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Hexaware, Vikran, 4 Others Get Sebi's Nod for IPO

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By Rediff Money Desk, New Delhi   Jan 20, 2025 19:30

Hexaware Technologies, Vikran Engineering, PMEA Solar Tech Solutions, Ajax Engineering, Scoda Tubes, and All Time Plastics receive Sebi's approval to raise funds through IPOs, collectively mobilizing over Rs 10,000 crore.
Hexaware, Vikran, 4 Others Get Sebi's Nod for IPO
Photograph: Kind courtesy Reto Scheiwiller/Pixabay.com
New Delhi, Jan 20 (PTI) Private equity major Carlyle-backed Hexaware Technologies, infrastructure company Vikran Engineering, PMEA Solar Tech Solutions, and Ajax Engineering have received markets regulator Sebi's clearance to raise funds through initial public offerings.

Gujarat-based Scoda Tubes and consumerware products maker All Time Plastics have also received Sebi's nod to float public offers.

These companies will collectively mobilise more than Rs 10,000 crore through the initial public offers.

These six firms, which had filed their preliminary papers with the markets watchdog between September and December, obtained observation letters on January 14-17, an update with the Securities and Exchange Board of India (Sebi) on Monday showed.

In Sebi's parlance, obtaining observation letters means its go-ahead to launch an Initial Public Offering (IPO).

According to the draft papers of Mumbai-headquartered Hexaware Technologies, a global digital and technology services company, the IPO is a complete offer for sale (OFS) of equity shares, aggregating up to Rs 9,950 crore by promoter CA Magnum Holdings, part of Carlyle Group.

CA Magnum Holdings has a 95.03 per cent stake in the IT company.

Hexaware Technologies serves customers across the Americas, Europe and Asia-Pacific (including India and the Middle East).

The company manages its business through six operating segments -- financial services, healthcare and insurance; manufacturing and consumer; Hi-tech and professional services; banking, and travel and transportation.

Hexaware's previous promoter Baring Private Equity Asia delisted the company in 2020. Almost a year after the delisting, Carlyle Group acquired Baring's stake in Hexaware.

As of financial year 2023, the company's revenue from operations was Rs 10,380 crore with a profit after tax (PAT) of Rs 997 crore. For the six months ended June 2024, its revenue from operations was Rs 5,684 crore with a PAT of Rs 553 crore.

Infrastructure EPC company Vikran Engineering IPO is a mix of fresh issue of shares up to Rs 900 crore and an OFS of up to Rs 100 crore by the promoter.

The Mumbai-based company is backed by investors like the India Inflection Opportunity Fund and Ashish Kacholia.

Vikran Engineering is one of the fast-growing Indian Engineering, Procurement & Construction (EPC) companies and provides end-to-end services from conceptualisation, design, supply, installation, testing, and commissioning on a turnkey basis.

PMEA Solar Tech Solutions proposed IPO is a combination of fresh issues of shares aggregating up to Rs 600 crore and an offer for sale of up to 1.12 crore shares by promoters.

Founded in 2006, PMEA Solar Tech Solutions specialises in solar tracking mounting systems and equipment and has an annual installed capacity of 16 gigawatts (GW) of module mounting assembly and 6 GW of rolled products as of March 2024.

Kedaara Capital-backed concrete equipment manufacturer Ajax Engineering IPO is entirely an OFS of 2.28 crore equity shares by promoters and an investor shareholder. As part of the OFS, Kedaara Capital will offload 74.37 lakh shares.

Consumerware products maker All Time Plastics IPO comprises a fresh issuance of shares worth up to Rs 350 crore by the company and an offer-for-sale of 52.5 lakh equity shares by the existing shareholders.

Promoters - Kailesh Punamchand Shah, Bhupesh Punamchand Shah, and Nilesh Punamchand Shah - will be selling 17.5 lakh shares each in the offer-for-sale.

The company is primarily a white-label manufacturer, wherein it manufactures consumerware for customers to market under their own brand names, including global retailers like IKEA, Asda Stores, Michaels Stores Inc, and Tesco Plc.

It also sells products to Indian retailers, including Spencer's Retail.

Gujarat-based Scoda Tubes is entirely a fresh issue of equity shares aggregating up to Rs 275 crore. The company is a stainless-steel tubes and pipes manufacturer, catering to a diverse range of customers like EPC, and industrial companies engaged in oil and gas, chemicals, fertilisers, power, etc.


The equity shares of these six companies are proposed to be listed on the BSE and NSE.
Source: PTI
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