from the markets of Bangkok, where Bose realised the potential of connecting small retailers to a broader audience through technology. Within a few years, Zilingo transformed into a regional powerhouse, amassing over $347 million from star investors like Sequoia Capital, Temasek, and Burda Principal Investments, reaching a dazzling near-unicorn valuation of $970 million by 2019, and even expanding operations across eight countries. But by early 2023, it had collapsed in a haze of scandal, whistleblowers, internal probes, and lawsuits, with its co-founder and CEO, Ankiti Bose, making headlines not for innovation but for a dramatic public fallout with her colleagues and board. The Zilingo saga is both a cautionary tale and a primer on how a startup’s culture, governance, and ambitious drive can create as much risk as reward. About Zilingo: Disrupting the Fashion Supply Chain Zilingo was founded in 2015 by Ankiti Bose, then a Sequoia Capital analyst, and Dhruv Kapoor, a former software engineer. Their founding spark came from the bustling street markets of Bangkok, where thousands of local fashion stalls struggled to scale beyond regional foot traffic. Zilingo’s vision: offer a robust technology platform to digitize, finance, and globalize Asia’s small fashion merchants. With a blend of B2C and B2B businesses, Zilingo rapidly built a digital ecosystem offering everything from e-commerce storefronts to inventory management, financing, logistics, and even production analytics. By 2019, it had raised around $308 million, operated in eight countries, and hit a valuation close to $1 billion, flirting with “unicorn” status. Investors included Sequoia Capital India, Temasek Holdings, Burda, and Sofina, a who’s who of global venture funding. Hypergrowth and Cracks Beneath the Surface Despite the glamour of high-profile partnerships, international expansion, and influencer-laden marketing blitzes, warning signs emerged as Zilingo grew. The company sank millions into customer acquisition—an infamous $1 million Morocco influencer trip netted only 10,000 new users instead of the targeted 1 million. Financial records showed a monthly cash burn of $7–8 million, and this pace meant the bulk of its war chest was exhausted in under two years.&nbsp; Internally, the company moved rapidly from a B2C marketplace to a B2B platform offering supply-chain tools, yet technology gaps persisted and operations often lagged behind Zilingo’s ambitious pitch. Financial Irregularities and Leadership Turmoil The company's troubles began in early 2022 when attempts to raise additional funding led to scrutiny of its financial practices. An internal investigation revealed significant irregularities in financial reporting, leading to the suspension of CEO Ankiti Bose on March 31, 2022. Despite her denial of any wrongdoing, Bose was terminated on May 20, 2022, for "insubordination" following the investigation's findings. Zilingo: Crisis &amp; Collapse The initial allegations centered on Zilingo’s reported revenues and accounting practices. Documents reportedly showed multiple sets of revenue numbers presented to external parties: $190 million, $164 million, and $140 million for FY21, with actual net revenue possibly as low as $40 million. Bose acknowledged “aggressive” but “industry standard” methods for recognizing revenue and said investors were aware of these practices. There were also claims that key company data was being concealed from investors and stakeholders, undermining the board’s oversight. Some investors reportedly had concerns about bogus transactions and merchant fraud in Indonesia, Zilingo’s largest market, though no evidence tied these directly to the company’s leadership. Over a two-year period, Zilingo failed to file mandatory annual financial statements required under Singapore law, with auditor KPMG LLP declining to sign off on the FY20 financials. Although such delays are occasionally tolerated among startups, Zilingo’s prolonged omissions constituted a glaring red flag signaling systemic oversight weaknesses. Even more bewildering was investor behavior at the time. Despite the lack of audited financials, state-owned investors like Temasek and EDBI infused additional capital into Zilingo at the end of 2020, exemplifying a broader recklessness in funding decisions. Investors, having prioritized hyper-growth, were accused of failing in their own due diligence and oversight responsibilities. The board only responded decisively after whistleblower complaints surfaced in early 2022, prompting the