Sebi clears 7 IPOs of PNGS Reva, Safex Chemicals, Asset Reconstruction Company and others

India’s primary market momentum is likely to continue in the coming months, with Sebi clearing a fresh batch of public issues across sectors ranging from jewellery and chemicals to renewable energy and logistics. The approvals, issued over the past weeks, include seven companies — PNGS Reva Diamond Jewellery, Sudeep Pharma, Rayzon Solar, Shadowfax Technologies, Safex Chemicals, Aggcon Equipments International, and Asset Reconstruction Company (ARCIL).

PNGS Reva Diamond Jewellery, part of the P. N. Gadgil legacy, has received Sebi’s go-ahead for its proposed Rs 450-crore IPO, entirely a fresh issue. The Pune-based company plans to expand its premium diamond and gold retail footprint across Maharashtra and southern India. Promoted by the Gadgil family, the jewellery retailer has been focusing on branded diamond jewellery and lightweight collections to attract younger consumers.

Sudeep Pharma, a Gujarat-based manufacturer of calcium phosphates and specialty excipients used in pharmaceutical and food applications, also received approval for its IPO. The offer includes a fresh issue of around Rs 95 crore and an offer for sale by existing shareholders. The company intends to use the proceeds for capacity expansion, machinery upgrades, and general corporate purposes. Sudeep Pharma exports to over 60 countries and is among the few Indian firms supplying top global nutraceutical brands.

In the renewable energy space, Rayzon Solar secured Sebi approval for its Rs 1,500-crore IPO, one of the largest issues in the clean energy manufacturing segment this year. The Surat-based company plans to use the proceeds to set up a new 3.5 GW solar cell plant and expand its aluminium extrusion facilities. Rayzon Solar currently has a 6 GW module capacity and aims to become one of India’s top integrated solar manufacturing players as the government pushes for domestic production under the PLI scheme.

The regulator also gave a nod to Safex Chemicals India, a leading agrochemicals maker backed by BanyanTree Capital, for its fresh-cum-offer-for-sale issue. Safex plans to raise funds for capacity expansion and acquisitions to strengthen its crop protection product line. Aggcon Equipments International, a Gurugram-based construction equipment rental company, received clearance for a Rs 330-crore IPO that will be used to purchase new machinery and pare down debt.

Meanwhile, logistics and technology player Shadowfax Technologies, backed by Flipkart and Mirae Asset, filed its pre-IPO papers with Sebi earlier this month. The company is expected to raise up to Rs 1,200 crore in a combination of fresh issue and offer for sale once approvals are complete.The final approval list also includes Asset Reconstruction Company (India) Ltd (ARCIL), one of India’s oldest asset reconstruction firms, which plans a pure offer-for-sale issue. The Mumbai-based company, backed by State Bank of India and IDBI Bank, will see existing shareholders pare their stakes in what could be the first IPO from India’s distressed asset management space in years.