Ajax Engineering Considering IPO To Raise Rs. 20 Bn

Ajax Engineering Pvt, an Indian concrete equipment maker backed by Kedaara Capital, is considering an initial public offering that could raise 20 billion rupees ($240 million), according to sources.

Ajax Engineering is working with advisers to help prepare for an IPO in Mumbai in the fourth quarter. A listing could value the company at $1.2 billion. It aims to file a prospectus for the share sale by August.

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.