suspension of Bose and an independent forensic investigation. Indonesia, which represented over half of Zilingo’s business volume, caused additional alarm though no direct CEO involvement was proven. The internal fallout was severe: creditors called in loans, senior leadership including the CFO departed, and employee attrition soared beyond 100 staff. The board ultimately dismissed Bose by May 2022, marking a dramatic endpoint to a period of sustained tension and mismanagement. Leadership Struggles and Strategic Missteps Interviews with more than 60 individuals ranging from employees to investors revealed a company plagued by erratic management practices and damaging internal dynamics. Bose's insistence on aggressive “crazy growth” strategies led to costly and ineffective initiatives, such as a $1 million influencer promotional trip to Morocco which failed to meet user acquisition targets, and a hurried, ultimately unsustainable, expansion into the United States. Her management style, described by former employees as alienating and fear-inducing, undermined both employee morale and operational coherence. Additionally, shareholders voiced concerns over excessive cash burn — reported at $7-8 million a month, and a lack of transparent financial reporting, which went unnoticed or unaddressed for prolonged periods. Central to the company’s downfall was the deteriorated relationship between Bose and her once-strong ally Shailendra Singh, the influential head of Sequoia Capital India. Once a steadfast supporter, Singh grew increasingly disillusioned with Bose’s management as financial pressures mounted. The resulting power struggle exacerbated the turmoil, culminating in legal threats aimed at containing defamatory accusations, indicative of profound fractures within Zilingo’s governance. Boardroom Fallout: Sexual Harassment and Counter-Allegations As the internal battle intensified, Bose filed harassment complaints, including allegations of sexual and mental harassment against co-founder Dhruv Kapoor and former COO Aadi Vaidya. She accused them of cheating, coercing her to relinquish shares under false pretenses, data manipulation, and sending sexually explicit messages and online threats. Both Kapoor and Vaidya have denied all accusations, terming the FIR “baseless” and “retaliatory,” citing earlier investigations that had found Bose at fault and led to her removal as CEO. In response to the harassment charges, Zilingo commissioned Deloitte to conduct a separate probe. Legal proceedings in the form of a First Information Report (FIR) were launched in India, and a court order was later obtained by Bose to restrict defamatory content until a full hearing. Collapse and Liquidation: The End of Zilingo By January 2023, Zilingo’s board appointed liquidators and began selling off company assets. Creditors, unable to secure debt repayments, demanded full recall of their loans, and most staff were laid off. Zilingo’s brand and technology were eventually acquired by Switzerland-based Buyogo for an undisclosed amount. The closure marked a brutal end for what could have been a landmark Asian unicorn. Aftermath: Legal, Cultural, and Regulatory Shockwaves The Zilingo case shook not just Southeast Asian startups, but also sent ripples through global VC circles. High-profile investors voiced public concern over weak governance, promising new protocols, stronger board oversight, and stricter whistleblower systems. Sequoia Capital robustly condemned “willful misconduct or fraud,” and promised governance training for founders and enhanced audit procedures. The case highlighted glaring regulatory holes: private companies in Singapore and much of Southeast Asia face lighter enforcement, and account-filing deferments are easy to secure. The sweeping response by governments and investor associations includes moves towards best-practice guidelines, real-time cash oversight, and stricter local board requirements. Conclusion The painful lessons of Zilingo reveal that stellar valuations and media acclaim must never eclipse the essentials of governance, lest startups face a similar fate. Zilingo’s turbulent collapse underscores how unchecked founder power, aggressive growth pursuit, and weakened governance structures can collectively unravel even the most promising startups.&nbsp;

Zilingo had collapsed in a haze of scandal, whistleblowers, internal probes, and lawsuits, with its co-founder and CEO, Ankiti Bose, making headlines not for innovation but for a dramatic public fallout with her colleagues and board.

