Dev Accelerator, Scode Tubes, All Time Plastics & Ajax Engineering file draft IPO papers with Sebi

The IPO rain is likely to continue at Dalal Street as a number of companies are rushing to the capital market's watchdog Sebi to launch their primary offerings to raise funds. The ongoing rush for filing draft papers suggests that the ongoing party in the IPO market is not going to end anytime soon.

Ahmedabad-based Dev Accelerator has filed its DRHP with Sebi to launch its IPO, which is an entirely fresh issue of up to 24,700,000 equity shares of face value of Rs 2 each. Pantomath Capital Advisors is the sole book running lead manager for the issue while Kfin Technologies is the register for the issue.

DevX is among the biggest flex space operators, said to a JLL Report. The company has a presence in 15 Tier 1 and Tier 2 markets in India and specialises in providing businesses with comprehensive built to suit managed office solutions. With 25 centres spread across 11 Indian cities, the organisation served over 230 clients as of August 31, 2024.

Another Ahmedabad based company Scode Tubes has also filed its draft papers with Sebi to raise Rs 275 crore via IPO route, which is entirely a fresh share sale. The issue shall be managed solely by Monarch Networth Capital, while Link Intime India is the registrar for the issue.

The firm is an Indian maker of stainless steel pipes and tubes with more than 14 years of expertise, which operates under five product lines. The net proceeds from the fresh issue shall be used for expanding production capacity of seamless and welded tubes and pipes, meeting the additional working capital needs, and for general corporate purposes.

Mumbai-based All Time Plastics is also eyeing to raise funds via IPO by issuing fresh equity shares worth up to Rs 350 crore and an offer-for-sale (OFS) of up to 52,50,000 equity shares. All Time Plastics is second in terms of revenue among B2B players in India's plastic consumer-ware sector.

Intensive Fiscal Services and DAM Capital Advisors are book-running lead managers to the issue, while KFin Technologies has been appointed as the registrar for it. The net proceeds shall be utilized towards debt repayment, acquiring equipment and machinery and general corporate purposes.

Bengaluru-based Ajax Engineering has also filed DRHP with Sebi to float an IPO. Kedaara Capital-backed concrete equipment manufacturer's IPO shall entirely be an OFS of 2.28 crore equity shares by promoters and an investor shareholder. Kedaara Capital will offload 74.37 lakh shares.

Entire proceeds from the issue shall go to the selling shareholders. ICICI Securities, Citigroup Global Markets India, M Financial, Nuvama Wealth Management and SBI Capital Markets are lead managers to the issue, while Link Intime India is the registrar for the issue.