Cyril Amarchand Mangaldas has acted for concrete equipment manufacturer Ajax Engineering in its initial public offering worth $146 million. Trilegal and Sidley Austin represented the bookrunning lead managers, while Khaitan & co acted for selling investor Kedaara Capital.
The BRLMs comprised ICICI Securities, Citigroup Global Markets India, JM Financial Limited, Nuvama Wealth Management, and SBI Capital Markets.
According to the Redseer Report, Ajax Engineering is India's market leader in self-loading concrete mixers in India and offers a comprehensive range of concrete equipment, services, and solutions across the concrete application value chain. The IPO was a pure offer for sale, enabling Kedaara Capital to divest its full stake in the company.
The Trilegal capital markets team advising on the mandate was led by partners Bhakta Patnaik and Albin Thomas, and included senior associate Sowmya Khandelwal and associates Bhoomi Sandesara, Tushar Chitlangia, Manasi Barve, and Snehal Kausha.
CAM’s team comprised senior partner Yash Ashar, partner Devaki Mankad, senior associates Jhalak Shah and Rishav Buxi, and associates Gaurav Jain, Tanishq Mohta, Zeb Burk, and Khushi Parekh.
Sidley’s team was led by partners Samir Gandhi and Manoj Bhargava.
