SEBI approved IPO papers of several companies Hexaware, PMEA Solar, Scoda Tubes, Ajax Engineering, All Time Plastics, and Vikran Engineering
SEBI approved IPO: In its latest update, SEBI announced the approval of draft papers for six companies: Hexaware Technologies, PMEA Solar Tech Solutions, Scoda Tubes, Ajax Engineering, All Time Plastics, and Vikran Engineering. However, the IPO papers of Anand Rathi Share and Stock Brokers were returned.
SEBI issued observation letters for the preliminary papers of PMEA Solar Tech Solutions and Vikran Engineering on January 14, and for Scoda Tubes on January 15. Hexaware Technologies and Ajax Engineering received observation letters on their draft red herring prospectus on January 16, and All Time Plastics on January 17.
Hexaware Technologies IPO
US private equity giant Carlyle-promoted Hexaware Technologies, which submitted draft papers on September 6 last year, is planning to raise Rs 9,950 crore through an initial public offering. If launched, this IPO would be India’s largest ever in the IT services and enterprise tech segment. The initial share sale consists entirely of an offer-for-sale by parent company CA Magnum Holdings, with no fresh issue component. Therefore, all proceeds from the issue will go to the promoter.
PMEA Solar Tech Solutions IPO
The solar tracking and mounting products maker filed preliminary papers with SEBI on September 16, 2024, to raise funds through a public issue. The IPO includes a combination of fresh issuance of shares worth Rs 600 crore and an offer-for-sale of 1.12 crore equity shares by promoters. The Mumbai-based company may raise up to Rs 120 crore in the pre-IPO round. The fresh issue proceeds will be used for setting up manufacturing facilities by its subsidiary, PMSS, and purchasing machinery/equipment. Additionally, the IPO funds will be used for debt repayment and general corporate purposes.
Scoda Tubes IPO
Scoda Tubes, a leading manufacturer of stainless-steel tubes and pipes based in Gujarat, has filed its Draft Red Herring Prospectus (DRHP) with the market regulator on September 30th of last year. The company aims to raise Rs 275 crore through its initial public offering (IPO), which will consist solely of fresh issue shares with no offer-for-sale component.
Of the total IPO proceeds, Rs 104.98 crore will be allocated towards expanding the production capacity of seamless and welded tubes and pipes. Another Rs 110 crore will be earmarked for meeting the company’s incremental working capital requirements. The remaining funds will be utilized for general corporate purposes.
This strategic allocation of funds highlights Scoda Tubes’ commitment to enhancing its manufacturing capabilities and meeting the growing demand for its products. Investors can look forward to participating in the company’s growth story through this IPO.
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Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Investors should conduct thorough research and consult with a qualified financial advisor before making any investment decisions.