Overview
- SEBI issued observation letters on Oct. 20 to Shadowfax Technologies, Rayzon Solar, ARCIL, PNGS Reva Diamond Jewellery, Sudeep Pharma, Safex Chemicals and Aggcon, allowing each to proceed with public offers.
- Rayzon Solar's issue is a Rs 1,500 crore all-fresh sale, with about Rs 1,265 crore earmarked for its subsidiary to part-finance a 3.5 GW TOPCon solar cell facility in Surat.
- ARCIL's offering is a pure offer-for-sale of roughly 10.54–10.55 crore shares, with Avenue Capital, State Bank of India and Federal Bank selling stakes, while GIC plans a full exit via 1.62 crore shares.
- Shadowfax is reported to target a Rs 2,000–2,500 crore IPO comprising fresh shares and an OFS after filing confidentially in July.
- Other structures disclosed include Safex Chemicals (Rs 450 crore fresh plus OFS of ~3.57 crore shares), Aggcon (Rs 332 crore fresh plus OFS up to 94 lakh shares), Sudeep Pharma (Rs 95 crore fresh plus OFS of ~1.01 crore shares) and PNGS Reva (Rs 450 crore fresh), with listings proposed on NSE and BSE.