Startup Glory, Boardroom Battles, and a Fall from Near-Unicorn Status

Unravelling the Zilingo Scandal: From Fashion Tech Darling to Corporate Scandal

﻿The Securities and Exchange Board of India (SEBI) has given its long and much-awaited approval for the <a target="_blank" href="https://www.planify.in/research-report/hdb-financial-services-limited/">HDB Financial Services IPO</a>, marking a landmark moment for the HDFC Group and India’s financial sector. This upcoming IPO recently got approval and is designed to raise ₹12,500 crore, isn't just considerable in size however additionally signals a strategic push by means of HDFC Bank to consolidate its footprint inside the NBFC section. Investors and marketplace watchers are now closely eyeing the trajectory of the HDB share price, the pre-IPO valuations, and what this listing method is within the broader financial ecosystem. About HDB Financial Services IPO The upcoming HDB IPO includes all the same offering as other great NBFC IPO that includes a fresh equity issue worth ₹2,500 crore in conjunction along with an Offer for Sale (OFS) of ₹10,000 crore with the aid of promoter HDFC Bank, which strong stake&nbsp; presently holds over 94% stake in the organization. The fresh capital is earmarked particularly to reinforce the Tier-1 capital base of HDB Financial Services, ensuring the NBFC can meet future lending and capital adequacy norms amidst its rapid enterprise expansion. Despite the general public waft, the corporation will continue to perform as a subsidiary of HDFC Bank, benefitting from the robustness and brand power of its parent. The IPO forms a part of a regulatory mandate via the Reserve Bank of India (RBI) issued in 2022 requiring upper-layer NBFCs to get listed with the aid of September 2025, enhancing transparency and market discipline in this rapid-growing quarter. The listing is consequently route-breaking in that it represents India’s largest-ever IPO by means of an NBFC, aligning investor attention in the direction of solid, regulated and growth stories in financial offerings. Financial Growth and Robust Business Profile Financially, HDB Financial Services paints a picture of accelerating growth coupled with improving profitability. Over FY22 to FY24, revenues increased from ₹11,306 crore to over ₹14,171 crore, even as net income almost doubled from around ₹1,000 crore to ₹2,461 crore — a testimony to scaling operations and effective credit score management. Early facts from FY25 show endured momentum, no matter macroeconomic headwinds, demonstrating resilience. What stands out is the company’s ability to grow its loan book substantially without compromising asset quality, even as it ventures into slightly higher-risk segments to boost yield.<div class="se-component se-image-container __se__float-justify"><figure><figure> </figure></figure><figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXf3rmST5oOIwxAu6Xd5JDFNZNdok7cH9CqpjOXUH9DIi1tkT-DoxvSiaIO4U38TSO2X-vh9PbA2ixAaA3MZwf80d5DOmSSDHX2uKzaGDuQ79Qm90jDyEpWc-6MlSyoLlkff5Y2j4Q?key=n-OAWvrhuaV9RC1MjvhHhQ" alt="" data-proportion="true" data-align="justify" data-file-name="AD_4nXf3rmST5oOIwxAu6Xd5JDFNZNdok7cH9CqpjOXUH9DIi1tkT-DoxvSiaIO4U38TSO2X-vh9PbA2ixAaA3MZwf80d5DOmSSDHX2uKzaGDuQ79Qm90jDyEpWc-6MlSyoLlkff5Y2j4Q?key=n-OAWvrhuaV9RC1MjvhHhQ" data-file-size="0" data-origin="," data-size="," data-rotate="" data-percentage="auto,auto" origin-size="752,452" style="margin-left: 0px; margin-top: 0px;"></figure></div>

Market sentiment preceding the IPO is equally telling. The HDB financial unlisted share price has surged by over 30% in the run-up to SEBI’s approval, reflecting strong investor appetite and confidence in HDB’s growth story. This surge is often a harbinger of a healthy listing, with the premium seen in unlisted markets signaling expectations of a solid post-IPO performance. It also underscores growing investor thirst for quality NBFC assets backed by established parentage and transparent governance. Yet, the company’s IPO is not without challenges. The draft red herring prospectus&nbsp; displays a well presented stance&nbsp; lays out well-articulated risks—from