Ajax Engineering IPO: Price Band, Financials, Key Dates, GMP And More — All You Need To Know
The price band for the IPO has been set in the range of Rs 599 to Rs 629 per share.

Concreting equipment player Ajax Engineering Ltd.'s Rs 1,269-crore initial public offering is scheduled to open on Feb. 10.
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.
The proposed public offering consists of an offer-for-sale component of Rs 1,269.4 crore, according to the red herring prospectus.
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.
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. The equity shares are proposed to be listed on both the BSE and National Stock Exchange.
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.
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 And Industry Peers
The company reported a 65.7% rise in net profit at Rs 225 crore in financial year 2024 from Rs 136 crore in the previous fiscal. Revenue was up 51.3% 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%.
The company's listed peers in the industry include Action Construction Equipment Ltd., BEML Ltd., and Escorts Kubota Ltd.
Ajax Engineering IPO: Key Risks
The company's business is seasonal in nature, and any decrease in sales during certain quarters could adversely impact its financial performance.
All of the company's assembling and manufacturing facilities are located in Karnataka, which may expose it to regional risks.
The company faces significant competition from both domestic and international construction equipment manufacturers, which may lead to a reduction in its market share.
Ajax Engineering IPO GMP
The grey market premium of Ajax Engineering IPO is Rs 40 as of 08:31 p.m. on Friday, according to InvestorGain. This implies shares of the company will likely list at Rs 669 apiece, indicating a 6.36% 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.
Watch The IPO Adda Here
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.