Pune-based Sedemac Mechatronics, a powertrain controls and auto parts manufacturer, is preparing to go public and has engaged with Axis Capital, ICICI Securities, and Avendus Capital as potential investment bankers for its initial public offering (IPO), people familiar with the matter told Moneycontrol.
The company is also in talks to raise $20–30 million through a secondary funding round, sources said, adding discussions are on and valuation expectations are being worked out. The IPO planning is still at a nascent stage and a definitive timeline has not been finalised yet, they said.
Sedemac declined to comment on the bankers and IPO developments.
In February, Moneycontrol was the first to report about the firm's plans for an IPO to raise between Rs 800 crore and Rs 1,000 crore.
While the IPO may still be some time away, the potential secondary transaction could offer partial exits to early backers and help Sedemac shore up investor interest ahead of its market debut.
Founded in 2007, Sedemac was incubated at the Indian Institute of Technology, Bombay (IIT-B) by Shashikanth Suryanarayanan, a professor, with his students Pushkaraj Panse, Amit Dixit, and Manish Sharma. Surayanarayan is an associate professor in the mechanical engineering department.
Sedemac develops control solutions for small engines, powertrains, and electric vehicles and has built a reputation in the automotive components ecosystem for its proprietary technologies.
The IPO comes at a time when India’s primary market is witnessing a resurgence, with multiple companies tapping into investor appetite for tech-driven industrial and manufacturing firms.
Ather Energy's IPO opened for subscription on April 28. Other new-age companies such as ArisInfra, Avanse, Aye Finance, BoAt, Bluestone, Cardekho, Captain Fresh, DevX, Ecom Express and Fractal are likely to take the IPO route this year as well.
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