Image Source : FILE The company has set a price band of Rs 599 to Rs 629 per share.
Ajax Engineering IPO: The initial public offer (IPO)of concrete equipment manufacturer Ajax Engineering Ltd received 28 per cent subscription on the first day of bidding on Monday.
The initial share sale got bids for 39,45,489 shares against 1,41,49,997 shares on offer, as per NSE data.
The portion for Retail Individual Investors (RIIs) fetched 29 per cent subscription while the category for non-institutional investors got subscribed 28 per cent.
Ajax Engineering IPO: Issue period
According to the available information, the Bengaluru-headquartered company’s initial share sale will be open for public subscriptions from February 10 to February 12.
Ajax Engineering IPO: Price Band
The company has set a price band of Rs 599 to Rs 629 per share.
Ajax Engineering IPO: Complete OFS
The company’s initial public offering (IPO) is a complete offer-for-sale (OFS) of 2.01 crore shares.
As part of the OFS, Kedaara Capital will offload 74.37 lakh shares.
Since the public issue is completely an OFS, Ajax Engineering will not receive any proceeds from the IPO.
The company’s market capitalisation has been pegged at Rs 7,200 crore at the upper end of the price band.
Ajax Engineering IPO: What does the company do?
The company operates four assembling and manufacturing facilities in Karnataka, each specializing in distinct product lines. Besides, an assembling and manufacturing facility at Adinarayanahosahalli, Karnataka is under construction and expected to become operational in August 2025.
Ajax Engineering IPO: Book running lead managers
ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management and SBI Capital Markets are the book-running lead managers to the issue.
Ajax Engineering IPO: Revenue
Ajax Engineering reported its FY24 revenue from operations at Rs 1,741 crore with a profit after tax (PAT) of Rs 225 crore.
Ajax Engineering IPO: GMP
The grey market premium of Ajax Engineering IPO is Rs 31 as of 6:32 PM on Monday, according to InvestorGain. Considering the upper end of the IPO and current GMP, the shares of the company may list at Rs 660 apiece.
