Upcoming IPOs In 2025: Sebi Gives Approval To 7 Firms To Launch Initial Public Offerings

Upcoming IPOs: The year 2025 has been a blockbuster one for the primary market. After a brief pause in the first half of the calendar year, the primary market saw high levels of participation from investors and companies alike. 

The rush is expected to continue in the upcoming months of the current calendar year, as seven major companies have recently received the market regulator’s nod for their public issues. Here’s a look at some key details of the public issues approved by Sebi recently:

Shadowfax IPO

Sebi approved Shadowfax Ltd’s proposal to raise up to Rs 2,500 crore through an initial public offering (IPO). Notably, the clearance comes nearly three months after the company filed its Draft Red Herring Prospectus (DRHP) via the confidential filing route. The company seeks to use the proceeds of the public issue to expand its capacity, accelerate growth, and invest further in the company’s network business. Shadowfax Technologies Ltd provides tech-enabled delivery solutions for businesses across various sectors. The company specialises in last-mile logistics, quick commerce, and hyperlocal services.

PNGS Reva Diamond Jewellery IPO

PNGS Reva Diamond Jewellery, which is a part of P. N. Gadgil Ltd. The jewellery company’s public issue has received Sebi’s nod recently. The company seeks to raise up to Rs 450 crore via its public issue. The company will use the proceeds from the public issue to set up 15 new brand-exclusive stores across  India.

The jewellery maker will also use the proceeds to fund marketing and promotional expenses related to the launch of the 15 New Stores. The proceeds will also be used for general corporate purposes. PNGS Reva Diamond Jewellery is a retail-focused jewellery brand which sells a wide range of jewellery made using diamonds and precious and semi-precious stones, which are studded into precious metals such as gold and platinum. The company also sells plain platinum jewellery, including rings, bracelets and chains.

Sudeep Pharma IPO

Market regulator Sebi has also green-lit Sudeep Pharma’s public issue. The public offering comprises a fresh issuance of  shares aimed at raising up to Rs 95 crore and an offer for sale from existing shareholders. The proceeds will be used by Sudeep Pharma for procurement of machinery for its production line for general corporate purposes. Sudeep Pharma  is maker of excipients  and  specialty  ingredients  for  the  pharmaceutical,  food  and  nutrition industries.

Safex Chemicals India IPO

Safex Chemicals India received Sebi’s approval for its public issue. Safex Chemicals India is a speciality chemicals company. The company operates across the agrochemical value chain and has a differentiated business across verticals such as branded formulation, speciality chemicals and contract development and manufacturing (“CDMO”) catering. The company plans to use the money generated via the public issue to generate funds for expanding capacity, repaying the company’s borrowings, investing in the company’s subsidiary Shogun Organics Ltd, and performing general corporate purposes.

Rayzon Solar IPO

Rayzon Solar received Sebi approval for its Rs 1,500 crore public issue. Rayzon Solar Ltd is a maker of solar PV modules. The company has also been included as a certified manufacturer under the Ministry of New and Renewable Energy’s Approved List of module manufacturers (ALMM). The company plans to use the funds generated via the public issue for investing in its wholly owned subsidiary, Rayzon Energy Private Limited (REPL), to part-finance the cost of establishing its manufacturing facility.

Aggcon Equipment International IPO

Aggcon Equipments International has received clearance from Sebi for its Rs 330 crore public issue. The company specialises in the rental and leasing of heavy infrastructure and mining equipment and serves a wide range of clients in both the public and private sectors. Aggcon Equipments plans to use the funds raised via the public issue for repaying its borrowings, funding the purchase of equipment and general corporate purposes.

Asset Reconstruction Company (India) IPO

Asset Reconstruction Company (India) Ltd (ARCIL) has received Sebi’s nod for its offer-for-sale issue. The company is a financial institution which acquires non-performing assets (NPAs), or bad debts, from banks and financial institutions to clean up their balance sheets. Since the issue is an offer-for-sale, ARCIL will not receive the proceeds of the public issue.

So far in 2025, as many as 81 mainboard companies have raised money via the IPO route. These companies have raised over Rs 1.21 lakh crore from the primary market. On the other hand 220 companies have raised money via public issues in 2025. Companies are increasingly tapping the primary market for raising capital for expansion, provide liquidity for early investors amid India strong economic growth and strong domestic investor sentiment.