Ajax Engineering Pvt, an Indian concrete gear maker backed by Kedaara Capital, is contemplating an preliminary public providing that would elevate Rs 20 billion ($240 million), individuals aware of the matter stated.
Ajax Engineering is working with advisers to assist put together for an IPO in Mumbai within the fourth quarter, the individuals stated, asking to not be recognized discussing personal info. A list may worth the corporate at $1.2 billion, the individuals stated, including that it goals to file a prospectus for the share sale by August.
Representatives for Ajax Engineering and Kedaara, which invested within the Bengaluru-based gear producer in 2019, didn’t reply to requests for remark. Based in 1992, Ajax Engineering makes gear similar to concrete mixers, pumps and pavers for greater than 25,000 prospects, in response to its web site. It has three crops in Karnataka in southern India.
