The Indian stock market is set to witness a flurry of Initial Public Offerings (IPOs) in February 2025. Several companies from diverse industries, including engineering, technology, renewable energy, interior design, healthcare, and steel manufacturing, are launching their IPOs this month. These public offerings present a significant opportunity for investors looking to diversify their portfolios and capitalize on India’s growing economy.
In this blog, we provide a detailed overview of the mainboard and SME IPOs scheduled for February 2025, along with insights into their financials, market potential, and key investment considerations.
Mainboard IPOs: Key Offerings from Established Companies
- Ajax Engineering Limited
- Issue Size: ₹1,269.35 crores
- IPO Type: Book-built issue (Offer for sale – 2.02 crore shares)
- IPO Dates: February 10, 2025 – February 12, 2025
- Price Band: ₹599 to ₹629 per share
- Listing Date: February 17, 2025 (BSE, NSE)
Company Overview:
Founded in July 1992, Ajax Engineering Limited specializes in manufacturing concrete equipment and offers a comprehensive range of construction solutions. With a portfolio of 141 equipment variants and over 29,800 units sold in India over the last decade, the company is a leading player in its segment.
- Hexaware Technologies Limited
- Issue Size: ₹8,750.00 crores
- IPO Type: Book-built issue (Offer for sale – 12.36 crore shares)
- IPO Dates: February 12, 2025 – February 14, 2025
- Price Band: ₹674 to ₹708 per share
- Listing Date: February 19, 2025 (BSE, NSE)
Company Overview:
Hexaware Technologies, a global IT and digital services provider, integrates AI-driven solutions to enhance operational efficiency for its clients. Established in 1992, the company has leveraged AI and automation to establish itself as a leading IT services provider catering to businesses worldwide
SME IPOs: High-Potential Small and Medium Enterprises
- Readymix Construction Machinery Limited
- Issue Size: ₹37.66 crores
- IPO Type: Fresh issue – 30.62 lakh shares
- IPO Dates: February 6, 2025 – February 10, 2025
- Listing Date: February 13, 2025 (NSE SME)
Company Overview:
Readymix Construction Machinery specializes in producing innovative construction equipment and solutions, catering to India’s rapidly growing infrastructure sector.
- Solarium Green Energy Limited
- Issue Size: ₹105.04 crores
- IPO Type: Fresh issue – 55.00 lakh shares
- IPO Dates: February 6, 2025 – February 10, 2025
- Price Band: ₹181 to ₹191 per share
- Listing Date: February 13, 2025 (BSE SME)
Company Overview:
A leading player in renewable energy solutions, Solarium Green Energy focuses on sustainable energy projects. Given India’s strong push toward clean energy, this IPO is expected to attract significant investor interest.
- Eleganz Interiors Limited
- Issue Size: ₹78.07 crores
- IPO Type: Fresh issue – 60.05 lakh shares
- IPO Dates: February 7, 2025 – February 11, 2025
- Price Band: ₹123 to ₹130 per share
- Listing Date: February 14, 2025 (NSE SME)
Company Overview:
Eleganz Interiors specializes in premium interior design solutions for residential and commercial properties. With India’s real estate market booming, this company’s IPO is expected to generate positive traction.
- Chandan Healthcare Limited
- Issue Size: ₹107.36 crores
- IPO Type: Fresh issue – 44.52 lakh shares
- Offer for Sale: 23.00 lakh shares
- IPO Dates: February 10, 2025 – February 12, 2025
- Price Band: ₹151 to ₹159 per share
- Listing Date: February 17, 2025 (NSE SME)
Company Overview:
Chandan Healthcare operates in India’s booming healthcare sector, focusing on diagnostic services, pathology labs, and medical services. This IPO is particularly attractive for investors seeking exposure to the healthcare industry’s growth potential.
- PS Raj Steels Limited
- Issue Size: ₹28.28 crores
- IPO Type: Fresh issue – 20.20 lakh shares
- IPO Dates: February 12, 2025 – February 14, 2025
- Price Band: ₹132 to ₹140 per share
- Listing Date: February 19, 2025 (NSE SME)
Company Overview:
PS Raj Steels is involved in steel manufacturing and processing, catering to infrastructure and construction projects. Given India’s continued emphasis on industrialization and infrastructure, steel companies remain a key investment sector.
Investment Considerations for IPO Investors
Before investing in any IPO, investors should consider the following factors:
- Financial Performance & Valuation
- Review financial statements, profitability, and growth trajectory.
- Compare valuations with industry peers.
- Industry Growth Prospects
- Companies in growing industries (e.g., IT, renewable energy, healthcare) often provide higher returns.
- Research market demand and competition in the company’s sector.
- Promoter & Management Strength
- A company with experienced leadership and strong corporate governance is a safer investment.
- Check for past performance of promoters in the industry.
- Utilization of IPO Proceeds
- Companies issuing fresh shares must clarify how they plan to use the funds—for expansion, debt repayment, or other activities.
- Subscription & Market Sentiment
- IPOs with strong institutional investor participation often perform well in the secondary market.
- Track grey market premiums (GMP) and investor demand.
Conclusion: A Promising Month for IPO Investors
February 2025 presents an exciting range of IPOs, from well-established enterprises like Hexaware Technologies and Ajax Engineering to high-growth SMEs in sectors such as renewable energy, interior design, and healthcare.
For investors, these IPOs offer an excellent opportunity to participate in India’s expanding capital markets. However, before making any investments, it is crucial to conduct thorough research, analyze market conditions, and consult with financial advisors.
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