potential asset quality shocks due to exposure in unsecured credit, to regulatory uncertainties and competitive and strengthens some sort of pressures across NBFC segments. However, the company’s extensive retail focus, technological backing, and the strength of HDFC Bank as a promoter all serve to cushion such risks. The IPO proceeds will further fortify the capital base, enabling prudent growth and compliance with evolving regulators’ expectations. The Surge in Pre-IPO and Unlisted Share Prices Ahead of the IPO, the hdb financial services unlisted share price has seen notable appreciation, driven by increasing investor interest and optimism around the listing. Data indicates that unlisted shares have rallied over 30% in the month leading to SEBI’s approval, with prices hovering in the Rs 1,200–1,280 range per share as of early June 2025. This dynamic pricing reflects strong pre-IPO confidence and positions the company favorably for its public market debut. Market participants analyzing the HDB unlisted share price and trading trends highlight that the valuation premia compared to listed financial peers underscore the trust in HDB Financial’s growth prospects and operational resilience. For retail and institutional investors alike, the evolving hdb financial <a target="_blank" href="https://www.planify.in/markets/">pre ipo market</a> is acting as a barometer for post-listing performance expectations. &nbsp;What Investors Should Know: Risks, Rewards, and Market Position While the IPO guarantees attractive growth, the organisation also openly delineates risk factors in its draft red herring prospectus (DRHP). These consist of fluctuations in asset exceptional due to exposure in unsecured segments, macroeconomic uncertainties affecting credit score performance, and the aggressive competitive intensity in India’s lending space. However, HDB Financial’s diversified and differentiated multiple offering portfolio combined with robust digital lending abilities, and guidance from HDFC Bank mitigate many risks, presenting a compelling risk-reward balance. The sturdy capital base post-IPO will in addition allow scaling of commercial enterprise operations and adherence to RBI rules. Future Outlook and Market Implications The IPO sets the stage for HDB Financial to capitalize on India's expanding credit demand, especially in underserved markets. Its growth trajectory aligns with the broader narrative of financial inclusion and digitization in India’s NBFC sector, which is expected to maintain a high growth rate over the next decade. Investors eyeing the HDB share price post-listing can expect volatility typical of large IPOs, but the fundamental strength and regulatory compliance offer a strong underlying base. The forthcoming listing could also set a benchmark for valuations and capital raising in the NBFC domain, influencing market sentiment toward similar financial stocks. Conclusion The HDB financial services IPO is poised to be a significant event, providing investors a chance to participate in one of India’s premier NBFC growth stories backed by the HDFC brand. With the SEBI approval in hand, attention now turns to the pricing band and listing date, which will be eagerly awaited by both retail and institutional investors keeping a close watch on the hdb financial share price dynamics. As India continues its trajectory toward financial inclusion and credit expansion, HDB Financial Services stands ready to leverage this momentum, making this IPO a landmark transaction and a bellwether for the sector’s evolution. For those tracking the financial marketplace pulse, the evolution of the <a href="https://www.planify.in/article/hdfc-sets-stage-for-hdb-financial-services-ipo-listing-nbfc-arm-ahead/">HDB financial unlisted share price</a> ahead of the IPO offers vital insights into marketplace sentiments and valuation tendencies, illuminating the route for ability profits post-list. Investors eager on India’s NBFC sector need to closely monitor this IPO as it unfolds in the coming months.

This upcoming HDB financial services IPO recently got approval and is designed to raise ₹12,500 crore.

