<ul><li>Financial Performance (FY25 vs FY24): <a href="https://www.planify.in/research-report/vivriti-capital-share-price-trade-online/">Vivriti Capital</a> reported a 35.7% YoY increase in total income to ₹1,507 Cr in FY25 from ₹1,110 Cr in FY24, driven by robust growth in interest income (up 35.7% to ₹1,286 Cr) and fee &amp; commission income (up 39.0% to ₹105 Cr). Other income rose significantly due to ₹81.6 Cr gain from loss/dilution of control during the year. Despite a 34% YoY rise in finance costs to ₹704 Cr and nearly doubling of impairment expenses (up 88.7% YoY to ₹194 Cr), the company’s profit before tax surged 42.2% to ₹367 Cr in FY25 from ₹258 Cr in FY24. However, due to a large deferred tax benefit in FY25, amounting to 286 cr. supported profit growth. Net profit rose sharply to ₹359 Cr in FY25 from ₹3 Cr in FY24, benefiting from higher core earnings and improved efficiency. Earnings per share (EPS) jumped to ₹37.35 from ₹0.34, reflecting stronger bottom-line growth and improved profitability metrics.</li><li>Operational Metrics (FY25 vs FY24): Net Profit Margin improved sharply to 23.8% in FY25 from just 0.3% in FY24, supported by higher income and better cost management. Gross NPA (GNPA) rose slightly to 1.89% (from 1.09%), while Net NPA (NNPA) increased to 0.71% (vs 0.46%), reflecting some increase in stress. Capital Adequacy Ratio (CRAR) remained healthy at 21.02%, marginally down from 21.27% in FY24. Total consolidated assets increased by 10.8% YoY to ₹11,972 Cr, while the loan book expanded by 18.6% YoY to ₹8,658 Cr. Net worth (excluding non-controlling interest) improved by 13.5% to ₹3,346 Cr in FY25 from ₹2,947 Cr in FY24, strengthening the company’s capital base. The debt-to-equity ratio stood at 2.25x, broadly stable vs 2.27x last year while the total debts to total assets came in at 62.8%.</li><li>Strategic Developments:&nbsp;Vivriti Capital saw strong performance in FY25 with higher income and better cost control. A large part of the profit jump came from a one-time deferred tax gain, which helped lower the tax expense. This is a non-recurring item and may not be seen in future quarters. The company also earned ₹81.6 Cr from giving up control in part of its group structure, which further boosted profits. Vivriti is undergoing a group restructuring, awaiting NCLT approval. This is expected to improve operational efficiency. Asset quality remained stable, and capital levels stayed strong. Investors should track upcoming quarters to see how the business performs without these one-off gains.&nbsp;</li></ul>

Vivriti Capital's Revenue Grows 35.7% YoY in FY25

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

The Indian IPO market has entered a new phase of momentum in 2025, distinguishing itself from earlier speculative cycles by focusing on genuine, sizable offerings spanning tech, finance, renewables, and market infrastructure sectors. After a tentative start to the year, a substantial post-April rebound has delivered new vibrancy, as companies like HDB Financial Services, <a href="https://www.planify.in/research-report/zepto-kiranakart-technologies-pvt-ltd/">Zepto</a>, Vikram Solar, NSDL,Imagine Marketing (boAt) and the <a target="_blank" href="https://www.planify.in/research-report/national-stock-exchange/">National Stock Exchange</a> (NSE) prepare for long-awaited public debuts.&nbsp; <ul><li>The pipeline now comprises thoroughly vetted, regulator-approved deals that reflect India’s maturing capital markets and a recalibrated appetite for growth with substance over hype.</li></ul><ul><li>Investors and analysts note that 2025–26 will bring IPOs backed by robust fundamentals, significant fresh capital raising, and greater regulatory oversight, marking a return to real, credible market opportunities.</li></ul>

HDB Financial Services, Zepto, Vikram Solar, NSDL, Imagine Marketing (boAt) and the National Stock Exchange (NSE) prepare for long-awaited public debuts.

