IPO Calendar: Primary market momentum picking up with 8 new issues, 6 listings scheduled next week

The primary market will see 8 new IPOs opening for subscription next week including six in the SME segment. Apart from these new issues, the Street will also witness six listings. In the mainboard segment, Ajax Engineering and Hexaware Technologies will be launched for public bidding.

Here’s what to look forward to on the IPO front next week.

Ajax Engineering IPO

The IPO of Ajax Engineering, a concrete equipment manufacturer, will open for public subscription on February 10. The company fixed a price band of Rs 599-629.

The IPO consists solely of an offer-for-sale of 2.01 crore equity shares by existing shareholders, with no fresh issue component. As a result, the entire proceeds from the offering (excluding offer expenses) will be allocated to the selling shareholders.

Ajax, which is one of the three largest manufacturers of SLCMs in the world, with an approximately 75% market share in the SLCM market in India.

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

Hexaware Technologies IPO

Hexaware Technologies will launch its Rs 8,750-crore IPO with a price band of Rs 674-708 per share. The IPO is a pure offer for sale (OFS), with promoter Carlyle offloading its stake. Post-IPO, Carlyle’s stake will drop to 74.1% from the current 95%.

Retail investors can bid for a minimum lot of 21 shares, requiring an investment of at least Rs 14,868. This will be the largest IPO by an Indian IT services company, surpassing TCS’s Rs 4,713 crore offering in 2004.

Hexaware is returning to Dalal Street after five years, having delisted in September 2020 when its promoters accepted a delisting price of Rs 475 per share.

For the first nine months of 2024, Hexaware’s top five clients contributed 25.8% to revenue, while the top 10 accounted for 35.7%.

SME segment

In the SME segment, six IPOs including Chandan Healthcare, PS Raj Steels, Voler Car, Maxvolt Energy, LK Mehta Polymers and Shanmuga Hospital, will open for subscription. Of these, Chandan Healthcare is largest in the lot as the company plans to raise Rs 107 crore, followed by Maxvolt Energy, which is raising Rs 54 crore.

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