SEBI Clears ₹12,500 Cr HDB Financial IPO — Big Move by HDFC Group

In a landmark moment for India’s renewable energy sector, the <a target="_blank" href="https://www.planify.in/research-report/vikram-solar/">Vikram Solar IPO</a> has received the green light from the Securities and Exchange Board of India (SEBI), setting the stage for one of the most anticipated listings in the country’s clean-tech space this year. As the Indian government accelerates its ambitious renewable energy journey, the SEBI nod not only validates Vikram Solar’s position in the industry but also signals robust potential for discerning investors. Here’s a comprehensive exploration of the company’s growth story, IPO structure, financial health, and what the future may hold for the Vikram Solar share price. Vikram Solar: Powerhouse in India’s Solar Revolution Established in 2006, Vikram Solar has grown from a modest solar module manufacturer to one of India’s largest and most technologically advanced solar panel producers, integrating module manufacturing, engineering, procurement, and construction (EPC), and operations &amp; maintenance (O&amp;M) into its business model. Under the stewardship of Gyanesh Chaudhary, the company has consistently embraced cutting-edge photovoltaic (PV) technologies, achieving a current installed manufacturing capacity of 4.5 GW and setting sights on scaling up to 10.5 GW by FY26 and 15.5 GW by FY27. The company’s global footprint now spans six continents and 39 countries, with strategic exports to the US and Europe, and a distribution network that covers India’s length and breadth. This international and domestic reach builds a resilient pipeline of demand, especially as India’s solar targets continue to ratchet higher. <div class="se-component se-image-container __se__float-justify"><figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc4070XTlpdlHtdV6M_srda9L99VphZV7kp4ovNf5ITv2vQgqAI7fM4GLN2jl-n3jccNOkp9M1xWwPPG6XXog-oLQV_CUnmZK9zb3LNye3bs-pzAeBkpp9zMDJMXuBsCy6MxNYMrA?key=FWVy-rYP6Q2nDKJEhtCVPw" alt="" data-proportion="true" data-align="justify" data-file-name="AD_4nXc4070XTlpdlHtdV6M_srda9L99VphZV7kp4ovNf5ITv2vQgqAI7fM4GLN2jl-n3jccNOkp9M1xWwPPG6XXog-oLQV_CUnmZK9zb3LNye3bs-pzAeBkpp9zMDJMXuBsCy6MxNYMrA?key=FWVy-rYP6Q2nDKJEhtCVPw" data-file-size="0" data-origin="," data-size="," data-rotate="" data-percentage="auto,auto" origin-size="752,452" style="margin-left: 0px; margin-top: 0px;"></figure></div> SEBI Clearance: Key Details of the Vikram Solar IPO The recent SEBI approval for the Vikram Solar IPO marks a pivotal milestone on the company’s growth trajectory. The IPO is structured as a book-built offer, comprising a fresh issue of ₹1,500 crore and an offer for sale (OFS) of up to 17.45 million shares by promoters and promoter group shareholders. Each share carries a face value of ₹10, and while the final price band and launch dates are yet to be announced, the offering is expected to attract a wide range of investors eager to participate in India’s clean energy transition. According to the vikram solar drhp (Draft Red Herring Prospectus), the proceeds from the fresh issuance will be strategically deployed: ₹793.36 crore will go towards establishing a state-of-the-art 3,000 MW solar cell and module manufacturing facility in Tamil Nadu through the wholly-owned subsidiary, VSL Green Power Pvt Ltd. An additional ₹602.95 crore is earmarked for expanding the existing module manufacturing facility—doubling capacity from 3,000 MW to 6,000 MW—also at the Tamil Nadu site. The balance will be reserved for general corporate purposes, supporting working capital needs, technology upgrades, and strengthening the company’s overall resilience. The IPO’s book-running lead managers include market heavyweights like JM Financial, Nuvama Wealth, UBS Securities India, Equirus Capital, and PhillipCapital (India), while Link Intime India serves as registrar—adding further credibility to the process. Vikram Solar IPO: Financial Performance&nbsp; The investment rationale behind the Vikram Solar IPO is significantly strengthened by the company’s stellar financial and operational disclosures. In FY24, revenue rocketed by 