Ajax Engineering IPO opens for subscription, watch out for Hexaware Tech

IT services firm Hexaware Technologies’ Rs 8,750-crore IPO will open on February 12

 

Hyderabad: The initial public offering (IPO) of Bengaluru-based Ajax Engineering Limited opened for subscription on Monday, February 10. The company aims to raise Rs 1,269.35 crore through the IPO, which is an offer for sale (OFS) of 2.02 crore shares.

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The Kedaara Capital-backed concrete equipment manufacturer has fixed a price band of Rs 599 to Rs 629 per share. As part of the OFS (when promoters sell their shares to raise additional funds), Kedaara Capital will offload 74.37 lakh shares.

Just days before the IPO, the company said it had mobilised Rs 379 crore from anchor investors.  SBI Mutual Fund (MF), Axis MF, HSBC MF, Edelweiss MF, ITI MF, Amundi Funds New Silk Road and Franklin Templeton Investment Funds are among the anchor investors who have been allocated shares.

The company has allotted 60.3 lakh shares to 23 funds at Rs 629 apiece, which is also the upper end of the IPO price band. Its market capitalisation has been pegged at Rs 7,200 crore at the upper-end of the price band.

ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management and SBI Capital Markets are the book running lead managers to the issue.

Ajax Engineering  operates four assembling and manufacturing facilities in Karnataka, specialising in distinct product lines. Its assembling and manufacturing facility at Adinarayanahosahalli, Karnataka, is expected to become operational in August.

The company reported FY24 revenue from operations at Rs 1,741 crore with a profit after tax of Rs 225 crore.

Hexaware Technologies

Hexaware Technologies ’s Rs 8,750-crore IPO will open for subscription on February 12 and closes on February 14. An IT services firm, it has US private equity giant Carlyle as a stakeholder.

The Navi Mumbai-based company has fixed a price band of Rs 674 to Rs 708 per share. And this too is an offer-for-sale by its promoter CA Magnum Holdings.

Kotak Mahindra Capital Company Limited, Citigroup Global markets India Private Limited, JP Morgan India Private Limited HSBC Securities and Capital Markets (India) Private Limited and IIFL Capital Services Limited are the Book Running Lead Managers.