Kedaara-backed Ajax Engineering is said to plan India IPO

Ajax Engineering Pvt, an Indian concrete equipment maker backed by Kedaara Capital, is considering an initial public offering that could raise Rs 20 billion ($240 million), people familiar with the matter said.

Ajax Engineering is working with advisers to help prepare for an IPO in Mumbai in the fourth quarter, the people said, asking not to be identified discussing private information. A listing could value the company at $1.2 billion, the people said, adding that it aims to file a prospectus for the share sale by August.

Representatives for Ajax Engineering and Kedaara, which invested in the Bengaluru-based equipment manufacturer in 2019, didn’t respond to requests for comment.

Founded in 1992, Ajax Engineering makes equipment such as concrete mixers, pumps and pavers for more than 25,000 customers, according to its website. It has three plants in Karnataka in southern India.

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