Fintech Unicorn Plans ₹1,500-Crore Fresh Issue While Chandan Steel Also Moves Closer to Listing; Shivganga Drillers Withdraws IPO Papers

India's vibrant primary market continues to gather momentum as Moneyview, one of the country's leading fintech unicorns, and Chandan Steel have received approval from the Securities and Exchange Board of India (SEBI) to launch their Initial Public Offerings (IPOs). The regulatory nod marks a significant milestone for both companies, paving the way for their public market debut in the coming months, subject to favourable market conditions.

According to the latest update released by SEBI, the capital markets regulator issued its observations on the draft offer documents submitted by both companies between June 29 and July 2, 2026. In SEBI terminology, the issuance of observations is considered the regulator's formal clearance to proceed with an IPO.

The approvals come at a time when India's IPO market continues to witness strong investor participation, driven by healthy domestic liquidity, rising retail interest and growing confidence in the country's long-term economic growth.

Moneyview's ₹1,500-Crore IPO Nears Launch

Digital lending platform Moneyview had filed its Draft Red Herring Prospectus (DRHP) with SEBI in March 2026.

The proposed public issue comprises:

• Fresh issue of equity shares worth ₹1,500 crore

• Offer for Sale (OFS) of up to 13.6 crore equity shares by existing shareholders

The IPO will not only provide growth capital to the company but also enable early investors and existing shareholders to partially monetise their investments.

Moneyview is among India's fastest-growing fintech platforms and is backed by several prominent institutional investors.

Capital to Fuel Lending Business Expansion

The company plans to deploy the proceeds from the fresh issue towards strengthening its lending operations and supporting future business growth.

According to the DRHP, the funds will be utilised for:

• Financing loan disbursals under Default Loss Guarantee (DLG) arrangements.

• Infusing capital into its lending subsidiary Whizdm Finance.

• Strengthening the subsidiary's capital adequacy.

• Investing in technology and business expansion.

• Meeting general corporate requirements.

These investments are expected to enhance the company's lending capacity while supporting its long-term growth strategy in India's rapidly expanding digital financial services ecosystem.

Building a Comprehensive Digital Financial Platform

Founded in 2014 by IIT Delhi alumni Puneet Agarwal and Sanjay Aggarwal, Moneyview has evolved into a diversified digital financial services platform.

Through its mobile application, customers can access multiple financial products, including:

• Personal loans

• Consumer credit

• Digital payments

• Insurance

• Investment products

Its integrated ecosystem allows users to manage multiple financial requirements through a single digital platform, making it one of the emerging players in India's fintech sector.

With increasing smartphone penetration, digital payments adoption and formalisation of credit markets, Moneyview is well positioned to benefit from India's growing digital economy.

Chandan Steel Also Clears Regulatory Hurdle

Alongside Moneyview, Chandan Steel has also received SEBI's approval for its proposed IPO.

Although the company is yet to announce the issue size and subscription dates, the regulatory clearance enables it to proceed with launching the public issue after completing procedural formalities and assessing prevailing market conditions.

The listing is expected to support the company's future expansion plans and strengthen its financial position.

Confidential Filing Route Gains Popularity

The latest regulatory update also highlights the growing use of SEBI's confidential pre-filing mechanism.

Torrent Gas had confidentially submitted its draft IPO documents in April 2026, choosing a route that allows companies to seek regulatory review without immediately disclosing commercially sensitive information.

The confidential filing framework has become increasingly popular among large companies as it provides greater flexibility in planning IPO timelines while reducing disclosure risks during the review process.

Several prominent Indian companies have adopted this route over the past year as capital market activity has accelerated.

Shivganga Drillers Withdraws IPO Proposal

In a separate development, oilfield services company Shivganga Drillers withdrew its IPO papers from SEBI on June 30, 2026.

The company had originally filed its DRHP in December 2025 to raise ₹400 crore through a completely fresh issue of equity shares without any Offer for Sale component.

While the company has not disclosed the reasons for the withdrawal, such decisions are often influenced by market conditions, valuation considerations, fundraising requirements or changes in business strategy. Companies frequently refile IPO documents at a later stage when conditions become more favourable.

India's IPO Market Continues to Witness Strong Momentum

India remains one of the world's most active IPO markets, with companies across technology, manufacturing, financial services, healthcare, infrastructure and consumer sectors increasingly turning to public markets for capital.

Healthy domestic institutional participation, rising retail investor interest and resilient equity market performance have encouraged several private companies to accelerate their listing plans.

Market experts believe that the pipeline of IPOs is likely to remain strong over the next few quarters as businesses continue to raise capital for expansion, debt reduction, acquisitions and technology investments.

What It Means for Investors

The approvals granted to Moneyview and Chandan Steel further reinforce the strength of India's primary market. Moneyview's IPO will attract significant attention as one of the few large fintech offerings in recent months, offering investors exposure to India's expanding digital lending and financial services sector.

Meanwhile, Chandan Steel's listing adds to the growing participation of manufacturing companies in the capital markets, reflecting increasing confidence among traditional businesses to tap public funding.

Investors are expected to closely monitor the valuation, financial performance and growth outlook of both companies once their respective Red Herring Prospectuses (RHPs) and IPO schedules are announced.