The Indian stock market is gearing up for a fresh wave of public offerings as the Securities and Exchange Board of India (SEBI) has given its approval to seven more companies to launch their Initial Public Offerings (IPOs). This new batch represents a diverse mix of industries, from solar energy and logistics to jewellery and chemicals, signaling continued confidence in the country’s capital markets.

Among the prominent names that received the regulatory nod are the hyperlocal delivery firm Shadowfax Technologiessolar module manufacturer Rayzon Solarand jewellery retailer PNGS Reva Diamond Jewellery. The other companies making their way to the market are Sudeep Pharma, Safex Chemicals India, Aggcon Equipments International, and the Asset Reconstruction Company (ARCIL).

Here’s a quick look at what some of these upcoming IPOs have in store:

Rayzon Solar: Hailing from Gujarat, this renewable energy player is planning a significant fresh issue of shares. The funds raised are earmarked for establishing a new 3.5 GW solar cell manufacturing facility in Surat, a strategic move that aligns with India’s broader push for self-reliance in the clean energy sector.

Shadowfax Technologies: The Flipkart-backed logistics provider is expected to launch an IPO with an estimated size of around ₹2,000 to ₹2,500 crore. The offering will be a combination of a fresh issue of shares and an offer for sale (OFS) by existing investors. With its revenue growing by 33% and achieving operational profitability in the last fiscal year, Shadowfax plans to use the capital to expand its capacity and enhance its logistics network.

PNGS REVA Diamond Jewellery: This Pune-based retailer, which is part of the storied P. N. Gadgil brand, is looking to raise ₹450 crore through a fresh issue of shares. The company intends to use the proceeds to fuel its expansion plans, focusing on opening new retail stores across Maharashtra and southern India to grow its branded diamond jewellery business.

The Other Entrants:

• ARCIL: As one of India’s oldest asset reconstruction companies, its IPO will be entirely an offer for sale, where existing shareholders will sell their stakes.


• Sudeep Pharma: This Gujarat-based pharmaceutical company’s IPO will consist of a fresh issue of about ₹95 crore along with an offer for sale.


• Safex Chemicals: The agrochemicals company is also planning an IPO that includes both a fresh issue and an offer for sale.


• Aggcon Equipments International: A Gurugram-based construction equipment rental service, this company has also received the green light for its public issue.

These approvals, which were granted between October 1st and 17th, indicate a healthy and active primary market, offering investors a fresh set of diverse opportunities in the coming months.

Read More: IPO Market Heats Up as Seven More Companies Get SEBI’s Go-Ahead