Seven Companies Greenlit for IPO Amid Indian Market Surge

The Indian market is abuzz as seven companies, including Shadowfax Technologies and Rayzon Solar, receive approval from Sebi for initial public offerings. These developments highlight a surge in primary market activities, with companies planning to use the funds for various growth and investment strategies.

Seven companies, among them logistics provider Shadowfax Technologies and Gujarat's Rayzon Solar, have secured approval from India's market regulator, Sebi, to launch initial public offerings (IPOs). This marks a significant uptick in IPO activities in the market.

Shadowfax Technologies aims to raise between Rs 2,000-2,500 crore through a combination of fresh issue and offer-for-sale, with proceeds set to boost network business capacities. Meanwhile, Rayzon Solar plans a fresh issue worth Rs 1,500 crore to finance the development of a solar cell manufacturing facility.

Other companies, like asset manager ARCIL and Safex Chemicals, are set to leverage the primary market as well. The approvals reflect growing confidence in India's economic landscape, as companies prepare to list on the BSE and NSE.

(With inputs from agencies.)