SEBI Approves IPOs Of Hexaware Technologies, PMEA Solar Tech Solutions And Four Others

Hexaware Technologies Ltd., PMEA Solar Tech Solutions Ltd., Scoda Tubes Ltd., AJAX Engineering Ltd., All Time Plastics Ltd., and Vikran Engineering Ltd. received approval from the Securities and Exchange Board of India on Monday to raise funds through an initial public offering.

The six companies, which submitted their draft papers to SEBI between September and October, received observation letters in January, according to a circular from the capital markets regulator. In SEBI's terminology, an observation letter signifies its clearance for a company to proceed with the launch of its IPO.

Additionally, SEBI has returned offer documents of Anand Rathi Share And Stock Brokers Ltd. on Jan. 17.

Hexaware Technologies Ltd. filed preliminary papers with the SEBI on Sept. 12, 2024, to raise Rs 9,950 crore through an initial public offering. This will be the biggest ever in the IT services and enterprise tech segment.

The proposed public offering consists of an offer for sale of Rs 9,950 crore, according to the draft red herring prospectus. The offer also includes a reservation for a subscription by eligible employees. This will also make it the largest public listing in India this year after Ola Electric.

The OFS consists of the sale of equity by CA Magnum Holdings, the promoter of the US private giant Carlyle-promoted company.

Kotak Mahindra Capital Co., Citigroup Global Markets India Pvt., JP Morgan India Pvt., HSBC Securities and Capital Markets (India) Pvt. and IIFL Securities Ltd. are the book-running lead managers to the issue and KFin Technologies Ltd. is the registrar to the offer.

PMEA Solar Tech Solutions Ltd. had filed preliminary papers with SEBI on Sept. 23 to raise funds through an initial public offering.

The Mumbai-based company's IPO is a mix of fresh issues of shares aggregating up to Rs 600 crore and an offer-for-sale of up to 1.12 crore equity shares by promoters, according to the draft red herring prospectus.

Proceeds from the fresh issue to the extent of Rs 119.55 crore will be used for the setting up of certain manufacturing facilities undertaken through investment in the wholly owned subsidiary PMSS, Rs 120.45 crore for the purchase of machinery/equipment, Rs 240 crore for the payment of debt and remaining funds for general corporate purposes.

Gujarat-based Scoda Tubes Ltd. had filed preliminary papers to raise Rs 275 crore through an initial public offering on Oct. 1. The IPO consists only of fresh issues and no offer for sale, according to the draft red herring prospectus.

The proceeds from the fresh issue, to the extent of Rs 105 crore, will be used for capital expenditure towards expanding production capacity of seamless tubes and pipes by 10,000 million tonnes per annum and welded tubes and pipes by 12,130 MTPA.

AJAX Engineering Ltd., a Bengaluru-based manufacturer of concrete equipment, had filed a draft red herring prospectus with SEBI for an initial public offering on Oct. 3. 

The company will not issue any fresh shares, and the IPO will consist entirely of an offer for the sale of up to 2.28 crore equity shares, with a face value of Re 1 each.

The promoter selling shareholders include Krishnaswamy Vijay, Kalyani Vijay, Jacob Jiten John, the Jacob Hansen Family Trust, Susie John, and Kedaara Capital Fund II LLP.

The equity shares from the offering are proposed to be listed on both the BSE and the National Stock Exchange of India Ltd.

All Time Plastics Ltd. applied for an initial public offering to raise funds through a fresh issue and offer-for-sale on Oct. 3.

The IPO consists of a fresh issue of up to Rs 350 crore and an offer for sale of 52.5 lakh shares, according to the draft red herring prospectus.

Proceeds from the fresh issue will be used for paring debt and capacity expansion. The plastic products manufacturing company plans to use Rs 133 crore for the purchase of equipment and machinery for the Manekpur facility in Gujarat and Rs 120 crore for repayment of outstanding borrowings.

Vikran Engineering Ltd. applied with the market regulator for the maiden public issue of shares amounting to Rs 1,000 on Oct. 4. The IPO consists of a fresh issue of up to Rs 900 crore and an offer-for-sale of Rs 100 crore, according to the draft red herring prospectus.

Chairman and Managing Director Rakesh Ashok Markhedkar is the sole promoter offloading shares each via the OFS route.

The proceeds from the fresh issue, to the extent of Rs 625.5 crore, will be used for funding working capital requirements for fiscal 2025 and 2026. The rest will be deployed for general corporate purposes.