KuberGrow Team The Securities and Exchange Board of India (SEBI) has greenlit the initial public offering (IPO) plans of six companies: Hexaware Technologies, PMEA Solar Tech Solutions, Scoda Tubes, Ajax Engineering, All Time Plastics, and Vikran Engineering. Observation letters, a key regulatory nod for proceeding with IPOs, were issued to the companies between January 14 and January 17, 2025. However, SEBI returned the IPO papers of Anand Rathi Share and Stock Brokers, citing undisclosed reasons.
Hexaware Technologies IPO: India’s Largest IT Services Listing
Carlyle Group-backed Hexaware Technologies, a Mumbai-based IT services giant, plans to raise ₹9,950 crore through its IPO. This would make it the largest-ever IPO in India’s IT services and enterprise technology sector. The company, which filed its draft papers in September 2024, may also raise ₹120 crore in a pre-IPO round. Funds raised will support manufacturing expansions via its subsidiary, PMSS, debt repayment, and general corporate purposes.
Scoda Tubes IPO: Strengthening Production Capabilities
Gujarat-based stainless-steel tubes and pipes manufacturer Scoda Tubes aims to raise ₹275 crore through a fresh issue, with no offer-for-sale component. Proceeds will be used to expand production capacity with an investment of ₹104.98 crore and to address incremental working capital requirements of ₹110 crore. The remaining funds will be allocated for general corporate purposes.
Ajax Engineering IPO: A Complete Offer-for-Sale
Bengaluru-headquartered Ajax Engineering, a leader in concrete equipment manufacturing, plans an IPO entirely through an offer-for-sale of 2.28 crore equity shares. Private equity investor Kedaara Capital will sell 74.37 lakh shares as part of the offering. The company, which filed its draft papers in September 2024, will not receive any proceeds from the issue.
All Time Plastics IPO: Combination of Fresh Issue and OFS
Maharashtra-based consumerware manufacturer All Time Plastics is set to raise ₹350 crore through fresh equity issuance, coupled with an offer-for-sale of 52.5 lakh shares by its promoters. The company may also secure ₹70 crore in a pre-IPO round. Proceeds will be directed toward capacity expansion and corporate purposes.
Vikran Engineering IPO: Backed by Prominent Investors
Vikran Engineering, a Maharashtra-based EPC service provider for power, water, and rail infrastructure, plans to raise ₹1,000 crore through its IPO. The issue includes ₹900 crore in fresh equity and a ₹100 crore offer-for-sale by promoter Rakesh Ashok Markhedkar. The company is backed by notable investors, including Ashish Kacholia and India Inflection Opportunity Fund, holding stakes of 2.14% and 5.82%, respectively.
Anand Rathi’s IPO Proposal Returned
In a notable development, SEBI returned the IPO application of Anand Rathi Share and Stock Brokers, which sought to raise ₹745 crore. The brokerage arm of Anand Rathi Group had filed its draft papers in December 2024, but further details on SEBI’s decision are awaited.
A Promising Start to 2025’s IPO Market
The approvals mark a strong start for India’s IPO market in 2025, with diverse sectors such as IT, manufacturing, consumer goods, and engineering gearing up for public listings. Analysts predict robust investor interest, driven by a mix of high-growth companies and established players entering the capital markets.
