SEBI Approves IPOs for Shadowfax, PNGS, Rayzon Solar, ARCIL, and 3 Others

The Securities and Exchange Board of India (SEBI) has granted approval to seven companies, including Shadowfax Technologies, Rayzon Solar, and Asset Reconstruction Company (India) Ltd (ARCIL), to launch their initial public offerings (IPOs). The green signal from the market regulator clears the way for these firms to tap public markets in the coming months.

Companies and Issue Details

According to SEBI’s latest update, the approvals were issued between October 1 and October 17, following draft filings submitted between June and August this year. In regulatory terms, SEBI’s observations are equivalent to clearance for launching a public issue.

Among the approved firms, Aggcon Equipments International Ltd aims to raise ₹332 crore through a fresh issue, alongside an offer for sale (OFS) of 94 lakh shares by its promoters. Similarly, PNGS Reva Diamond Jewellery, formed after a slump sale by P N Gadgil & Sons Ltd, will float a ₹450 crore fresh issue.

Sudeep Pharma, established in 1989 and engaged in manufacturing excipients and preservatives for the pharma and food sectors, will raise ₹95 crore through a fresh issue, coupled with an OFS of over 1 crore shares.

Investors and Industry Presence

The list also includes Safex Chemicals (India) Ltd, backed by private equity firm Chrys Capital, which holds a 44.8% stake after investments made in 2021 and 2022. Safex operates across branded formulations, speciality chemicals, and contract manufacturing verticals.

All 7 companies plan to list their shares on both the BSE and NSE, reflecting the continuing investor appetite for diverse sectors such as logistics, renewables, chemicals, and jewellery manufacturing.

Read More: Brookfield-Backed Avaada Electro Confidentially Files DRHP with SEBI for ₹10,000 Crore IPO!

Conclusion

The approvals signal SEBI’s sustained pace in clearing IPO proposals, setting the stage for a busy year-end in India’s primary market.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

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