According to sources, India's Capital Market regulator SEBI, is expected to approve three major IPOS in the coming weeks. This includes the highly anticipated public offering of NBFCs, including Hero FinCorp and HDB Financial Services. In addition to these NBFCs, the Solar PV Module Manufacturer Vikram Solar IPO is likely to be approved by SEBI.
Let's have a look at these companies individually
HDB Financial: Rs 12,500 Crore IPO
First on the block is the much-awaited HDB Financial IPO of $1.5 billion, which is set to get the go-ahead very soon, paving the way for what is going to be one of the largest IPOs we'll see from any NBFC in recent times. Their offer will comprise 2500 crores of a fresh issue component and a 10,000 crores offer for sale by the parent HDFC Bank.
HDB had filed its DRHP in October last year. The offer was under SEBI scrutiny over a potential violation of the company's act, which related to a private placement of shares to more than 50 employees of HDFC Bank, which has since been resolved.
HDB Financial will need to list by September to comply with the RBI's upper-layer NBFC norms. In addition to that, if the RBI's 2024 draft circular on bank subsidiaries is finalised, HDFC Bank will also have to bring its stake down to 20% in HDB, where it currently owns more than 94% stake.
Hero Fincorp Waits For Rs 3,668 Crore IPO Approval
Apart from HDB, SEBI is also set to clear Hero Fin Corps' Rs 3,668 Cr. IPO, the papers for which were filed in July last year and faced delays because of compliance-related questions around unlisted entities. The Rs 3,668 Crore IPO consist of Rs 2100 fresh issue and Rs 1,568 crore offer for sale (OFS) by existing investors.
Herofin Corp is backed by Chris Capital and is a part of Hero Motorcorp Group. The company plans to use these funds to grow its Tier 1 Base Capital and meet its future capital requirements for lending purposes.
Here are some types of loans Hero Fincorp offers:
Incorporated in 1991, Hero Fincorp is the financial arm of Hero Motor Corp. It offers leasing, financing, bill discounting, and related services. The NBFC is involved in commercial lending and consumer finance.
Vikram Solar: Rs 1,500 Crore IPO Listing
One of the largest PV Solar Module Manufacturers based out of Kolkata, Vikram Solar, filed its DRHP on September 24. The proposed IPO consists of Rs 1,500 crore fresh issue and an offer for sale of 1.74 crore equity shares by the promoters Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary.
Vikram Solar may consider raising Rs 300 crore through private placement. If they can raise pre-ipo, then the said amount will be reduced from the fresh issue.
Tata Capital IPO May Take Some Time
An update on Tata Capital's mega 15,000 cr rupee IPO. They filed their papers with Sebi just last month. So this will take a little more time, but the clock is ticking for them because Tata Capital is also under the RBI's upper-layer NBFC listing mandate with a deadline of September this year to hit the public markets.
With the three major IPO offerings of HDB, Hero Fincorp, and Vikram Solar expected soon, the Indian Investor Market is set for some powerful IPO and pre-IPO investments.
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