21.11% to ₹2,510 crore from ₹2,073 crore in the prior year, underpinned largely by surging export demand (61.58% of revenue comes from international markets). The company’s EBITDA more than doubled to ₹398 crore, while profit after tax (PAT) soared to ₹79 crore—a massive jump from the previous year’s ₹13 crore, reflecting robust cost controls, higher capacity utility, and favorable market dynamics. A closer look at the balance sheet reveals manageable leverage: as of March 2024, the debt-to-equity ratio stood at approximately 1.73x, though this is projected to drop below 1.0 following a recent ₹700 crore private placement in June 2024—a move that should bolster investor confidence ahead of the listing. Vikram Solar’s earnings quality is grounded in operational strength; the company generated ₹170 crore from operations, with disciplined capital deployment towards capacity expansion, technology upgrades, and working capital. This underlying financial robustness is a key factor supporting positive sentiment around the <a target="_blank" href="https://www.planify.in/planify-feed/vikram-solar-ipo-looking-beyond-horizons-in-renewable-energy/">Vikram Solar unlisted share price</a>&nbsp;as the IPO approaches. <div class="se-component se-image-container __se__float-justify"><figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcSs_E82sWZ8X_CTHiOc36qtMpjpwaFI7zCIu7ZIyKGcNttthEUfwle1Fy0hRitgyNIgFUqioZKl18flsreLYuoe6cInf2wMD4f_GeVXj9zmnZD5muA6oBbUus2uear255g8v9TuQ?key=FWVy-rYP6Q2nDKJEhtCVPw" alt="" data-proportion="true" data-align="justify" data-file-name="AD_4nXcSs_E82sWZ8X_CTHiOc36qtMpjpwaFI7zCIu7ZIyKGcNttthEUfwle1Fy0hRitgyNIgFUqioZKl18flsreLYuoe6cInf2wMD4f_GeVXj9zmnZD5muA6oBbUus2uear255g8v9TuQ?key=FWVy-rYP6Q2nDKJEhtCVPw" data-file-size="0" data-origin="," data-size="," data-rotate="" data-percentage="auto,auto" origin-size="751,452" style="margin-left: 0px; margin-top: 0px;"></figure></div> Product and Technology Edge: Staying Ahead in Solar Innovation One of the core themes in the company’s vikram solar drhp is its relentless focus on R&amp;D and technology leadership. Vikram Solar offers an impressive range of high-efficiency modules, including the latest n-type monocrystalline silicon-based TOPCon and HJT modules as well as p-type mono PERC modules, catering to the evolving needs of utility, commercial, and industrial clients. The company has also been recognized as a PVEL ‘Top Performer’ in PV module reliability for six consecutive years and was listed in BloombergNEF’s Tier 1 PV module manufacturers—a significant quality and reliability endorsement for global clients. This technological maturity, combined with a strong project pipeline in EPC and O&amp;M segments, ensures that Vikram Solar is not just a manufacturer, but a full-spectrum solutions provider in the solar domain. Vikram Solar Unlisted Share Price: Pre-IPO Market Buzz With the Vikram Solar IPO on the horizon, <a target="_blank" href="https://www.planify.in/investors/">investors</a>&nbsp;have been keenly tracking the Vikram Solar unlisted share price in grey markets. Recent trends indicate active trading in the ₹415–₹467 per share range, with the price peaking at ₹495 in the last 12 months. The unlisted market capitalization, based on outstanding shares, consistently values the company north of ₹13,000 crore, echoing robust pre-listing investor appetite and generally signaling buoyant post-IPO prospects. Interestingly, analysts and market observers forecast that the IPO price band could fall within a range of ₹474–₹632 per share, suggesting a potential listing premium of 35-80% versus current unlisted share valuations—further amplifying excitement regarding the Vikram Solar share price at listing. What the Vikram Solar DRHP Says About Risk and Strategy The vikram solar drhp provides investors with valuable transparency into both opportunities and challenges that lie ahead. Key risk factors include potential volatility in raw material prices, dependency on supportive government policies, the competitive intensity from larger domestic and international producers, and the ability to scale manufacturing without incurring excessive cost overruns. Nonetheless, the