Kedaara-backed concrete equipment maker Ajax Engineering said to plan India IPOThe listing could reportedly value the company at $1.2 billion.

Indian concrete equipment maker Ajax Engineering, which is backed by local private equity (PE) firm Kedaara Capital, is considering an initial public offering (IPO) that could raise $240 million, Bloomberg reported on Monday.

The listing could value the company at $1.2 billion, the report added.

Bloomberg said Ajax is working with advisers to prepare for the listing, which could take place in Mumbai in the fourth quarter of this year. The firm aims to file a prospectus for the share sale by August.

Ajax was founded in 1992 with a focus on manufacturing self-loading concrete mixers. Over the years, it has expanded its portfolio to include concrete batching plants, transit mixers, stationary pumps, boom pumps, self-propelled boom pumps, and slip-form pave.

It has also ventured into international markets. The company today has distribution networks in Bangladesh, Sri Lanka, Myanmar, Mozambique, the Philippines, Kenya, Tunisia, the UAE, Vietnam, Cambodia, Oman, Uganda, and Egypt.

Ready mix concrete firm RDC Concrete, owned by construction materials marketplace Infra.Market, is also gearing up to launch its IPO.

Ajax is the latest among Kedaara portfolio companies to be eyeing a public listing. Other IPO-bound companies backed by the PE behemoth include eyewear retailer Lenskart and education loans-focused non-banking lender Avanse Financial Services.

Earlier this year, Kedaara Capital closed its fourth investment vehicle at a whopping $1.73 billion.

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