
The Securities and Exchange Board of India (SEBI) has granted approval for initial public offerings (IPOs) to seven companies that filed draft papers between June and August 2025. The approvals cover a wide array of sectors, including logistics, solar energy, asset reconstruction, chemicals, equipment, jewelry, and pharmaceuticals, signaling renewed momentum in the Indian primary market. All companies plan to list on both the BSE and NSE.
Key IPO Approvals
Company | IPO Size | Offer Structure | Key Highlights |
Shadowfax Technologies | ₹2,000-2,500 crore | Fresh issue + OFS | Funds to enhance capacity and network business |
Rayzon Solar | Up to ₹1,500 crore | Fresh issue | ₹1,265 crore allocated for 3.5 GW solar cell plant in Surat |
ARCIL | 10.54 crore equity shares | OFS only | Major shareholders (Avenue Capital, SBI, GIC) selling stakes |
Safex Chemicals | ₹450 crore + OFS | Fresh issue + OFS | OFS details not specified |
Aggcon Equipments | ₹332 crore | Fresh issue | Fund utilization not detailed |
PNGS Reva Diamond Jewellery | ₹450 crore | Fresh issue | Fund use not specified |
Sudeep Pharma | ₹95 crore + OFS | Fresh issue + OFS | OFS details not provided |
Notable IPOs
Shadowfax Technologies – The logistics tech company plans to raise ₹2,000-2,500 crore through a combination of fresh shares and offer-for-sale. The proceeds are intended for capacity enhancement and network expansion.
Rayzon Solar – This IPO involves a fresh issue of up to ₹1,500 crore, with ₹1,265 crore allocated to establish a 3.5 GW solar cell manufacturing facility in Surat, utilizing TOPCon technology under its subsidiary, Rayzon Energy.
Asset Reconstruction Company (India) Limited – ARCIL – The IPO is structured entirely as an offer-for-sale, with 10.54 crore equity shares offered by major shareholders, including Avenue Capital (6.87 crore), State Bank of India (1.94 crore), and GIC (1.62 crore).
Market Implications
The SEBI approvals highlight strong investor interest in a diverse set of sectors, offering opportunities across technology-enabled logistics, renewable energy, asset reconstruction, chemicals, and jewelry. These IPOs reflect the growing appetite for public listings in India and provide investors with exposure to both emerging tech-driven companies and established traditional businesses.
Investors are advised to carefully review the final offer documents to understand valuation, terms, and growth potential before participating in these IPOs.
Summary
SEBI’s clearance of seven IPOs, including Shadowfax Technologies and Rayzon Solar, signals a robust pipeline in India’s primary market. With offerings spanning multiple sectors, these IPOs present investors with diverse opportunities while strengthening market depth and liquidity.
Disclaimer:
This article is intended solely for educational and informational purposes. The securities or companies mentioned are provided as examples and should not be considered as recommendations. Nothing contained herein constitutes personal financial advice or investment recommendations. Readers are advised to conduct their own research and consult a qualified financial advisor before making any investment decisions.
Investments in securities markets are subject to market risks. Please read all related documents carefully before investing.