Ajax Engineering Sets IPO Price Band At Rs 599-629 Apiece—Check Other Details

Bengaluru-based manufacturer of concrete equipment Ajax Engineering Ltd. has set a price band of Rs 599-629 per share for its initial public offering set to open next week.

The maiden offering will open for subscription on Feb.10 and close on Feb. 12, according to the price band advertisement on Wednesday. Bids can be made for a minimum of 23 shares, and then in multiples thereof.

The company will not issue any fresh shares, and the IPO will consist entirely of an offer for sale of up to 2.01 crore equity shares, with a face value of Re 1 each.

The promoter selling shareholders include Krishnaswamy Vijay, Kalyani Vijay, Jacob Jiten John, Jacob Hansen Family Trust, Susie John, and Kedaara Capital Fund II LLP. The equity shares from the offering are proposed to be listed on both the BSE and the National Stock Exchange of India Ltd.

The company will not receive any proceeds from the offer for sale and it will be distributed to the respective selling shareholders.

The book-running lead managers for the IPO are ICICI Securities Ltd., Citigroup Global Markets India Pvt., JM Financial Ltd., Nuvama Wealth Management Ltd., and SBI Capital Markets Ltd. Link Intime India Pvt. will act as the registrar for the IPO.

Ajax Engineering is a manufacturer of concrete equipment, with over 110 variants catering to various needs in the concrete application value chain. Established 32 years ago, the company has built a comprehensive product portfolio that includes self-loading concrete mixers, batching plants, transit mixers, boom pumps, and 3D concrete printers.

The company is one of the three largest SLCM manufacturers globally, holding a dominant share in the Indian market, according to its DRHP.