After HDB Financial’s massive IPO, industry disrupters like Juniper, Rayzon, Credila, Wakefit eye lucrative public fundraising

At the heels of HDFC Bank subsidiary HDB Financial Services seeing a massively oversubscribed IPO, major disrupters in their respective sectors like Juniper Green Energy, Rayzon Solar, Credila Fin Services, Wakefit and even Shadowfax now look at lucrative public fundraising and issue.

 

The HDB Financial Services IPO, at bidding close on Friday, saw institutional buyers rush in. This led to the initial share sale of the HDFC arm getting subscribed a whopping 16.69 times after it received bids for 217.68 crore shares despite having just about 13.04 crore shares on offer.

From anchor investors alone, HDB Financial received ₹3,369 crore. 

 

The offering, which was a combination of a fresh issue of ₹2,500 crore in equity and a ₹10,000 crore offer for sale (OFS) by the promoter HDFC Bank, became the second biggest IPO in the past three years—the first being the ₹27,000-crore offering by Hyundai India last year.

 

The consistent market recovery last week and subsequent rally helped the HDB Financial offering, and now more players are looking to capitalise on this. Among them are the ‘renewables’ players, Juniper Green Energy and Rayzon Solar.

 

Earlier this week, Juniper Green Energy filed preliminary documents to the Securities and Exchanges Board of India (Sebi) for an initial public offering worth ₹3,000 crore in stock. The offering, which involves a fresh issue of shares, has no OFS, revealed the draft red herring prospectus (DRHP).

 

In the pre-IPO round, Juniper looks to raise ₹600 crore, which could reduce the size of the issue.

 

From the proceeds, Juniper looks to use ₹1,092.3 crore to repay debts and service its general corporate requirements. The rest is expected to be invested in its units: Juniper Green Gamma One, Juniper Green Three, Juniper Green Field, Juniper Green Beam, Juniper Green Kite, and Juniper Green Ray Two.

 

Rayzon Solar, which often finds itself among the top manufacturers of solar photovoltaic modules in the country, also filed its preliminary documents with Sebi. With this IPO, the Gujarat-based renewable energy firm looks to raise ₹1,500 crore from a fresh issue, again with no OFS component.

 

In its pre-IPO round, it looks to raise ₹300 crore. Most of the proceeds from its IPO are expected to be invested in its unit, Rayzon Energy. This would, in turn, be used to help set up a TOPCon (tunnel oxide passivated contact) solar cell manufacturing facility in Surat, documents revealed.

 

With the buzz around successful IPOs, agencies citing sources reported that Bengaluru-based logistics service provider Shadowfax is looking to file confidential IPO documents, such as the DRHP with Sebi, in the coming week.

Shadowfax is backed by a slew of investors, including e-commerce giant Flipkart. Despite the secrecy and the fact that adopting this route would mean the details of the draft red herring prospectus would not be revealed until much later, sources told agencies that the IPO would be in the ₹2,000 crore to ₹2,500 crore band.

 

Earlier this year, in February, Shadowfax—which has a network of more than 2,000 cities—saw its valuation jump to ₹6,000 crore through fundraising.

 

Mumbai-based Credila Financial Services, which provides education loans, also filed its draft IPO papers with Sebi. They look to raise ₹5,000 crore, with ₹3000 crore in fresh issue and ₹2,000 crore in OFS.

 

Among the promoters, HDFC Bank looks to offload its stake for ₹1,050 crore. Pre-IPO round raising is now expected at ₹600 crore.

 

Earlier, Credila opted for the confidential route, too, when it initially filed DRHP in December 2024. Once Sebi noted its comments, the company filed an updated draft red herring prospectus, which was open to the public.

 

The draft papers, now public, stated that the net IPO proceeds would go to service any future capital needed to scale the business and its assets.

 

Home furnishing, cushions and bedding company Wakefit (incorporated as Wakefit Innovations Ltd), too, filed draft papers with Sebi for its IPO.

 

The company’s offering includes a fresh equity issue of ₹468.2 crore and an OFS in 5.84 crore shares.

 

With the proceeds, Wakefit looks to set up 118 new company-owned, company-operated (COCO) outlets, purchase new machinery and equipment, use them as lease and sub-lease expenditure, service licensing fees for existing stores, and use them for marketing and advertising.

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