Ajax Engineering Shares Debut At 8% Discount Over Issue Price
Proceeds from the IPO will go to Ajax Engineering promoters as the issue consisted entirely of offer for sale.
Ajax Engineering Ltd. shares listed on the National Stock Exchange at Rs 576 per share, a discount of 8.43% from the issue price of Rs 629 apiece. The shares debuted on the BSE at Rs 593 per share, marking a discount of 5.,72%.
The maiden offering was fully subscribed on its third and final day of bidding, led by qualified institutional buyers.
The Bengaluru-based manufacturer of concrete equipment did not issue any fresh shares, and the IPO consisted 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 included Krishnaswamy Vijay, Kalyani Vijay, Jacob Jiten John, Jacob Hansen Family Trust, Susie John, and Kedaara Capital Fund II LLP.
Ajax Engineering IPO: Subscription Details
The Ajax Engineering IPO has been subscribed 6.45 times as of 7:00 p.m. on the final day.
Qualified institutional buyers: 14.41 times.
Non-institutional investors: 6.47 times.
Retail investors: 1.93 times
Employee reserved: 2.62 times.
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.
It 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%.