Big Names in Upcoming IPOs:  Indian IPO Buzz Reignites Following April Rebound

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

<ul><li>Financial Highlights: PNB Finance and Industries Ltd. reported a stable financial performance in FY25, with consolidated total income decreasing by 9.2% year-on-year (y-o-y) to ₹11 crore, as compared to ₹12 crore in FY24. Although there was no revenue from core operations, the income generated from dividends, interest, and financial instruments helped maintain overall income levels. Profit before tax rose to ₹9 crore, a 2.3% increase over the previous year, primarily driven by effective cost control, especially in legal and professional fees. However, profit after tax remained broadly flat at ₹7.16 crore versus ₹7.22 crore in FY24, due to a marginally higher tax expense.</li><li>Operational Developments: PNB Finance and Industries Ltd. mainly acts as an investment holding company with no core business operations. Still, it posted a strong net profit margin of 68.2% in FY25, driven by steady income from dividends, interest, and gains on investments. The company has no debt, keeping its debt-equity ratio at zero, which reflects its conservative and stable financial approach. Total assets rose 14.5% to ₹3,815 crore, while net worth grew to ₹3,295 crore, backed by a rise in investment value. Though operating cash flow was slightly negative at ₹-1.7 crore, this was balanced by ₹1.6 crore of positive cash flow from investing.</li><li>Future Outlook: PNB Finance is expected to continue its role as an investment holding company with no operating revenue. The company’s focus remains on generating returns from its investment portfolio, which includes equities, mutual funds, and fixed income instruments. Given its high net worth of ₹3,295 crore and zero-debt structure, the company is financially strong and well-positioned to sustain its current model. However, the absence of operational revenue limits growth visibility in the traditional sense. The management has opted to retain earnings, with no dividend declared for FY25, suggesting a cautious approach toward capital preservation and future opportunities. Going forward, the company may look to restructure its investment portfolio to enhance returns or unlock value through strategic deployment. </li></ul>

PNB Finance & Industries releases FY25 Results

PNB Finance & Industries Reports Flat FY25 Results

﻿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.

<h2>About HDB Financial Services IPO</h2>The upcomingHDB IPOincludes 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 style="box-sizing: border-box; -webkit-user-drag: none; overflow: visible; font-family: inherit; font-size: inherit; color: inherit; position: relative; display: block; outline: none; padding: 0px; margin: 0px; direction: ltr;"><figure style="box-sizing: border-box; -webkit-user-drag: none; overflow: visible; font-family: inherit; font-size: inherit; color: inherit; position: relative; display: block; outline: none; padding: 0px; margin: 0px;"> </figure></figure><figure style="box-sizing: border-box; -webkit-user-drag: none; overflow: visible; font-family: inherit; font-size: inherit; color: inherit; position: relative; display: block; outline: none; padding: 0px; margin: 0px; direction: ltr;"><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="box-sizing: border-box; -webkit-user-drag: none; overflow: visible; font-family: inherit; font-size: inherit; color: inherit; position: relative; display: block; margin: 0px; padding: 0px; width: auto; height: auto; max-width: 100%; z-index: 0;"></figure></div> Market sentiment preceding the IPO is equally telling. TheHDB financial unlisted share pricehas 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 theHDB unlisted share priceand 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 evolvinghdb financial<a target="_blank" href="https://www.planify.in/markets/">pre ipo market</a>is acting as a barometer for post-listing performance expectations. 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 theHDB share pricepost-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 TheHDB financial services IPOis 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 thehdb financial share pricedynamics. 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/article/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

India’s <a target="_blank" href="https://www.planify.in/sme-ipo/">SME IPO</a> segment has been in the spotlight, not only for its rapid growth and initial euphoria but also for a string of regulatory crackdowns by SEBI in 2024–25 that rattled both retail investors and the broader market ecosystem.&nbsp; Some companies went public amid massive investor interest but saw severe issues post-listing.&nbsp; Several SME IPOs in India initially promised outsized returns, with issues being oversubscribed hundreds of times and post-listing prices shooting up dramatically, only to later come crashing down as the euphoria faded and underlying operational or governance issues came to light.&nbsp; Some companies, such as Varyaa Creations and Synoptics Technologies, became textbook cases—listed with much fanfare, but post-listing revelations about fund diversion and misstatements saw SEBI step in with bans and trading halts.&nbsp; Others, like Resourceful Automobile, showcased how speculative frenzy could drive shares far above fundamental value, leading to steep corrections and investor pain.&nbsp; This decisive campaign prompted SEBI to halt or suspend multiple listings, freeze promoter holdings, and penalise errant merchant bankers and company directors.&nbsp; <ul><li>The new norms introduced profitability prerequisites, capped offer-for-sale stakes, enforced stricter disclosure, and mandated public DRHP scrutiny, all to restore investor confidence, curtail speculative activity, and foster a transparent, resilient SME fundraising ecosystem.&nbsp;</li></ul><ul><li>These cases have not only led to direct investor losses but have also exposed structural vulnerabilities in the SME IPO ecosystem, lack of robust due diligence, opaque financials, speculative subscription patterns, and insufficient post-issue oversight—which SEBI is now actively addressing with a raft of regulations targeting promoter activities, offer-for-sale quantum, use of proceeds, and public scrutiny of offer documents.&nbsp;</li></ul>

