Shadowfax, PNGS, Rayzon Solar, Asset Reconstruction Company and 3 more IPOs get SEBI approval

The Shadowfax PNGS Rayzon Solar Asset Reconstruction Company IPOs SEBI approval marks one of the busiest IPO windows in 2025, as seven companies, including Flipkart-backed logistics startup Shadowfax Technologies, have received regulatory clearance from the Securities and Exchange Board of India (SEBI). Along with Shadowfax, PNGS Reva Diamond Jewellery, Rayzon Solar, Asset Reconstruction Company (India), Sudeep Pharma, Safex Chemicals India, and Aggcon Equipments International have secured the go-ahead for raising capital via public issues. This cluster of approvals reflects the strong momentum in India’s capital markets, particularly in the logistics, FMCG, renewable energy, and infrastructure sectors.

SEBI issued observation letters between October 1 and October 17, 2025, depending on the DRHP filing dates of each company. While most firms have a one-year window to execute their IPO post-clearance, the Shadowfax PNGS Rayzon Solar Asset Reconstruction Company IPOs SEBI approval grants Shadowfax Technologies an 18-month period to submit an updated DRHP and then the final RHP with the Registrar of Companies.

 Shadowfax PNGS Rayzon Solar Asset Reconstruction Company IPOs SEBI approval: Funding Details

Shadowfax Technologies is expected to raise ₹2,000–2,500 crore in its IPO, making it one of the most awaited listings of 2025. The issue is anticipated to attract strong participation from both retail and institutional investors due to Shadowfax’s rapid growth in logistics and its backing by Flipkart. The funds are primarily intended to strengthen operations, expand technology infrastructure, and support regional logistics networks across India.

PNGS Reva Diamond Jewellery, promoted by P N Gadgil, plans to raise up to ₹450 crore. The company specializes in gold and platinum jewellery with diamonds and semi-precious stones under the flagship Reva brand. This IPO will help PNGS expand retail operations and strengthen its supply chain, especially in Gujarat and Maharashtra.

Rayzon Solar, a Gujarat-based manufacturer among India’s top 10 solar PV module producers with a capacity of 6 GW, intends to raise ₹1,500 crore via fresh shares. The funds will support manufacturing expansion and renewable energy projects, reinforcing India’s green energy transition.

 Asset Reconstruction Company and Other IPOs

Founded in 2002, Asset Reconstruction Company (India), India’s first asset reconstruction firm, plans a complete offer-for-sale (OFS) of 10.5 crore shares via existing shareholders including Avenue India Resurgence, State Bank of India, Lathe Investment, and Federal Bank. The IPO proceeds will help provide liquidity to promoters and investors while supporting asset resolution operations.

Sudeep Pharma, specializing in excipients and specialty ingredients, will raise ₹95 crore via fresh issuance and sell 1 crore shares via OFS by the promoter Bhayani family. The capital raised is earmarked for plant expansion and R&D initiatives.

Safex Chemicals India, backed by ChrysCapital, aims to raise ₹450 crore through a fresh issue while promoters and investors will sell 3.57 crore shares via OFS, with a focus on debt reduction of ₹365.6 crore and funding new production lines.

Aggcon Equipments International, a Haryana-based infrastructure equipment rental company, will raise ₹332 crore via fresh shares and OFS by promoters Jitender and Renu Aggarwal, with funds allocated for capital expenditure and debt repayment.

 KuberGrow Insight

The Shadowfax PNGS Rayzon Solar Asset Reconstruction Company IPOs SEBI approval demonstrates India’s active IPO environment and investor appetite across sectors like logistics, renewable energy, and infrastructure. Among these, Shadowfax Technologies stands out due to its Flipkart backing and the growing demand for technology-driven logistics services. Retail investors should carefully track allotment schedules, price bands, and sector performance before participating.

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