SEBI set to clear IPOs of HDB Financial, Hero FinCorp, and Vikram Solar

India's capital markets regulator, the Securities and Exchange Board of India (SEBI), is poised to approve three major IPOs in the coming weeks, according to sources with direct knowledge of the matter. These include the highly anticipated public offerings of non-bank lenders HDB Financial Services, and Hero FinCorp, as well as solar photo-voltaic modules manufacturer Vikram Solar.

Hero FinCorp IPO: 8,668 crore offering awaits final nod

The IPO of Hero FinCorp, backed by ChrysCapital and part of the Hero MotoCorp group, is also close to receiving SEBI clearance. Hero Fincorp filed its DRHP with SEBI in July 2024, proposing to raise 23,668 crore, comprising a 22,100 crore fresh issue and an 21,568 crore offer for sale (OFS) by existing investors. Reports had since suggested the SEBI nod was delayed due to potential compliance issues related to rules governing unlisted companies.
Hero Fincorp, which is the financial services arm of India's largest two-wheeler maker Hero MotoCorp, plans to use IPO proceeds for the augmentation of its Tier—I Capital base to meet
its future capital requirements towards onward lending. Established in December 1991, the NBFC offers two-wheeler financing, advances for buying homes in the affordable housing segment, loans for education, and lending to the small and medium enterprise sector.