The Indian stock market is buzzing with new IPOs, and Ajax Engineering Limited, a leading concreting equipment manufacturer, has opened its Initial Public Offering (IPO) for bidding today, February 10. Investors looking to participate in this mainboard issue can bid until February 12.
With an IPO size of ₹1,269.35 crore, this offering is a complete Offer for Sale (OFS), meaning the company itself will not receive any capital. Instead, existing shareholders are selling 2.02 crore equity shares.
Ajax Engineering IPO: Key Details
IPO Open Date: February 10, 2025
IPO Close Date: February 12, 2025
IPO Size: ₹1,269.35 crore (Entirely OFS)
Price Band: ₹599 – ₹629 per share
Lot Size: To be announced
Listing Date: February 17, 2025
Stock Exchanges: BSE & NSE
Lead Managers: ICICI Securities, Citigroup Global Markets, JM Financial, Nuvama Wealth Management, SBI C Capital Markets
Registrar: Link Intime
Grey Market Premium (GMP) Update
The Grey Market Premium (GMP) for Ajax Engineering IPO currently stands at ₹49 per share. This implies a potential listing price of ₹678, about 7.79% higher than the upper IPO price band of ₹629.
Note: The GMP is an unofficial indicator and can fluctuate based on market conditions.
Subscription Status (Day 1)
The IPO opened for bidding today, and the subscription data as of now is:
- Retail Investors: 0.03x subscribed
- Non-Institutional Investors (NII): 0.02x subscribed
- Qualified Institutional Buyers (QIB): No bids yet
Subscription numbers are expected to rise as the IPO progresses.
Risk Factors for Investors
Ajax Engineering, in its Draft Red Herring Prospectus (DRHP), has highlighted several risk factors that investors should consider before applying for the IPO:
Heavy Dependence on a Single Product:
The company derives 85.13% of its revenue from the sale of Self-Loading Concrete Mixers (SLCMs). Any dip in demand for these products could negatively impact the business.
Seasonal Nature of Business:
The company experiences fluctuations in sales based on seasonal demand, which could affect revenue generation during specific quarters.
Material Price Fluctuations & Supply Chain Risks:
Changes in raw material prices and potential disruptions in supply chains could impact operational efficiency and financial performance.
The Indian stock market is buzzing with new IPOs, and Ajax Engineering Limited, a leading concreting equipment manufacturer, has opened its Initial Public Offering (IPO) for bidding today, February 10. Investors looking to participate in this mainboard issue can bid until February 12.
With an IPO size of ₹1,269.35 crore, this offering is a complete Offer for Sale (OFS), meaning the company itself will not receive any capital. Instead, existing shareholders are selling 2.02 crore equity shares.
Ajax Engineering IPO: Key Details
IPO Open Date: February 10, 2025
IPO Close Date: February 12, 2025
IPO Size: ₹1,269.35 crore (Entirely OFS)
Price Band: ₹599 – ₹629 per share
Lot Size: To be announced
Listing Date: February 17, 2025
Stock Exchanges: BSE & NSE
Lead Managers: ICICI Securities, Citigroup Global Markets, JM Financial, Nuvama Wealth Management, SBI Capital Markets
Registrar: Link Intime
Grey Market Premium (GMP) Update
The Grey Market Premium (GMP) for Ajax Engineering IPO currently stands at ₹49 per share. This implies a potential listing price of ₹678, about 7.79% higher than the upper IPO price band of ₹629.
Note: The GMP is an unofficial indicator and can fluctuate based on market conditions.
Subscription Status (Day 1)
The IPO opened for bidding today, and the subscription data as of now is:
Retail Investors: 0.03x subscribed
Non-Institutional Investors (NII): 0.02x subscribed
Qualified Institutional Buyers (QIB): No bids yet
Subscription numbers are expected to rise as the IPO progresses.
Risk Factors for Investors
Ajax Engineering, in its Draft Red Herring Prospectus (DRHP), has highlighted several risk factors that investors should consider before applying for the IPO:
Heavy Dependence on a Single Product:
The company derives 85.13% of its revenue from the sale of Self-Loading Concrete Mixers (SLCMs). Any dip in demand for these products could negatively impact the business.
Seasonal Nature of Business:
The company experiences fluctuations in sales based on seasonal demand, which could affect revenue generation during specific quarters.
Material Price Fluctuations & Supply Chain Risks:
Changes in raw material prices and potential disruptions in supply chains could impact operational efficiency and financial performance.
Major Investors & Selling Shareholders
One of the key investors in Ajax Engineering is Kedaara Capital, a leading private equity firm with prior investments in Vishal Mega Mart and AU Small Finance Bank.
Promoters selling their stakes in this IPO include:
Krishnaswamy Vijay
Kalyani Vijay
Jacob Jiten John
Jacob Hansen Family Trust
Susie John
Kedaara Capital Fund II LLP
Anchor Investment Before IPO
Before opening for public bidding, Ajax Engineering raised ₹379.32 crore on February 7, 2025, through anchor investors.
Allotment & Listing Timeline
IPO Bidding Closes: February 12, 2025
Allotment Finalization: February 13, 2025
Listing on NSE & BSE: February 17, 2025
Investors can check the allotment status on the Link Intime website once the IPO bidding closes.
About Ajax Engineering
Founded in 1992 and headquartered in Bangalore, Ajax Engineering Limited is a leading manufacturer of concreting equipment in India.
Product Portfolio Includes:
Self-Loading Concrete Mixers (SLCMs)
Concrete Batching Plants
Transit Mixers
Stationary & Boom Pumps
Self-Propelled Boom Pumps
Slip-Form Pavers
With its strong market presence and innovative product range, Ajax Engineering serves India’s fast-growing infrastructure and construction sectors.
Conclusion
The Ajax Engineering IPO has generated strong interest in the market, especially with its GMP trading at a premium. However, as with any IPO, investors should carefully assess the company’s risk factors, financials, and industry trends before making a decision.
Stay tuned for further updates on subscription trends, listing performance, and market reactions!
Promoters selling their stakes in this IPO include:
- Krishnaswamy Vijay
- Kalyani Vijay
- Jacob Jiten John
- Jacob Hansen Family Trust
- Susie John
- Kedaara Capital Fund II LLP
Anchor Investment Before IPO
Before opening for public bidding, Ajax Engineering raised ₹379.32 crore on February 7, 2025, through anchor investors.
Allotment & Listing Timeline
IPO Bidding Closes: February 12, 2025
Allotment Finalization: February 13, 2025
Listing on NSE & BSE: February 17, 2025
Investors can check the allotment status on the Link Intime website once the IPO bidding closes.
About Ajax Engineering
Founded in 1992 and headquartered in Bangalore, Ajax Engineering Limited is a leading manufacturer of concreting equipment in India.
Product Portfolio Includes:
- Self-Loading Concrete Mixers (SLCMs)
- Concrete Batching Plants
- Transit Mixers
- Stationary & Boom Pumps
- Self-Propelled Boom Pumps
- Slip-Form Pavers
With its strong market presence and innovative product range, Ajax Engineering serves India’s fast-growing infrastructure and construction sectors.
Conclusion
The Ajax Engineering IPO has generated strong interest in the market, especially with its GMP trading at a premium. However, as with any IPO, investors should carefully assess the company’s risk factors, financials, and industry trends before making a decision.
Stay tuned for further updates on subscription trends, listing performance, and market reactions!