Hero FinCorp, backed by US-based Apollo Global Management, India’s ChrysCapital, and London-headquartered Apis Partners, has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).
Hero FinCorp had filed its draft red herring prospectus for a Rs 3,668-crore ($428-million) IPO in August 2024. The offering includes a Rs 2,100-crore fresh issue of shares and a Rs 1,568-crore offer-for-sale by investors.
Apollo, ChrysCapital, and Apis Partners aim to mop up nearly $200 million by selling their stakes in the non-bank lender. While Apollo will likely harvest Rs 1,000 crore, ChrysCapital and Apis are looking at Rs 313 crore and Rs 250 crore, respectively.
In the financial ended March 2025, Hero FinCorp’s consolidated net profit fell to Rs 110 crore from nearly Rs 638 crore a year ago. The company also has a subsidiary, Hero Housing Finance.
Separately, SEBI has sought clarification for the IPOs of 14 entities, including HDB Financial Services, Sunshine Pictures, Pranav Construction, and Park Medi. Meanwhile, companies like Innovatiview India, SIS Cash Services, and Swastika Infra are still awaiting in-principle approvals from the stock exchanges.