Some companies went public amid massive investor interest but saw severe issues post-listing.

SEBI’s 2025 Crackdown on SME IPOs

Notice is hereby given that the 20th (Twentieth) Annual General Meeting (AGM) of the Shareholders of Shriram Life Insurance Company Limited (referred to as "the Company") will be held on Wednesday, June 25, 2025. The meeting will take place at Plot No. 31 &amp; 32, 5th Floor, Ramky Selenium, Financial District, Gachibowli, Hyderabad — 500 032, starting at 11:30 AM. The agenda will include the following business matters:Ordinary Business:<ul><li>To receive, consider, and adopt the Audited Financial Statements of the Company for the financial year ended March 31, 2025, including the Revenue Account and the reports of the Board of Directors and the Auditors thereon.</li></ul><ul><li>To appoint a director in the place of Mr. Sanjeev Mehra (DIN: 07491208), who retires by rotation and is eligible to offer himself for re-appointment.</li></ul><ul><li>To appoint a director in the place of Mr. Umesh Govind Revankar (DIN: 00141189), who retires by rotation and is eligible to offer himself for re-appointment.</li></ul>Special Business:<ul><li>Approval of the appointment of Mr. Shaji p Jacob (DIN: 10647012) as an independent director of the company<ul><li>RESOLVED THAT, by Sections 149, 150, and 152 of the Companies Act, 2013, and the Companies (Appointment and Qualifications of Directors) Rules, 2014, Mr. Shaji P. Jacob (DIN: 10647012), appointed as an Additional Director on August 8, 2024, is eligible for appointment as an Independent Director. The Company has received a notice from a member proposing his candidacy. Therefore, Mr. Shaji P. Jacob be appointed as an Independent Director for a term of five years, effective from August 8, 2024, not liable to retire by rotation.</li></ul></li><li>Approval of the revision of the remuneration of Mr. Manoj Kumar Jain (DIN: 00421396), the managing director of the company, for FY25. <ul><li>Resolved that, by Sections 196, 197 of the Companies Act, 2013, Schedule V of the Act, Section 34A of the Insurance Act, 1938, and the Articles of Association, and following the Board and Nomination and Remuneration Committee's approval, subject to IRDAI's approval, the members consent to the remuneration for Mr. Manoj Kumar Jain (DIN: 00421396), Managing Director, for the Financial Year 2024-25.</li></ul></li><li>Approval of the revision of remuneration of Mr. Karanam Ramachandra Sekhar (DIN: 00195246), the managing director of the company, for the financial year 2024-25.</li><li>Approval of the Revision in Remuneration for Mr. Casparus J.H. Kromhout (DIN: 06419621), Managing Director and CEO of the Company for the Financial Year 2024-25.</li><li>Approval of the revision of remuneration of Mr. Manoj Kumar Jain (DIN: 00421396), the managing director of the company, for the financial year 2025-26.</li><li>Approval of Revised Remuneration for Mr. Karanam Ramachandra Sekhar (DIN: 00195246), Managing Director of the Company for the Financial Year 2025-26.</li><li>Approval of the Revision in Remuneration for Mr. Casparus J.H. Kromhout (DIN: 06419621), Managing Director and CEO of the Company for the Financial Year 2025-26.</li></ul>

Notice of 20th AGM of Shriram Life Insurance

Notice to the members of Shriram Life Insurance

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