company’s consistent execution, expanding market share (19% among Indian solar panel makers), and strategic investments in manufacturing scale and technology provide strong buffers. The DRHP also outlines the structure of the offer for sale: key promoters participating in the OFS include Gyanesh Chaudhary and Anil Chaudhary, helping both to partially monetize their holdings and enhance the company’s public profile, while ensuring ongoing promoter commitment to long-term growth. Conclusion The SEBI approval for the Vikram Solar IPO is more than a regulatory event—it is a market signal reflecting the growing capital market appetite for clean energy investments and the maturation of India’s solar sector. With a track record of innovation, export excellence, and now, an imminent public listing, Vikram Solar is poised to deliver attractive opportunities for both growth-oriented and ESG-conscious investors. As the official listing date, price band, and prospectus details are finalized, stakeholders are advised to closely monitor updates and analyze the company’s DRHP and post-IPO business performance. One thing is clear—the upcoming Vikram Solar IPO brings not just capital into a leading solar manufacturer but also new momentum into India’s clean energy revolution. For investors seeking high-quality exposure to a dynamic sector, keeping a close eye on developments in the Vikram Solar share price and paying attention to movements in the Vikram Solar unlisted share price may prove both insightful and rewarding.

ikram Solar IPO has acquired the green light from the Securities and Exchange Board of India (SEBI), setting the stage for one of the most expected listings in the nation's clean-tech area this year.

SEBI Approval for Vikram Solar IPO Signals Potential Growth for Investors

In the world of finance, trust is everything. For more than three decades, Infrastructure Leasing &amp; Financial Services (IL&amp;FS) was the rock-solid heart of India’s effort to become an economic powerhouse. Supported by well-regarded government and private institutions, IL&amp;FS financed everything from highways to tunnels, power projects and urban developments that laid the groundwork for modern India. It was more than a company — it was a symbol of progress.​But in 2018, the unthinkable happened. IL&amp;FS, which at one time had a credit status of AAA, defaulted in its debt obligations, revealing a massive economic black hole of close to ₹94,000 crore. What came next was one of India’s greatest corporate scandals — a spider’s web of fraud, mismanagement, regulatory failure and unchecked greed. The Rise of IL&amp;FS&nbsp; IL&amp;FS began with an admirable goal: financing and building infrastructure in India. Established in 1987, IL&amp;FS had influential institutions like LIC, <a href="https://www.planify.in/research-report/hdfc-securities-limited/">HDFC</a>, SBI and overseas entities Abu Dhabi Investment Authority and ORIX Corporation of Japan as shareholders. Over the years, IL&amp;FS has had over 300 subsidiaries, joint ventures, and associates, which also include high-profile projects like the Delhi-Noida Direct Flyway and Chenani-Nashri Tunnel in Jammu &amp; Kashmir. What Went Wrong? The saga started in 2018 when IL&amp;FS and its subsidiaries started to default on payments, first ₹1,000 crore and then higher amounts. By October 2018, total liabilities had exceeded ₹94,000 crore (almost $12 billion). As early as 2012–2013, internal auditors flagged concerns about non-transparent practices, project delays, cost overruns, and dubious inter-company loans. Yet, the glitter of big projects and the confidence of major investors allowed IL&amp;FS to continue borrowing. <h4 style="line-height:1.38;text-align: justify">1. Over-Leveraging</h4>​ IL&amp;FS took on too many projects and borrowed excessively to finance them; many of its projects were delayed or unviable, leading to cash crunches.<h4 style="line-height:1.38;text-align: justify">2. Poor Corporate Governance</h4>There was no transparency. The same top executives sat on the boards of several group companies, creating a closed loop with little oversight or accountability in loan disbursals and fund usage. Independent directors failed to flag risks.