The SEBI in its latest update said that it has approved draft papers of six companies - Hexaware Technologies, PMEA Solar Tech Solutions, Scoda Tubes, Ajax Engineering, All Time Plastics, and Vikran Engineering, but returned IPO papers of Anand Rathi Share and Stock Brokers.
The regulator has issued observation letters on the preliminary papers of PMEA Solar Tech Solutions, and Vikran Engineering on January 14, and Scoda Tubes on January 15.
Further, Hexaware Technologies, and Ajax Engineering received the observation letter on their draft red herring prospectus on January 16, and All Time Plastics on January 17.
US private equity giant Carlyle-promoted Hexaware Technologies, which had filed draft papers on September 6 last year, is planning to raise Rs 9,950 crore via initial public offering. The IPO, if launched, would be India's biggest ever in the IT services and enterprise tech segment.
The initial share sale entirely comprises an offer-for-sale by parent CA Magnum Holdings with no fresh issue component, as per the DRHP. Hence, the entire issue proceeds will go to the promoter.
The solar tracking and mounting products maker filed preliminary papers with the SEBI on September 16, 2024 to raise funds via public issue. The IPO is a combination of fresh issuance of shares worth Rs 600 crore, and an offer-for-sale of 1.12 crore equity shares by promoters.
The Mumbai-based corporate may consider raising up to Rs 120 crore in the pre-IPO round. The fresh issue proceeds will be utilised for the setting up of certain manufacturing facilities by its subsidiary, PMSS, and purchase of machinery / equipment. Further, it will utilise IPO money for repaying debt, and the remainder for general corporate purposes.
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The Gujarat-based stainless-steel tubes and pipes manufacturer, which filed DRHP with the market regulator on September 30 last year, plans to mobilise Rs 275 crore via initial public offering. The IPO consists solely of a fresh issue with no offer-for-sale component.
Rs 104.98 crore out of IPO proceeds will be used for expanding production capacity of seamless and welded tubes and pipes, and Rs 110 crore for its incremental working capital requirements. The remaining funds will be utilised for general corporate purposes.
Concrete equipment manufacturer Ajax Engineering, which is backed by the private equity investor Kedaara Capital, filed its draft papers with SEBI on September 30, 2024.
The Bengaluru-headquartered company's proposed IPO is entirely an offer- for-sale (OFS) of 2.28 crore equity shares by promoters and an investor shareholder, according to the draft red herring prospectus.
As part of the OFS, Kedaara Capital will offload 74.37 lakh shares. Since the public issue is completely an OFS, Ajax Engineering will not receive any proceeds from the IPO.
The consumerware products maker approached capital markets for fund raising via IPO in 2024, filing preliminary papers with the regulator on September 30.
Its IPO will be a combination of fresh issuance of equity shares worth up to Rs 350 crore, and an offer-for-sale of 52.5 lakh equity shares by promoters - Kailesh Punamchand Shah, Bhupesh Punamchand Shah, and Nilesh Punamchand Shah.
The Maharashtra-based company may consider raising up to Rs 70 crore in the pre-IPO round.
Maharashtra-based Vikran Engineering, which offers EPC services to power, water and railway infrastructure segments, plans to raise Rs 1,000 crore via initial public offering. The Ashish Kacholia-backed company has filed draft red herring prospectus with SEBI.
The IPO will consist of fresh issuance of Rs 900 crore worth shares, and an offer-for-sale of shares worth Rs 100 crore by promoter Rakesh Ashok Markhedkar, as per the DRHP filed on September 30 last year.
Promoters - Markhedkar family owns 81.78 percent shareholding in the company, while the remaining 18.22 percent stake is held by public shareholders including India Inflection Opportunity Fund (5.82 percent), Ashish Kacholia (2.14 percent), Everest Finance & Investment Company (2.14 percent), and Mukul Mahavir Agrawal (1.48 percent).
Anand Rathi Share and Stock Brokers IPO
Meanwhile, the SEBI has returned offer document to Anand Rathi on January 17. The Anand Rathi Group's brokerage arm had filed draft papers with capital markets regulator on December 14 last year to raise Rs 745 crore through an initial public offering.
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