IPO News: Kedaara-Backed Ajax Engineering Plans $240 Million India IPO

Ajax Engineering Pvt, an Indian company that makes concrete equipment and is backed by Kedaara Capital, is planning an initial public offering (IPO) that could raise Rs 20 billion ($240 million), according to sources.

The company is working with advisors to prepare for the IPO in Mumbai, expected in the fourth quarter. The IPO could value Ajax Engineering at $1.2 billion, with plans to file a prospectus by August.


Representatives for Ajax Engineering and Kedaara, which invested in the company in 2019, did not respond to requests for comment.

Founded in 1992, Ajax Engineering manufactures equipment like concrete mixers, pumps, and pavers for over 25,000 customers. The company has three plants in Karnataka, southern India.

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