In a fresh development in the primary market, the Securities and Exchange Board of India (Sebi) has issued observation letters for seven companies, paving the way for their initial public offerings (IPOs). The list includes names from diverse sectors such as logistics, solar manufacturing, jewellery retail, pharmaceuticals, chemicals, and infrastructure.

The list includes Asset Reconstruction Company, Shadowfax Technologies, PNGS Reva Diamond Jewellery, Rayzon Solar, and three other companies that have received approval from the market regulator Securities and Exchange Board of India (Sebi) to launch their initial public offerings (IPOs). Among others, Sudeep Pharma, Safex Chemicals India, and Aggcon Equipments International have also received final observations for their public issues.

Sebi cleared PNGS Reva Diamond Jewellery’s IPO papers on October 1, followed by the confidential draft red herring prospectus (DRHP) of Shadowfax Technologies on October 7, as per information available on the regulator’s website.

Besides, the regulator approved the IPO papers 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.

Here’s all you need to know about these IPOs:

Flipkart-backed Shadowfax Technologies, one of India’s leading logistics and last-mile delivery startups, is preparing to raise around ₹2,000–2,500 crore through its IPO. The issue is expected to include a combination of fresh shares and an offer for sale by existing investors.

Jewellery retailer PNGS Reva Diamond Jewellery, promoted by the P. N. Gadgil Group, plans to raise up to ₹450 crore through its public issue. Filed in June, the proposal outlines a fresh issue aimed at expanding its retail footprint and brand presence. The company, known for its Reva brand, offers gold and platinum jewellery featuring diamonds and precious stones.

Asset Reconstruction Company (India) Ltd (ARCIL), the country’s first asset reconstruction firm founded in 2002, received Sebi’s nod after filing its draft papers in August. The IPO will be an offer for sale (OFS) of up to 10.5 crore shares by existing shareholders, including Avenue India Resurgence, State Bank of India, Lathe Investment, and Federal Bank.

In the agrochemical space, Safex Chemicals India, backed by ChrysCapital, plans to mobilize ₹450 crore via fresh equity, while promoters and investors Sarcoline, Anchor Partners, and Sage Investment Trust will offload up to 3.57 crore shares through an OFS. The fresh issue proceeds will primarily go toward reducing debt by ₹365.6 crore.

From the clean energy segment, Rayzon Solar, based in Gujarat, is looking to raise ₹1,500 crore through an entirely fresh issue. Positioned among India’s top 10 solar photovoltaic (PV) module manufacturers, the company operates a 6 GW installed capacity and intends to use the proceeds to strengthen its manufacturing base and capacity expansion.

Also hailing from Gujarat, Sudeep Pharma, a leading producer of excipients and specialty ingredients founded in 1989, filed its draft red herring prospectus (DRHP) in June. The company plans to raise funds through a fresh issue of ₹95 crore and an OFS of 1 crore shares by its promoters, the Bhayani family, to support ongoing capital expenditure.

Lastly, Aggcon Equipments International, a Haryana-based infrastructure equipment rental firm, aims to raise ₹332 crore through a fresh issue, while promoters Jitender Aggarwal and Renu Aggarwal will sell up to 94 lakh shares via an OFS. The funds will be used for debt repayment and capital expenditure to expand its equipment fleet and operational capacity.

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