Upcoming IPOs: Carlyle-acquired Hexaware Tech, five others receive SEBI approval to float IPOs | Stock Market News
Source: Live Mint
Upcoming IPOs: Six major companies have now received approvals from the capital markets regulator, the Securities and Exchange Board of India (SEBI) to raise funds via initial public offerings (IPOs).
According to SEBI’s update on Monday, January 20, the draft papers of Hexaware Technologies, PMEA Solar Tech Solutions, Scoda Tubes, Ajax Engineering, All Time Plastics, and Vikran Engineering. However, the market watchdog returned the IPO papers of Anand Rathi Share and Stock Brokers.
The securities market regulator has issued the observation letters on the preliminary papers of PMEA Solar Tech Solutions, and Vikran Engineering on January 14, and Scoda Tubes on January 15. Hexaware Technologies, and Ajax Engineering received the observation letter on their draft red herring prospectus on January 16, and All Time Plastics on January 17.
Hexaware Technologies Ltd and Ajax Engineering Ltd are the only ones on the list offering solely an offer-for-sale (OFS) component for their public issue.
PMEA Solar Tech Solutions, All Time Plastics, and Vikran Engineering Ltd are offering both a fresh issue and an offer-for-sale (OFS) via the public issue. Scoda Tubes is the only one offering a completely fresh issue of shares via an IPO, according to the SEBI filing.
Promoters will sell shares worth ₹9,950 crore in Hexaware Technologies for the issue.
If successful, Hexaware’s IPO would be the largest in the country’s information technology services space since Tata Consultancy Services’ ₹4,713-crore initial share sale more than two decades ago.
Promoted by US private equity firm Carlyle, Hexaware Technologies has hired Kotak Investment Banking, Citi Global Markets, J.P. Morgan, HSBC Securities and Capital Markets, IIFL Securities to manage the share sale.
In 2021, Carlyle acquired Hexaware from Baring Private Equity Asia (now EQT) for approximately $3 billion, making its the largest ever private-equity deal in India. If Hexaware’s listing plans succeed, it will be making a return to the domestic stock exchanges after 4 years. NSE data shows that it was initially listed on 14 June 2002. Before Carlyle acquired Hexaware, its previous promoter Baring Private Equity Asia had delisted its shares and taken the company private in 2020.
(…stay tuned for more updates.)
