HDB Financial Nears SEBI Approval for $1.5 Billion IPO

India's Securities and Exchange Board (SEBI) is expected to approve three major IPOs soon: HDB Financial Services, Hero FinCorp, and Vikram Solar. The HDB Financial Services IPO, valued at approximately $1.5 billion, would be the largest ever for a non-bank lender in India and the biggest IPO since Hyundai Motor India's $3.3 billion listing last year. SEBI's prior concerns about a large number of private shareholders and potential Companies Act violations related to share placements have been resolved, enabling the clearance. Hero FinCorp's IPO, proposed to raise about $460 million, is also nearing approval after addressing compliance issues. These listings align with the Reserve Bank of India's directives for non-bank financial companies to go public and represent a potential revival in the Indian IPO market after a slowdown. The approvals are anticipated to be announced publicly in the coming weeks, with companies preparing to engage investors shortly thereafter.