SEBI has just approved the 6 mainboard IPOs to raise capital from the primary market, with the total issue size to be approximately ₹21,600 crores. From NBFC, solar PV modules manufacturer to steel player, these big companies are set to bring in the retail investor’s interest in their shareholding. In this blog, we’ll know in detail about the six IPOs that have received the green light to list their shares on the NSE and BSE.
6 IPOs Lined Up for Listing in 2025
Here are the details of the six mainboard IPOs that have received approval from SEBI to list in the near future:
WHY SMC
- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
- Free Demat Account
1. HDB Financial Services
HDB Financial Services, the subsidiary of HDFC Bank, will raise ₹12,500 crores, which includes both the fresh issue (₹2,500 crores) and OFS (₹10,000 crores). The fresh issue capital will be used to increase the Tier-I capital base, while the offer for sale component will directly go to the promoter selling shareholder.
HDB Financial Services: About the Company
HDB Financial Services is one of the leading and retail-diversified NBFCs and is marked as an Upper Layer NBFC by the RBI. It has three main business verticals, namely, enterprise lending, asset finance, and consumer finance.
As of September 30, 2024, it served 1.75 crore customers and had a granular loan book. The secured loans comprise 71.08% of the total gross loans, while unsecured loans hold a 28.92% share. It also offers BPO services such as collection, sales support services, etc. This NBFC has a strong network with 1,772 physical branches in India as of September 30, 2024. Its HDB On-The-Go application also had around 69 lakh downloads.
Its key strengths are a granular retail loan book, diversified product portfolio, omnichannel presence, and advanced technology offerings.
Financial Performance of HDB Financial Services
- HDB Financial Services’ net profit increased by 25.59% YoY to ₹2,460.84 crores in the financial year 2023-24.
- Both the GNPA and NNPA ratios fell to 1.90% and 1.63%, respectively. This highlights that the NBFC major’s financial health is getting stronger with lower non-performing assets (NPAs).
| Particulars (in ₹ Cr) | FY24 | FY23 | YoY Change |
|---|---|---|---|
| Profit after Tax (PAT) | 2,460.84 | 1,959.35 | 25.59% |
| Total Gross Loans | 90,217.93 | 70,030.70 | 28.83% |
| Net Interest Income | 6,292.40 | 5,415.86 | 16.18% |
| GNPA (%) | 1.90% | 2.73% | -0.83% |
| NNPA (%) | 0.63% | 0.95% | -0.32% |
| ROA (%) | 3.03% | 2.97% | 0.06% |
2. Dorf-Ketal Chemicals
Dorf-Ketal Chemicals, a specialty chemicals company, is aiming to raise ₹5,000 crores, which includes both the fresh issue (₹1,500 crores) and OFS (₹3,500 crores). These proceeds will be used for repayment or prepayment of loans taken by the company and its subsidiaries.
WHY SMC
- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
- Free Demat Account
Dorf-Ketal Chemicals: About the Company
Founded in 1992, Dorf-Ketal Chemicals operates mainly in two segments: specialty chemicals for hydrocarbons and industrial specialty chemicals. Its offerings include production chemicals, optical brighteners, modified acids, etc.
As of October 31, 2024, it has 16 manufacturing units and has a strong clientele base, including Reliance Industries, Indian Oil Corporation, and Italiana Petroli. Its key strengths are strong R&D capabilities, global manufacturing hubs, and catering to diverse industries.
Financial Performance of Dorf-Ketal Chemicals
- Dorf-Ketal Chemicals’ net profit increased by 35.04% YoY to ₹609.17 crores in the financial year 2023-24.
- The revenue from operations stood at ₹5,479.54 crores, a growth of 41.72% from the previous financial year.
| Particulars (in ₹ Cr) | FY24 | FY23 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 5,479.54 | 3,866.48 | 41.72% |
| EBITDA | 950.42 | 731.17 | 29.99% |
| Net Profit | 609.17 | 451.10 | 35.04% |
| Total Borrowings | 1,533.60 | 1,432.50 | 7.06% |
| ROCE (%) | 19.33% | 18.09% | 1.24% |
| ROE (%) | 23.40% | 22.35% | 1.05% |
3. Vikram Solar
Vikram Solar, a solar PV module manufacturer, is looking to raise ₹1,500 crores, which only includes the fresh issue component. This will be used to fulfill the capital expenditure requirements and other corporate purposes.
Vikram Solar: About the Company
Vikram Solar is one of the largest solar PV (photovoltaic) module manufacturing companies, based on installed capacity of 3.50 GW. Its manufacturing units are located in the Falta SEZ (Special Economic Zone) in West Bengal, Kolkata, and Tamil Nadu.
It is expected to increase the installed manufacturing capacity up to 10.50 GW by FY26 and up to 15.50 GW by FY27 through brownfield and greenfield expansion.
Its key strengths include a long track record in solar PV manufacturing, pan-India presence, and diversified product portfolio.
Financial Performance of Vikram Solar
- Vikram Solar’s net profit increased by 450.17% YoY to ₹79.72 crores in the financial year 2023-24.
