Upcoming IPOs 2025: Canara Robeco, Hero Motors Among 6 Firms Get SEBI Nod

The Indian stock market continues to remain vibrant with a fresh wave of public issues. Investors, both retail and institutional, closely track upcoming IPOs (Initial Public Offerings) as they provide opportunities to invest early in high-growth companies. In September 2025, the Securities and Exchange Board of India (SEBI) granted approval to six companies to launch their IPOs. These include Canara Robeco Asset Management Company, Hero Motors, Pine Labs, Orkla India, Manipal Payment & Identity Solutions, and MV Photovoltaic Power.

These companies had filed draft red herring prospectuses (DRHPs) with SEBI between April and July 2025. After receiving regulatory observations between 2nd and 12th September, they are now ready to hit the market. The approvals reflect investor appetite and the regulator’s confidence in these firms’ compliance standards.

Hero Motors IPO – Raising ₹1,200 Crore

One of the most awaited issues is from Hero Motors, which plans to raise around ₹1,200 crore through its IPO. Out of this, ₹800 crore will be fresh equity shares, while ₹400 crore will be offered under Offer for Sale (OFS).

The proceeds from the fresh issue will primarily be used for business expansion, debt repayment, and strengthening the company’s balance sheet. Hero Motors, known for its stronghold in two-wheelers and auto components, is aiming to leverage capital markets to finance its growth in the electric mobility segment as well.

Canara Robeco AMC IPO – Pure OFS Issue

Canara Robeco Asset Management Company is another big name entering the market. Its IPO will be a pure OFS-based issue of 4.98 crore equity shares. Promoter Canara Bank will offload 2.59 crore shares, while Orix Corporation Europe N.V. will sell 2.39 crore shares.

The company will not raise fresh funds from this issue, as the entire proceeds will go to the selling shareholders. However, the listing will enhance brand visibility, improve corporate governance standards, and provide an exit opportunity for promoters.

 MV Photovoltaic Power IPO – Targeting ₹3,000 Crore

A massive IPO is expected from MV Photovoltaic Power, which plans to raise ₹3,000 crore. This includes ₹2,143.86 crore worth of fresh equity shares and an OFS component of ₹856.14 crore.

The company is engaged in renewable energy, particularly solar power solutions. Given India’s ambitious renewable energy targets, the IPO is likely to attract strong interest from institutional investors. The funds raised will be deployed for capacity expansion, technology upgrades, and working capital needs.

Pine Labs IPO – ₹2,600 Crore Fresh Issue + OFS

Fintech giant Pine Labs, backed by Temasek and Peak XV Partners, is set to launch a major IPO. It will consist of a ₹2,600 crore fresh equity issue, along with an OFS of over 14.78 crore shares by existing shareholders.

Pine Labs is a market leader in merchant commerce, payment solutions, and BNPL (Buy Now Pay Later) services. The IPO is expected to be one of the largest fintech listings in India, boosting the sector’s visibility and investor confidence.

Orkla India IPO – Pure OFS

Orkla India, which operates well-known food brands like MTR and Eastern, is also joining the IPO wave. Its issue will be a pure OFS, with promoters and existing shareholders set to sell 2.28 crore shares.

While the company itself will not receive any proceeds, the listing will provide liquidity to investors and improve Orkla’s positioning in the FMCG space. The IPO reflects growing investor interest in consumer-facing companies with strong brand recall.

 Manipal Payment & Identity Solutions IPO – Confidential Filing

Manipal Payment & Identity Solutions, a leading provider of payment and digital identity solutions, has filed its draft documents confidentially with SEBI. According to market sources, the company aims to raise around ₹1,200 crore.

Its strong presence in digital payment systems, government identity solutions, and fintech partnerships makes it a unique play for investors looking at the fast-growing financial services technology space.

Why These IPOs Matter

  1. Diversification Across Sectors – The six IPOs span across asset management, automobiles, fintech, FMCG, renewable energy, and digital payments, offering investors a diverse basket of opportunities.

  2. Investor Confidence – The approvals show that SEBI is satisfied with the compliance and disclosure standards of these companies, boosting investor trust.

  3. Capital Market Depth – Large IPOs like MV Photovoltaic Power and Pine Labs add depth to Indian equity markets.

  4. Sectoral Growth – Each IPO aligns with India’s high-growth sectors: EV adoption (Hero Motors), financial digitization (Pine Labs, Manipal), renewable energy (MV Photovoltaic Power), and consumer brands (Orkla).

Market Impact

Experts believe that these IPOs could raise a combined ₹9,000–10,000 crore from the primary market in FY 2025–26. This influx of funds will not only benefit the companies but also enhance liquidity in the markets.

The successful listing of these IPOs could also set the stage for other large companies planning to enter the market later this year. Investor interest is likely to remain high, particularly in sectors aligned with India’s long-term growth story such as fintech, renewable energy, and consumer goods.

The Upcoming IPOs of 2025 present a wide range of opportunities for investors. With SEBI’s green light, companies like Canara Robeco AMC, Hero Motors, Pine Labs, Orkla India, Manipal Payment & Identity Solutions, and MV Photovoltaic Power are set to make their market debut soon.

For investors, these IPOs provide a chance to participate in India’s growth journey across key industries. From mobility and payments to clean energy and consumer products, the diversity of offerings ensures there is something for every kind of investor.