SEBI Approves IPOs of 6 Companies: Details of Hexaware, PMEA, Scoda, Ajax, All Time, Vikran
The Securities and Exchange Board of India (SEBI) has approved the draft papers of six companies to raise funds through initial public offerings (IPOs). These companies include Hexaware Technologies, PMEA Solar Tech Solutions, Scoda Tubes, Ajax Engineering, All Time Plastics, and Vikran Engineering. However, the regulator has returned the IPO papers of Anand Rathi Share and Stock Brokers. These companies are expected to collectively mobilize over ₹ 10,000 crore through their public issues.
Hexaware Technologies IPO
Hexaware Technologies, a global digital and technology services company with AI at its core, plans to raise ₹ 9,950 crore through its IPO. This IPO will be entirely an offer for sale (OFS) by CA Magnum Holdings, an affiliate of the Carlyle Group, which holds a 95.03% stake in the company. Hexaware was previously delisted from Indian bourses in 2020. The company offers services in design, data, AI, cloud, and more. If successful, this IPO could be the largest in the country's IT services space since Tata Consultancy Services' IPO over two decades ago. For the six months ended June 2024, Hexaware's revenue was ₹ 5,684 crore, with a net profit of ₹ 553 crore. The company was initially listed on June 14, 2002. It serves customers across the Americas, Europe, and Asia-Pacific.
PMEA Solar Tech Solutions IPO
PMEA Solar Tech Solutions, a manufacturer of solar tracking and mounting products, plans to raise funds through a combination of fresh share issues of up to ₹ 600 crore and an OFS of up to 1.12 crore shares by promoters. The company specializes in solar tracking mounting systems and equipment. Proceeds from the fresh issue will be used for setting up manufacturing facilities, purchasing machinery, and debt payment.
Scoda Tubes IPO
Scoda Tubes, a stainless-steel tubes and pipes manufacturer, is planning an IPO to raise ₹ 275 crore, entirely through a fresh issue sale. The company caters to diverse customers like engineering companies and those in the oil and gas, chemicals, and transportation sectors. The funds from this IPO will be used to expand production capacity and for working capital requirements.
Ajax Engineering IPO
Ajax Engineering, a concrete equipment manufacturer backed by Kedaara Capital, is launching an IPO that is entirely an OFS of 2.28 crore equity shares by promoters and investor shareholders. Private equity investor Kedaara Capital will offload 74.37 lakh shares as part of the OFS. Ajax Engineering will not receive any proceeds from this IPO. The company operates four manufacturing facilities in Karnataka.
All Time Plastics IPO
All Time Plastics, a consumerware products maker, plans to raise funds through a fresh issuance of shares worth ₹ 350 crore and an OFS of 52.5 lakh equity shares. The company may consider raising up to ₹ 70 crore in a pre-IPO round. Proceeds from the fresh issue will be used to reduce debt and expand capacity. The company primarily produces consumer ware for other brands, including global retailers like IKEA and Tesco.
Vikran Engineering IPO
Vikran Engineering, an infrastructure EPC company, is planning an IPO that combines a fresh issue of shares up to ₹ 900 crore with an OFS of up to ₹ 100 crore by the promoter, with the aim of raising ₹ 1,000 crore. The company provides end-to-end services in the power and water sectors. Proceeds from the fresh issue will be used for working capital and general corporate purposes.
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