- The revenue from operations stood at ₹2,510.99 crores, a growth of 21.11% from the previous financial year.
| Particulars (in ₹ Cr) | FY24 | FY23 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 2,510.99 | 2,073.23 | 21.11% |
| EBITDA | 398.58 | 186.18 | 114.08% |
| Net Profit | 79.72 | 14.49 | 450.17% |
| Order Book (MW) | 4,376.16 | 2,786.87 | 57.03% |
| ROCE (%) | 20.76% | 12.78% | 7.98% |
| ROE (%) | 19.67% | 4.05% | 15.62% |
4. A-One Steels India
A-One Steels India, a leading steel producer, is looking to raise ₹650 crores, which includes both the fresh issue (₹600 crores) and OFS (₹50 crores). These proceeds will be used to purchase equipment, to make an investment in a captive power plant, and for loan repayment.
A-One Steels India: About the Company
A-One Steels India is a backward-focused steel manufacturing company with a product portfolio including long steel, flat steel products, and industrial products. It is one of the top 5 steel producers in southern India and has 6 manufacturing facilities in India.
Its key strengths are backward integration in steel manufacturing, a wide distribution network, high brand value, and certified green products.
Financial Performance of A-One Steels India
- A-One Steels India’s net profit decreased by 60.17% YoY to ₹38.91 crores in the financial year 2023-24.
- The revenue from operations stood at ₹3,834.21 crores, a growth of 21.20% from the previous financial year.
| Particulars (in ₹ Cr) | FY24 | FY23 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 3,834.21 | 3,163.52 | 21.20% |
| EBITDA | 198.70 | 238.26 | -16.60% |
| Net Profit | 38.91 | 97.70 | -60.17% |
| Total Borrowings | 1,042.53 | 1,126.04 | -7.42% |
| ROCE (%) | 10.45% | 13.64% | -3.19% |
| ROE (%) | 9.42% | 29.42% | -20.00% |
5. Shanti Gold International
Shanti Gold International, a gold jewelry maker, is looking to raise capital through the fresh issue of 1.8 crore shares. The proceeds will be used to meet capital and working capital requirements and loan repayment.
Shanti Gold International: About the Company
Founded in 2003, Shanti Gold International is one of the top-grade 22 Karat CZ casting gold jewellery manufacturers. From designing to production, this company makes a wide range of jewelry pieces such as rings, bangles, and necklaces.
Its key strengths are fully integrated in-house manufacturing, long-standing relationships with corporate jewelry brands, and expertise in creating a unique and diverse range of designs.
Financial Performance of Shanti Gold International
- Shanti Gold International’s net profit increased by 35.57% YoY to ₹26.87 crores in the financial year 2023-24.
- The revenue from operations stood at ₹711.43 crores, a growth of 4.71% from the previous financial year.
| Particulars (in ₹ Cr) | FY24 | FY23 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 711.43 | 679.40 | 4.71% |
| EBITDA | 53.45 | 45.57 | 17.29% |
| Net Profit | 26.87 | 19.82 | 35.57% |
| ROCE (%) | 17.97% | 19.36% | -1.39% |
| Debt-Equity Ratio | 2.18 | 2.37 | -0.19 |
6. Shreeji Shipping Global
Shreeji Shipping Global, a shipping and logistics company, is looking to raise around ₹300 crores, which includes the fresh issue of 2 crore shares. These proceeds will be used to fund the acquisition of vessels and repayment of loans.
WHY SMC
- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
- Free Demat Account
Shreeji Shipping Global: About the Company
Part of the Shreeji Group, this company is a shipping and logistics solution company for dry bulk cargo. It has a fleet count of over 75 vessels and more than 380 earthmoving equipment as of September 30, 2024. It provides services at more than 20 ports and jetties such as Kandla, Bhavnagar, and Puttalam Port (Sri Lanka).
Its key strengths include integrated shipping and logistics service provider, long-term relationships with customers in multiple industries, and established cargo handling operations.
Financial Performance of Shreeji Shipping Global
- Shreeji Shipping Global’s net profit increased by 4.73% YoY to ₹124.51 crores in the financial year 2023-24.
- The revenue from operations stood at ₹731 crores, a drop of 11.61% from the previous financial year.
| Particulars (in ₹ Cr) | FY24 | FY23 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 731.00 | 827.00 | -11.61% |
| EBITDA | 197.89 | 188.71 | 4.86% |
| Net Profit | 124.51 | 118.89 | 4.73% |
| Net Operating Cash Flows | 160.03 | 157.93 | 1.33% |
| ROCE (%) | 35.33% | 38.05% | -2.72% |
| ROE (%) | 43.61% | 58.17% | -14.56% |
Conclusion
The primary market is heating up with these 6 big IPOs getting the green signal from the SEBI. These IPOs have great investment prospects, but it is advisable to do rigorous research, including their financial performance, risk factors, and proceeds usage. Open free Demat account with SMC Global Securities and invest in IPOs, mutual funds, and stocks easily at your fingertips.
Author: All Content is verified by SMC Global Securities.
WHY SMC
- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
- Free Demat Account
