Ajax Engineering Pvt, an Indian concrete equipment maker supported by Kedaara Capital, is contemplating an initial public offering that could potentially raise Rs 20 billion ($240 million), sources familiar with the situation revealed.
Ajax Engineering is collaborating with advisors to prepare for an IPO in Mumbai in the fourth quarter, the sources disclosed, on condition of anonymity. The company could be valued at $1.2 billion after the listing, with plans to submit a prospectus for the share sale by August.
Requests for comments from Ajax Engineering and Kedaara, who invested in the Bengaluru-based equipment manufacturer in 2019, went unanswered. Established in 1992, Ajax Engineering produces equipment like concrete mixers, pumps, and pavers for over 25,000 clients, as stated on its website. The company operates three plants in Karnataka, located in southern India.
