India’s primary market activity is expected to persist in the upcoming months, as Securities and Exchange Board of India (SEBI) has approved a new set of public offerings across various sectors including jewellery, chemicals, renewable energy, and logistics. The recent approvals involve seven companies — PNGS Reva Diamond Jewellery, Sudeep Pharma, Rayzon Solar, Shadowfax Technologies, Safex Chemicals, Aggcon Equipments International, and Asset Reconstruction Company (ARCIL).
IPO Details
PNGS Reva Diamond Jewellery, part of the P. N. Gadgil legacy, has obtained SEBI’s approval for its planned IPO worth ₹450 crore, which will solely consist of a fresh issue. The Pune-based company intends to broaden its premium diamond and gold retail presence throughout Maharashtra and southern India.
Sudeep Pharma, a manufacturer based in Gujarat that produces calcium phosphates and specialty excipients for pharmaceutical and food applications, has also received regulatory approval for its IPO. This offering comprises a fresh issue of approximately ₹95 crore alongside an offer for sale from existing shareholders. The company plans to allocate the proceeds towards expanding capacity, upgrading machinery, and other general corporate needs.
In the renewable energy sector, Rayzon Solar has secured approval from SEBI for its ₹1,500-crore IPO, making it one of the largest offerings in the clean energy manufacturing space this year.
The regulator has also approved a fresh-cum-offer-for-sale issue for Safex Chemicals India, a prominent agrochemicals producer backed by BanyanTree Capital. Safex intends to generate funds for expanding capacity and making acquisitions to enhance its crop protection product offerings.
Aggcon Equipments International, a company from Gurugram specializing in construction equipment rentals, has received clearance for an IPO of ₹330 crore, which will be allocated toward purchasing new machinery and reducing debt.
On a different note, logistics and technology firm Shadowfax Technologies, which has backing from Flipkart and Mirae Asset, submitted its pre-IPO documents to SEBI earlier this month. The company is expected to raise up to ₹1,200 crore through a mix of fresh issue and offer for sale once it receives the necessary approvals.
Additionally, the final approval list includes Asset Reconstruction Company (India) Ltd (ARCIL), one of the oldest asset reconstruction companies in India, which intends to undertake a pure offer-for-sale issue.
Based in Mumbai and supported by State Bank of India and IDBI Bank, the firm will have existing shareholders reduce their stakes, marking what could be the first IPO from India’s distressed asset management sector in several years.
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