Upcoming IPO: PNGS Reva Diamond Jewellery, Rayzon Solar, Shadowfax among 7 firms get SEBI nod to launch IPOs

India’s primary market activity is expected to continue in the coming months as Securities and Exchange Board of India (SEBI) 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 PN Gadgil legacy, has secured SEBI’s approval for its planned ₹450 crore IPO, which will consist solely of a new issue. The Pune-based company aims to expand its premium diamond and gold retail presence throughout Maharashtra and southern India. Sudeep Pharma, a Gujarat-based manufacturer of calcium phosphates and specialty excipients for pharmaceutical and food applications, also received regulatory approval for its IPO. This offer involves a fresh issue of around ₹95 crore along with an offer from existing shareholders for sale. The company plans to allocate the proceeds for 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 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 range of crop protection products. Aggcon Equipments International, a Gurugram-based company specializing in construction equipment rental, has received approval for an IPO of ₹330 crore, which will be allocated for purchasing new machinery and reducing debt. On another note, logistics and technology firm Shadowfax Technologies, which has backing from Flipkart and Mirae Asset, filed its pre-IPO documents with SEBI earlier this month. The company is expected to raise up to ₹ 1,200 crore by buying a mix of fresh issue and offering once it receives 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 backed by State Bank of India and IDBI Bank, the firm will let existing shareholders reduce their stakes in what could be the first IPO of India’s troubled asset management sector in several years. Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. We advise investors to check with certified experts before making any investment decisions.