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%.
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