The primary market is gearing up for a busy week with eight IPOs opening for subscription, including six from the SME segment. Additionally, six listings are scheduled to hit the Street. In the mainboard segment, Ajax Engineering and Hexaware Technologies will headline the action.
Ajax Engineering, a leading manufacturer of concrete equipment, will open its IPO for public subscription on February 10. The company has set a price band of ₹599-629 per share. The offering is entirely an offer-for-sale (OFS) of 2.01 crore equity shares by existing shareholders, with no fresh issue component.
As one of the top three global manufacturers of SLCMs (self-loading concrete mixers), Ajax holds a dominant 75% share of the SLCM market in India. The IPO will be managed by ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management, and SBI Capital Markets.
Hexaware Technologies will launch its ₹8,750 crore IPO with a price band of ₹674-708 per share. The issue, which is a pure OFS, will see promoter Carlyle reducing its stake from 95% to 74.1% post-listing.
Retail investors can participate with a minimum bid of 21 shares, requiring at least ₹14,868. This IPO is poised to be the largest-ever offering by an Indian IT services company, surpassing TCS’s ₹4,713 crore IPO in 2004.
Hexaware’s return to the market comes five years after it delisted in September 2020 at ₹475 per share.
For the first nine months of 2024, Hexaware's top five clients accounted for 25.8% of its revenue, and its top 10 clients contributed 35.7%.
The SME segment will see six IPOs next week, led by Chandan Healthcare, which aims to raise ₹107 crore, and Maxvolt Energy, targeting ₹54 crore. Other IPOs include PS Raj Steels, Voler Car, LK Mehta Polymers, and Shanmuga Hospital.