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Seven Indian firms secured SEBI approval for IPOs including Shadowfax and Rayzon Solar
SEBI approved IPOs for seven Indian companies including Shadowfax and Rayzon Solar, boosting the primary-market pipeline.
The Securities and Exchange Board of India (SEBI) has granted observations for public issues by seven companies: logistics platform Shadowfax Technologies, solar-energy firm Rayzon Solar, asset-reconstruction company Asset Reconstruction Company (India) Ltd., jewellery player PNGS Reva Diamond Jewellery, chemical specialist Safex Chemicals (India) Ltd., infrastructure-equipments firm Aggcon Equipments International Ltd. and pharma company Sudeep Pharma Ltd.. The approvals come at a time when India’s primary-market pipeline is expanding amid greater domestic investor participation. Most of the filings were made via the confidential route between June and August 2025 with approval obtained in early October. Investors will watch the listing outcomes closely given recent muted IPO sentiments.