Top 3 SEBI Approved IPOs Already Trading Pre-IPO

SEBI has recently approved IPOs for six companies, but three in particular have caught investor attention: HDB Financial Services, Hero FinCorp, and Vikram Solar. These companies are not just IPO-bound, they’re already available for pre-IPO investment and represent strong sectoral plays across finance and renewables. Here’s a detailed look at their financials, growth strategies, and why they’re generating serious investor interest in the private market. SEBI Approved Pre-IPO

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1. HDB Financial Services: The HDFC-Backed Lending Powerhouse

IPO Size: ₹12,500 crore (₹2,500 Cr Fresh Issue + ₹10,000 Cr OFS)
SEBI Approval Date: May 28, 2025
Promoter Holding: 94.6% (HDFC Bank)

Business Overview:
HDB Financial Services is a non-banking financial company (NBFC) with a strong pan-India presence through 1,772 branches across 1,162 cities and towns, serving over 17.5 million active customers. Nearly 80% of its network lies outside India’s top 20 cities, highlighting its rural and semi-urban focus.

IPO Objective:
The primary aim is to enhance Tier-I capital to support future growth. The capital raised will strengthen lending capacity, fund expansion, and provide for general corporate purposes. The offering marks the HDFC Group’s first IPO in over six years.

Financial Health & Risks:
As of September 2024, HDB has a net worth of ₹13,300 crore. It maintains a disciplined credit structure, with Stage 3 loans improving to 1.90% from 4.99% in March 2022. However, macroeconomic volatility, interest rate risks, and brand dependence on HDFC Bank are flagged as potential headwinds in the DRHP.

Why It’s a Key Pre-IPO Opportunity:
HDB’s scale, brand strength, and regulatory compliance positioning it in the RBI’s upper NBFC layer make it a high-confidence Pre-IPO candidate. Investors are looking to gain early exposure before pricing and listing volatility come into play. SEBI Approved Pre-IPO

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2. Hero FinCorp: Riding India’s Credit Growth

IPO Size: ₹3,668.13 crore (₹2,100 Cr Fresh Issue + ₹1,568.13 Cr OFS)
SEBI Approval Date: May 22, 2025
Promoter Linkage: Hero MotoCorp

Business Overview:
Hero FinCorp is a scaled NBFC offering diversified financial products across retail, MSME, and corporate loan segments. It had an AUM of ₹51,821 crore as of March 2024, serving over 1.18 crore customers.

Financial Performance:

• Revenue: ₹8,290 crore (FY24)
• PAT: ₹637 crore
• Diluted EPS: ₹49.94
• RoNW: 11.05%

Hero FinCorp is focused on strengthening its Tier-I capital base through the fresh issue, aimed at expanding lending operations and meeting future capital adequacy norms.

Risk Factors:
The company’s DRHP highlights the concentration risk in two-wheeler loans (linked to Hero MotoCorp), higher NPA provisions, and challenges in evaluating new-to-credit borrowers. However, its robust financial metrics and fast-growing retail base present an attractive entry point for Pre-IPO investors.

Why It’s a Key Pre-IPO Opportunity:
The company’s performance aligns well with India’s credit boom and NBFC expansion trends. Backed by a strong brand, Hero FinCorp stands out as a Pre-IPO asset with clear visibility into future growth and earnings. SEBI Approved Pre-IPO

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3. Vikram Solar: India’s Solar Growth Story Gets Listed

IPO Size: ₹1,500 crore (Fresh Issue + OFS of 1.74 Cr shares)
SEBI Approval Date: May 29, 2025
Industry: Solar Photovoltaic Manufacturing

Business Overview:
Vikram Solar is one of India’s largest solar module manufacturers with an installed capacity of 4.5 GW. Its expansion plans include increasing this to 10.5 GW by FY26 and 15.5 GW by FY27. The company is also investing in a backward-integrated 3 GW solar cell manufacturing unit in Tamil Nadu.

Financial Snapshot (FY24):

• Revenue: ₹2,510.99 crore (↑21.1% YoY)
• EBITDA: ₹398.58 crore (↑114% YoY)

Use of IPO Proceeds:

• ₹793.36 crore for investment in its subsidiary VSL Green Power
• ₹602.95 crore for doubling solar module capacity to 6 GW
  The expansion positions Vikram Solar to cater to both domestic and export demand, capitalising on India’s ambitious renewable energy goals.

Why It’s a Key Pre-IPO Opportunity:
With robust financials, rapid capacity growth, and a strong project pipeline, Vikram Solar represents a strategic entry into India’s clean energy boom. Investors seeking exposure to the energy transition can enter before public valuation multiples kick in.

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Conclusion: 3 Names, 1 Rare Opportunity

These SEBI-approved IPOs are more than just upcoming listings, they represent long-term themes in lending, credit inclusion, and energy transformation. And with all three companies available in the Pre-IPO space right now, retail and HNI investors have a rare opportunity to enter before institutional euphoria and listing premiums take over.

At truwealth.club, we enable early access to HDB Financials, Hero FinCorp, and Vikram Solar Pre-IPO shares with smaller ticket sizes and seamless execution. This isn’t just early access. This is smart timing.

📌 Missed Our Deep-Dive on NSDL vs CDSL?
If you’re evaluating the upcoming IPOs and Pre-IPO opportunities, understanding India’s depository ecosystem is essential. Our latest blog breaks down the roles of NSDL and CDSL, two pillars enabling smooth equity transactions in both listed and unlisted markets. Read it here.

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