SEBI clears six IPOs worth ₹11,000 cr, including Hexaware Tech

The capital market regulator SEBI has cleared six applications for initial public offering to cumulatively raise about ₹11,000 crore and returned the filings of Anand Rathi Share and Stock Brokers.

Last December, Anand Rathi Share and Stock Brokers filed its Draft Red Herring prospectus with SEBI for IPO to raise up to ₹745 crore. In its DRHP, the company said that it intends to use the net proceeds from the issue to fund long-term working capital requirements and for general corporate purposes.

However, on January 17 returned the application without assigning any reason.

According to the draft papers of Mumbai-headquartered Hexaware Technologies, the IPO is a complete offer for sale, aggregating up to ₹9,950 crore by promoter CA Magnum Holdings, part of Carlyle Group.

Kedaara Capital-backed concrete equipment manufacturer Ajax Engineering IPO is entirely an OFS of 2.28 crore shares by promoters and an investor shareholder; PMEA Solar Tech Solutions proposed IPO is a combination of fresh issue worth ₹600 crore and an offer for sale of up to 1.12 crore shares by promoters; and All Time Plastics IPO has a fresh issue component worth ₹350 crore and an OFS of 52.5 lakh shares by the existing shareholders.

SEBI has cleared the public issues of Hexaware Technologies, PMEA Solar Tech Solutions, Scode Tubes, Ajax Engineering, All Time Plastics and Vikran Engineering.

Backed by bullish investors sentiments, fund raising through IPOs has hit a new high of ₹1.6 lakh crore in 2024. The year was marked by Hyundai Motor India’s historic IPO, the largest in the country’s history, which raised ₹27,870 crore.

Companies of varying market capitalisations tapped into the IPO route last year, with the average issue size rising significantly from ₹867 crore in 2023 to over ₹1,700 crore in 2024.