Ajax Engineering IPO Fully Subscribed On Day 3: Check GMP, Price Band And More
Ajax Engineering IPO will close on Wednesday, and bids can be made for a minimum of 23 shares and then in multiples thereof.
The initial public offering of Ajax Engineering Ltd. was fully subscribed on its third and final day of bidding on Wednesday.
The issue opened on Monday with a price band of Rs 599-629 per share. The maiden offering will close on Wednesday, and bids can be made for a minimum of 23 shares and then in multiples thereof.
The Bengaluru-based manufacturer of concrete equipment 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 Rs 1 each.
Promotors selling shares 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.
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 1,269.35 crore.
Lot size: Minimum 23 shares, and then in multiples thereof.
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Business
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 RHP.
Financial Performance
The company reported a 66% rise in net profit at Rs 225 crore in financial year 2024 from Rs 136 crore in the previous fiscal. Revenue was up 51% to Rs 1,741 crore.
Operating income, or earnings before interest, taxes, depreciation, and amortisation, rose to Rs 272 crore in the same period. The Ebitda margin expanded to 15.65% from 14.83%.
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Ajax Engineering IPO: Subscription Status On Day Three
The Ajax Engineering IPO has been subscribed 6.45 times as of 7:00 p.m. on Wednesday.
Qualified institutional buyers: 14.41 times.
Non-institutional investors: 6.47 times.
Retail investors: 1.93 times
Employee reserved: 2.62 times.
Ajax Engineering IPO GMP
The grey market premium of Ajax Engineering IPO has risen to Rs 17 as of 6:33 p.m., according to InvestorGain. This implies shares of the company will likely list at Rs 636 apiece, indicating a 1.11% premium to the upper end of the price band.
It should be noted that GMP or grey market price is not an official price quote for the stock and is based on speculation.
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.
