Upcoming IPOs: Hexaware Technologies, Scoda Tubes, 4 others get SEBI's approval to launch public offers; check list

Upcoming IPOs: Market regulator Securities and Exchange Board of India (SEBI) has given its approval to six companies, including private equity major Carlyle-backed Hexaware Technologies, solar tracking and mounting products manufacturer PMEA Solar Tech Solutions and infrastructure company Vikran Engineering, to float public offers.

Gujarat-based Scoda Tubes, consumerware products maker All Time Plastics, and self-loading concrete mixers manufacturer Ajax Engineering have also received SEBI's nod to raise funds via IPOs. The six companies will collectively mobilise over ₹10,000 crore through public issues.

These six firms received the stock market regulator's observation letters last week. In SEBI's terminology, receiving an observation means consent to launch an IPO.

Hexaware Technologies IPO

As per the draft IPO papers, the IPO of global digital and technology services firm Hexaware Technologies is exclusively an offer-for-sale (OFS) of equity shares worth ₹9,950 crore.

The company was delisted by its previous promoter, Baring Private Equity Asia, in 2020. A year later, Carlyle Group acquired Baring's stake in Hexaware.

As of the financial year 2022-23, the firm's revenue from operations stood at ₹10,380 crore and net profit at ₹997 crore. For the six months ended June 2024, its revenue was ₹5,684 crore and post-tax profit was ₹553 crore.

Vikran Engineering IPO

The initial share sale of Vikran Engineering, an infrastructure engineering procurement and construction company, consists of a fresh issuance of ₹900 crore and an offer for sale of ₹100 crore, according to the draft red herring prospectus.

Vikran Engineering provides end-to-end services on a turnkey basis, from conceptualisation, supply, installation, testing, and commissioning.

PMEA Solar Tech Solutions IPO

PMEA Solar Tech Solutions IPO is a mix of new equity shares worth ₹600 crore and an OFS of 1.12 crore shares by promoters.

Incorporated in 2006, the company is engaged in manufacturing solar tracking mounting systems and equipment. As of March 2024, it had an annual installed capacity of 6 gigawatt (GW) of rolled products and 16 GW of module mounting assembly.

Ajax Engineering IPO

The public issue of concrete equipment manufacturer Ajax Engineering, which Kedaara Capital backs, is completely an OFS of 2.28 crore shares. Under the OFS, Kedaara Capital will sell 74.37 lakh shares.

All Time Plastics IPO

The initial public offer of consumerware products maker All Time Plastics combines new equity shares aggregating to ₹350 crore and an OFS of 52.5 lakh equity shares.

Scoda Tubes IPO

Gujarat-based Scoda Tubes' public offer is solely a fresh issuance of shares valued at ₹275 crore. The company manufactures stainless steel tubes and pipes, serving customers such as EPCs and industrial firms engaged in chemicals, oil and gas, power, fertilisers, etc.