PNGS Reva Diamond Jewellery, part of PN Gadgil’s legacy, has been given Sebi’s go-ahead for its proposed Rs 450 crore IPO, all new. The Pune-based company plans to expand its premium diamond and gold retail operations in Maharashtra and South India. Promoted by the Gadgil family, the jeweler focuses on branded diamond jewelery and lightweight collections to attract younger consumers.
Sudeep Pharma, a Gujarat-based manufacturer of calcium phosphates and specialty excipients used in pharmaceutical and food applications, also received approval for its IPO. The offer includes a fresh outlay of around Rs 95 crore and an offer for sale by existing shareholders. The company plans to use the proceeds for capacity expansion, machine upgrades and general corporate purposes. Sudeep Pharma exports to over 60 countries and is one of the few Indian companies supplying top nutraceutical brands worldwide.
On the renewable energy front, Rayzon Solar has secured Sebi’s approval for its Rs 1,500-crore IPO, one of the biggest issues in the clean energy manufacturing segment this year. The Surat-based company plans to use the proceeds to set up a new 3.5 GW solar cell factory and expand its aluminum extrusion facilities. Rayzon Solar currently has a module capacity of 6 GW and aims to become one of India’s largest integrated solar energy manufacturing players as the government pushes for domestic production under the PLI programme.
The regulator also gave a nod to Safex Chemicals India, a leading agrochemicals maker backed by BanyanTree Capital, for its fresh offer for sale issue. Safex plans to raise funds for capacity expansion and acquisitions to strengthen its crop protection product line. Aggcon Equipments International, a Gurugram-based construction equipment rental company, has been cleared for an initial public offering of Rs 330 crore that will be used to purchase new machinery and pay down debt.
Meanwhile, logistics and technology player Shadowfax Technologies, backed by Flipkart and Mirae Asset, filed its pre-IPO papers with Sebi earlier this month. The company is expected to raise up to Rs 1,200 crore in a combination of a fresh issue and an offer for sale once approvals are completed. The final approval list also includes Asset Reconstruction Company (India) Ltd (ARCIL), one of India’s oldest asset reconstruction companies, planning a clean offer for sale. The Mumbai-based company, backed by State Bank of India and IDBI Bank, will see existing shareholders trim their stakes in what could be the first initial public offering of India’s ailing asset management sector in years.
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