SEBI Gives Go-Ahead For 6 IPOs

Mumbai, June 5, 2025The Securities and Exchange Board of India (SEBI) has granted approval to five companies for their initial public offerings (IPOs). The companies receiving approval represent a wide range of industries, including renewable energy, logistics, steel, chemicals, and jewellery, demonstrating broad sectoral interest.

Vikram Solar to Raise ₹1,500 Crore

Kolkata-based Vikram Solar intends to raise ₹1,500 crore through a mix of a fresh issue and an offer-for-sale (OFS). The IPO structure includes a fresh issue valued at ₹1,500 crore along with an OFS of around 1.75 crore equity shares from its promoters.

Out of the total proceeds, ₹793.36 crore will be directed towards capital investments through its subsidiary VSL Green Power Pvt Ltd to establish a new solar cell and module manufacturing facility with a capacity of 3,000 MW. Additionally, ₹602.95 crore is earmarked for expanding the company’s current module production capacity from 3,000 MW to 6,000 MW. The remaining funds will be utilised for general corporate purposes.

India’s National Solar Mission targets 500 GW of renewable capacity by 2030, with solar expected to contribute a major share. Vikram Solar’s planned increase from 3,000 MW to 6,000 MW in module capacity places it among India’s largest solar manufacturers, helping reduce import dependency on China, which currently dominates global solar component supply chains.

The ₹793.36 crore will be used via subsidiary VSL Green Power Pvt Ltd to set up a new 3,000 MW solar facility. Another ₹602.95 crore aims to double current production, accelerating India’s transition to clean energy.

Industry experts view Vikram Solar’s IPO as a bellwether for clean tech investments amid rising global focus on sustainable energy. The company has demonstrated a 15-20% CAGR over the past three years, supported by government subsidies and growing solar installations in India.

Shreeji Shipping Global Plans Fleet Expansion

Shreeji Shipping Global Ltd, a company engaged in dry bulk cargo shipping and logistics, will issue 2 crore new equity shares in its upcoming IPO. The company plans to deploy ₹289.4 crore from the IPO proceeds to acquire supramax dry bulk carriers in the secondary market. Furthermore, ₹19.5 crore will be allocated for repayment of existing debt.

The global dry bulk shipping market has rebounded strongly post-pandemic, with charter rates rising due to supply chain constraints and increasing commodity demand from emerging economies. India’s share in global shipping remains small, offering growth potential for domestic players like Shreeji Shipping.

Investing in newer supramax carriers will enable Shreeji Shipping to enhance fleet efficiency, reduce operating costs, and capitalize on rising freight rates. The debt repayment component improves the company’s balance sheet, potentially boosting investor confidence.

Dorf-Ketal Chemicals to Raise ₹5,000 Crore

Dorf-Ketal Chemicals India Ltd aims to raise ₹5,000 crore through its IPO, consisting of a ₹1,500 crore fresh issue and a ₹3,500 crore OFS by Menon Family Holdings Trust. The fresh issue proceeds will be utilised to reduce debt, with ₹333 crore allocated to its UAE-based subsidiary Dorf Ketal Chemicals FZE for loan repayment. The balance of the funds will support general corporate requirements.

India’s specialty chemicals market is expected to grow at a CAGR of 12-14% over the next five years, driven by global supply chain diversification and increased focus on ‘Make in India’ initiatives. Dorf-Ketal’s strong foothold in custom synthesis and process chemistry provides an edge.

Fresh funds will reduce corporate debt and strengthen the UAE subsidiary, Dorf Ketal Chemicals FZE, facilitating cross-border operations and enhancing production capabilities. The ₹333 crore investment for loan repayment indicates focused financial prudence. Given the strong demand outlook and rising export opportunities, this IPO could attract investors seeking exposure to specialty chemicals with a global footprint.

A-One Steels India Targets ₹650 Crore Fundraise

A-One Steels India plans to raise ₹600 crore through a fresh issue, supplemented by ₹50 crore via an OFS by its promoters. The capital raised will be invested in acquiring new machinery, expanding manufacturing capabilities through its subsidiary Vanya Steels Pvt Ltd, setting up captive solar power plants, repaying debt, and other general corporate expenses.

Steel demand in India is expected to grow at 6-8% annually, fueled by infrastructure projects and urban development. The company’s focus on integrating captive solar power aligns with India’s push to reduce carbon footprints in heavy industries.

Investment in renewable energy infrastructure helps reduce operational costs and comply with emerging environmental regulations. This strategy positions A-One Steels as a future-ready manufacturer in a competitive steel sector.

Shanti Gold International to Expand Jaipur Facility

Jewelry manufacturer Shanti Gold International is set to issue 1.8 crore fresh equity shares. The IPO proceeds will be used to develop a new manufacturing facility in Jaipur with an allocation of ₹45.83 crore. Additionally, ₹190 crore will be directed toward working capital requirements, ₹20 crore for debt repayment, with the remainder allocated for general corporate purposes.

India’s gold jewelry market is projected to grow steadily at 10% CAGR, driven by rising disposable incomes and festivals. Jaipur, known as the “Golden City,” is a hub for jewelry craftsmanship, and expansion here will boost Shanti Gold’s production capacity and market reach.

The fresh equity will ease working capital constraints and reduce debt, providing the company greater flexibility to scale operations and launch new designs amid increasing competition.

Overall Market Impact and Outlook:

These five IPOs reflect a multi-sectoral growth narrative in India’s capital markets, each addressing critical industry needs—clean energy capacity, logistics fleet modernization, specialty chemical exports, steel manufacturing efficiency, and jewelry market expansion.

Investor Considerations:

Strong government support in renewable energy and ‘Make in India’ initiatives underpin long-term growth.

Improving balance sheets through debt reduction highlights prudent financial management.

Sector-specific trends such as global shipping recovery, rising steel demand, and expanding specialty chemicals exports enhance growth potential.

With India’s market cap and IPO activity recovering after recent volatility, these approvals are likely to renew investor interest, providing new opportunities aligned with India’s economic transformation.

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