1. HDFC’s HDB gets IPO greenlight 💸
HDB Financial Services, the NBFC arm of HDFC Bank, just got SEBI’s approval for a massive IPO, set to be the biggest NBFC listing ever.
The deets: the IPO will raise ₹12,500 crore through a ₹10,000 crore offer-for-sale by HDFC Bank and a fresh issue of ₹2,500 crore. HDFC Bank currently owns 94.4% of HDB and will continue to hold a majority post-listing.
This comes as the fifth-largest IPO in India’s history.
The backdrop: HDB was founded in 2007 and offers both secured and unsecured loans. It’s been on the IPO radar for years, but compliance issues like excess shareholders and ESOP irregularities delayed the process.
SEBI’s approval now clears the deck for launch, just as another upper-layer NBFC, Tata Capital, readies its own ₹15,000 crore IPO.
2. The Lalit Group eyes an IPO (again) 🏨
The Lalit Suri Hospitality Group is once again warming up to a public listing.
Its hospitality business, Bharat Hotels Limited, is eyeing an IPO post-2026, nearly seven years after it shelved its previous listing plans due to Covid and market turbulence.
Big picture: the IPO buzz is back in India’s hospitality space. Just this week, Brookfield-backed Leela Hotels raised ₹3,500 crore via its BSE debut. Prestige Hospitality Ventures filed a ₹2,700 crore DRHP. Brigade Group is also planning a listing of its hotels arm.
If timing aligns, The Lalit could tap into a red-hot listing window.
3. Aequs takes the confidential route 💰
Contract manufacturing player Aequs is prepping to raise up to $200 million via a confidential IPO filing with SEBI. The issue will be a mix of fresh shares and an offer-for-sale (OFS),
Zoom out: Aequs makes high-precision parts for aerospace and consumer durables, operating integrated manufacturing clusters in Belagavi, Hubballi, and Koppal. These hubs handle everything from machining, forging to surface treatment under one roof.
With global supply chains looking for resilience and reliability, Aequs is pitching itself as a vertically integrated answer to global Original Equipment Manufacturers (OEMs).
Worth noting: India’s IPO momentum is clearly building, 2025 has already seen 85 DRHPs filed by May, putting it on track to surpass recent years.