<h4 style="line-height:1.38;text-align: justify">3. Fake Profits &amp; Concealed Losses</h4>Audits and investigations revealed that loss-making projects were shown as profitable using complex accounting tricks. This misled investors and rating agencies.<h4 style="line-height:1.38;text-align: justify">4. Rating Agencies' Failure</h4>Until just days before the default, IL&amp;FS had a “AAA” credit rating, which gave investors a false sense of safety. This failure to flag risks earlier worsened the impact.<h4 style="line-height:1.38;text-align: justify">5. Project Delays &amp; Cost Overruns</h4>Many infrastructure projects ran into red tape, land disputes, and cost escalations, but IL&amp;FS kept borrowing more instead of fixing core problems. The Fallout&nbsp; When IL&amp;FS defaulted, the shock rippled through India’s financial ecosystem: <ul><li style="font-size:15px;color:#000000;background-color:transparent">Mutual Funds &amp; NBFCs (Non-Banking Financial Companies) that had invested in IL&amp;FS debt instruments faced liquidity crunches.​</li><li style="font-size:15px;color:#000000;background-color:transparent">Markets dipped, and credit dried up.​</li><li style="font-size:15px;color:#000000;background-color:transparent">In October 2018, the government had no choice but to step in and take over IL&amp;FS to prevent a major financial meltdown.​</li></ul>A new board, led by Uday Kotak, was brought in, and detailed forensic audits were launched. Findings from Investigations In 2019, the National Company Law Tribunal (NCLT) allowed the government to take control of IL&amp;FS and several agencies like the SFIO (Serious Fraud Investigation Office) and the Enforcement Directorate exposed shocking details: <ul><li style="font-size:15px;color:#000000;background-color:transparent">Top officials like Ramesh C. Bawa, Hari Sankaran and Arun Saha were arrested for fraud and misconduct.</li><li style="font-size:15px;color:#000000;background-color:transparent">The management had created “shell companies” to siphon off money.</li><li style="font-size:15px;color:#000000;background-color:transparent">Fake loans, circular transactions, and inflated revenues were used to create an illusion of stability.</li></ul><h3 style="line-height:1.38;text-align: justify">Reforms and What’s Happening Now</h3>After the IL&amp;FS debacle, the Indian government and regulators initiated several reforms: <ul><li style="font-size:15px;color:#000000;background-color:transparent">SEBI tightened norms for credit rating agencies.</li><li style="font-size:15px;color:#000000;background-color:transparent">RBI imposed stricter rules on NBFCs and corporate governance.</li><li style="font-size:15px;color:#000000;background-color:transparent">Prompt corrective action plans for large, systemically important NBFCs to step in before problems escalate.</li><li style="font-size:15px;color:#000000;background-color:transparent">Mutual fund houses became more cautious in evaluating corporate debt.</li></ul> As of 2024, around ₹65,000 crore (over 70% of the group’s total debt) has been resolved or recovered through asset sales and settlements, the new board has been appointed by the government.<h3 style="line-height:1.38;text-align: justify">Conclusion</h3>The IL&amp;FS scandal was more than just financial mismanagement — it was a tale of unchecked ambition, greed, and inadequate regulatory oversight. It reminded us that 'too-big-to-fail' isn't really too big to fail, when you don't have transparency and ethics in place. But it also led to the reforms - improvements of oversight, regulation, and a renewed focus on corporate accountability. There are already scars from the IL&amp;FS crisis, but it could be a watershed moment for India's management of financial infrastructure.

In 2018, the unthinkable happened. IL&FS, which at one time had a credit status of AAA, defaulted in its debt obligations, revealing a massive economic black hole of close to ₹94,000 crore.

IL&FS Scam: The Giant That Collapsed Under Its Own Weight

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