Image Source : NSE Ajax Engineering’s IPO was open for subscription from February 10 to February 12.
Ajax Engineering IPO listing: Shares of Ajax Engineering made a weak debut on Dalal Street on Monday i.e. February 17, 2024. The shares were listed at Rs 593 on the BSE, a discount of 5.7 per cent to the issue price of Rs 629 per share. However, the stock debuted at Rs 576 on the NSE – down 8.43 per cent.
The stock fell further after listing and touched the low of Rs 565 on the BSE. Last seen, it was trading at Rs 582.90. Similarly, the counter touched the low of Rs 566 on the NSE. However, it gained later to trade in green. Last seen, it was trading at Rs 579.95.
Ajax Engineering’s initial public offering (IPO), valued at Rs 1,269.35 crore, was open for subscription from February 10 to February 12. The Bengaluru-headquartered company had set a price band of Rs 599-629 per share.
Earlier, the IPO received a good response from the investors and garnered 6.06 times bids. Kedaara Capital-backed Ajax Engineering had mobilised over Rs 379 crore from anchor investors.
Ajax Engineering is a leading concrete equipment manufacturer with a comprehensive range of related equipment, services and solutions across the concrete application value chain.
The company operates four assembling and manufacturing facilities in Karnataka, each specialising in distinct product lines.
Besides, an assembling and manufacturing facility at Adinarayana Hosahalli, Karnataka is under construction and expected to become operational in August 2025.
ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management, and SBI Capital Markets are the book-running lead managers to the issue.
