Ajax Engineering IPO: The initial public offering of Ajax Engineering Ltd. opened for subscription today. Ahead of its opening, the IPO has been generating significant buzz in the unlisted market. The grey market premium of Ajax Engineering IPO stood was Rs 52 before bidding began on Monday
But according to InvestorGain, the GMP of Ajax Engineering declined to Rs 46 as of 11:01 a.m. on Feb. 10, marking a premium of over 7.31% over the issue price.
Unlisted shares of concrete equipment manufacturer Ajax Engineering Ltd. were trading at Rs 675 apiece in the grey market.
Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.
Ajax Engineering IPO: All You Need To Know
Concreting equipment player Ajax Engineering Ltd.'s Rs 1,269-crore initial public offering will open on Feb. 10. The mainboard IPO of Ajax Engineering Ltd. is a book-built issue consisting of an offer-for-sale of 2.02 crore shares. There is no fresh issue component in this IPO.
The price band for the IPO has been set in the range of Rs 599 to Rs 629 per share. The market value at the upper end of the price band is Rs 7,196 crore, as per NDTV Profit's calculations.
Ajax Engineering IPO Details
Issue opens: Feb. 10.
Issue closes: Feb. 12.
Issue price: Rs 599-629.
Offer for sale: Rs 1,269.35 crore.
Total issue size: Rs 1,69.35 crore.
Lot size: Minimum 23 shares, and then in multiples thereof.
As per the company's RHP document, it has reserved 50% of the net offer size for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors.
Retail investors can bid in the IPO with a minimum lot size of 23 shares, resulting in an investment of Rs 14,467.
Watch: Ajax Engineering IPO - Should You Subscribe?
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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