Hexaware Technologies, backed by private equity giant Carlyle, infrastructure firm Vikran Engineering, PMEA Solar Tech Solutions, and Ajax Engineering have received approval from the Securities and Exchange Board of India (SEBI) to raise funds via initial public offerings (IPOs).

Additionally, Gujarat-based Scoda Tubes and consumer products maker All Time Plastics have also secured Sebi's clearance for their public offers. Together, these companies aim to raise over Rs 10,000 crore through their IPOs.

The six firms filed their draft papers with SEBI between September and December, receiving observation letters from the regulator between January 14-17, confirming their approval to proceed with the IPOs.

In SEBI's terminology, an observation letter signifies its approval to launch an IPO.

Hexaware Technologies, a Mumbai-based global digital and technology services company, plans an offer for sale (OFS) of equity shares totaling up to Rs 9,950 crore by its promoter CA Magnum Holdings, which is part of the Carlyle Group. CA Magnum currently holds a 95.03% stake in the company.

Hexaware serves clients across the Americas, Europe, and Asia-Pacific, including India and the Middle East. The company operates through six segments: financial services, healthcare and insurance, manufacturing and consumer, hi-tech and professional services, banking, and travel and transportation.

In FY2023, Hexaware posted a revenue of Rs 10,380 crore and a profit after tax (PAT) of Rs 997 crore. For the six months ending June 2024, its revenue was Rs 5,684 crore, with a PAT of Rs 553 crore. Carlyle Group acquired Baring Private Equity Asia's stake in Hexaware after it was delisted in 2020.

Vikran Engineering, an infrastructure EPC company, will offer a mix of fresh shares worth up to Rs 900 crore and an OFS of up to Rs 100 crore by the promoter. The Mumbai-based company is supported by investors like the India Inflection Opportunity Fund and Ashish Kacholia. Vikran Engineering provides turnkey EPC services, including conceptualization, design, supply, installation, testing, and commissioning.

PMEA Solar Tech Solutions, founded in 2006, plans to raise funds through a combination of fresh shares worth up to Rs 600 crore and an OFS of up to 1.12 crore shares. The company specializes in solar tracking mounting systems and equipment, with an annual installed capacity of 16 gigawatts (GW) for module mounting assembly and 6 GW for rolled products as of March 2024.

Ajax Engineering, backed by Kedaara Capital, is offering an OFS of 2.28 crore equity shares, including 74.37 lakh shares from Kedaara Capital.

All Time Plastics, a consumer products manufacturer, plans an IPO consisting of a fresh issuance of shares worth up to Rs 350 crore and an OFS of 52.5 lakh shares. The promoters — Kailesh Punamchand Shah, Bhupesh Punamchand Shah, and Nilesh Punamchand Shah — will sell 17.5 lakh shares each. The company mainly manufactures consumer goods for global retailers like IKEA, Asda, Michaels Stores, and Tesco, as well as Indian retailers like Spencer’s Retail.

Scoda Tubes, a Gujarat-based manufacturer of stainless-steel tubes and pipes, plans to raise up to Rs 275 crore through a fresh issue of equity shares. The company serves industries such as oil and gas, chemicals, fertilizers, and power.

The shares of these six companies are set to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).