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

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Shadowfax Technologies, PNGS Reva Diamond Jewellery, Rayzon Solar, and Asset Reconstruction Company and three more companies have received approval from the SEBI to go ahead with their fund raising via IPO plans. The regulator also gave green signal to IPOs of Sudeep Pharma, Safex Chemicals India, and Aggcon Equipments International.

The SEBI has issued observation letter on Confidential DRHP (Draft Red Herring Prospectus) of Shadowfax Technologies on October 7, and PNGS Reva Diamond Jewellery IPO papers on October 1.

Further, the regulator issued the observation letter on the draft document of Sudeep Pharma, and Rayzon Solar on October 13, Asset Reconstruction Company (India) on October 14, and Safex Chemicals India and Aggcon Equipments International on October 17.

The issuance of observation letter on draft document by the SEBI means the company can go ahead with its IPO plans within the next one year, while only in case of logistics company Shadowfax Technologies, which had filed confidential DRHP with the SEBI in July this year, there will be 18 months period for filing Updated DRHP with the SEBI and then RHP with the Registrar of Companies to float IPO.

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Flipkart-backed logistics startup Shadowfax is looking to raise around Rs 2,000-2,500 crore via initial public offering (IPO).

Founded in 2002, Asset Reconstruction Company (India), the India's first asset reconstruction firm, filed draft papers with the SEBI in August this year. The IPO will be a complete offer for sale (OFS) of up to 10.5 crore equity shares by existing shareholders - Avenue India Resurgence, State Bank of India, Lathe Investment, and Federal Bank.

P N Gadgil-promoted PNGS Reva Diamond Jewellery, which had filed preliminary papers with the capital markets regulator in June this year, proposed to raise up to Rs 450 crore via IPO.

The company offers gold and platinum jewellery made using diamond and precious and semi-precious stones under the flagship brand - Reva.

Gujarat-based Rayzon Solar, which claimed to be among the top 10 manufacturers of solar photovoltaic (PV) modules in India with installed capacity of 6 GW, had filed draft document with the SEBI to mop up Rs 1,500 crore via initial share sale which comprises of entirely fresh issue.

Founded in 1989, Gujarat-based excipients and specialty ingredients manufacturer Sudeep Pharma had filed IPO papers with the regulator in June this year. It is planning to tap capital markets for funding its capital expenditure.

The IPO will be a combination of fresh issuance of shares worth Rs 95 crore, and an offer-for-sale of 1 crore shares by promoter - the Bhayani family.

Indian private equity firm ChrysCapital-backed agrochemicals company Safex Chemicals India, which had filed draft papers in July this year, proposed to raise up to Rs 450 crore through fresh shares, while promoters, along with investors Sarcoline, Anchor Partners, and Sage Investment Trust will be selling up to 3.57 crore shares via offer-for-sale (OFS). The main purpose of fresh issue component is to reduce debt burden by Rs 365.6 crore.

Aggcon Equipments International, the Haryana-based infrastructure equipment rental company, had also filed draft papers with the SEBI for fund raising via IPO in July. It proposed to reduce its debt portion and fund capex via fresh issue money.

The company plans to raise Rs 332 crore via new shares, while promoter Jitender Aggarwal and his wife Renu will be selling up to 94 lakh shares via offer-for-sale.