The seven companies had filed their draft papers with SEBI between June and August this year and obtained the regulator’s observations between October 1 and October 17. | Photo Credit: iStockphot
PNGS Reva Diamond Jewellery, Sudeep Pharma Ltd, speciality chemicals maker Safex Chemicals (India) Ltd, and infrastructure equipment rental firm Aggcon Equipments International Ltd are the other companies that have secured the regulatory approval.
The seven companies had filed their draft papers with SEBI between June and August this year and obtained the regulator’s observations between October 1 and October 17, the update showed.
In regulatory parlance, SEBI’s observations are equivalent to clearance for launching a public issue.
The approvals come at a time when the Indian market is experiencing a boom in primary market activity.
Shadowfax Technologies had filed for an IPO through a confidential pre-filing route in July, aiming to mobilise around ₹2,000-2,500 crore, industry sources said. The proposed issue is a mix of fresh issue of shares and an offer-for-sale (OFS) by existing shareholders.
Proceeds from the fresh issue will be utilised to enhance capacity, drive growth, and further investments in the company’s network business, the sources said.
The proposed IPO of Asset Reconstruction Company (India) Ltd (ARCIL) is entirely an OFS of up to 10.54 crore equity shares by promoters and other shareholders.
As part of the sale, promoters — New York-based Avenue Capital through its affiliate Avenue India Resurgence Pte Ltd is offloading up to 6.87 crore equity shares, and State Bank of India will be selling 1.94 crore shares.
Federal Bank Ltd will also sell 10.35 lakh shares in the company. Meanwhile, Singapore-based GIC through its arm Lathe Investment Pte Ltd, will exit the firm by selling up to 1.62 crore equity shares, representing a 5 per cent stake in the company.
Since the IPO is entirely an OFS, ARCIL will not receive any proceeds from the public issue.
ARCIL is engaged in acquiring stressed assets from banks and financial institutions and implementing resolution strategies through restructuring, enforcement of underlying securities and settlement aimed at maximising recovery and asset value.
The public issue of Rayzon Solar is entirely a fresh issue of up to ₹1,500 crore with no offer for sale component, according to the draft red herring prospectus (DRHP).
Proceeds from the fresh issue, amounting to ₹1,265 crore, will be used to invest in its wholly owned subsidiary, Rayzon Energy, to part finance the establishment of a 3.5 GW solar cell manufacturing facility using TOPCon (tunnel oxide passivated contact) technology in Surat, and general corporate purposes.
Founded in 2017, Rayzon Solar is among the top-10 manufacturers of solar photovoltaic modules in India, with an installed capacity of 6 GW as of March 31, 2025.
Safex Chemicals’ IPO is a combination of fresh issue of shares worth Rs 450 crore and an OFS of over 3.57 crore equity shares by promoters, and investors. The proceeds from the fresh issue will be used for debt payment and general corporate purposes.
Private equity firm Chrys Capital, which invested in the company in March 2021 and September 2022, and holds a 44.80 per cent stake.
Incorporated in 1991, Safex Chemicals (India) Ltd operates across three verticals — branded formulations, speciality chemicals and contract development and manufacturing.
The public issue of Haryana-based Aggcon Equipments International Ltd plans to raise ₹332 crore through a fresh issue, while promoters will sell 94 lakh shares via the OFS route.
The IPO of Pune-based PNGS Reva Diamond Jewellery is entirely a fresh issue of equity shares worth ₹450 crore.
PNGS Reva Diamond Jewellery was formed after its promoter, P N Gadgil & Sons Ltd, sold its diamond jewellery business through a slump sale. This transfer allowed PNGS Reva to become a separate company with its own identity, while still operating in the diamond jewellery market.
Meanwhile, Vadodara-based Sudeep Pharma’s proposed IPO is a mix of fresh issue of shares worth ₹95 crore and an OFS of a little over 1 crore shares by the promoters.
Established in 1989, the company produces excipients (colouring agents and preservatives) to a wide variety of over 100 products in the pharma, food and nutrition industries, as of December 31, 2024.
The equity shares of all these companies are proposed to be listed on the BSE and NSE.
Published on October 20, 2025
