The initial public offer (IPO) for Ajax Engineering is expected to open on February 10, 2025 with closing date fixed as February 12, 2025. The company is backed by Kedaara Capital and it has reportedly mobilised more than Rs 379 crore from its anchor investors. The firm has set the price band of Rs 599 to Rs 629 per share. Ajax Engineering’s IPO is an entirely offer for sale (OFS) of 2.01 crore shares.
Latest GMP
The GMP or grey market premium of Ajax Engineering Rs 55 as per last update available today at 10:30 pm. The expected listing price is Rs 684 (cap price + latest GMP), if the price band of Rs 629.00 is taken into consideration. Meanwhile, the likely percentage gain/loss per share is 8.74%, according to investorgain.com.
Price Band
The price band of Ajax Engineering has been fixed at Rs 599 to Rs 629 per share. Meanwhile, the minimum lot size for each application is 23. On the other hand, the minimum amount needed for investment by retail investors remains at Rs 14,467. Minimum lot size investment for small non-institutional investor (sNII) remains at 14 lots or 322 shares that will amount to Rs 2,02,538. For big non-institutional investors (bNII), the minimum lot size investment is 70 lots or 1610 shares that will amount to Rs 10,12,690.
Allotment Details
Ajax Engineering’s allotment is likely to be completed by February 13, 2025 and it will listed on the bourses (BSE, NSE) with precise listing date set as February 17, 2025.
Anchor Investors
The anchor investors of Ajax Engineering include Axis MF, HSBC MF, SBI Mutual Fund (MF), Edelweiss MF, ITI MF, Franklin Templeton Investment Funds, Amundi Funds New Silk Road, and Franklin Templeton Investment Funds, as per details available at BSE official website. The Bengaluru-based firm has already allocated approximately 60.3 lakh shares to 23 funds at Rs 629 apiece, also the upper end of the IPO price band.
As per details available, Kedaara Capital will reportedly offload a total of 74.37 lakh shares as part of offer for sale (OFS). The company will not get any proceeds from the initial public offer as it is entirely an OFS. Its market cap is estimated at Rs 7200 crore at the upper end of price band.
Book Running Lead Managers
Its book running lead managers are Citigroup Global Markets India, Nuvama Wealth Management, ICICI Securities, and SBI Capital Markets.
Disclaimer
The above content has been made for educational purposes only, and should be considered as investment advice from Moneydaily.in or the respective Author. Neither Moneydaily.in nor the Author will not be responsible for any losses as a result of decisions based on the above information. Moneydaily.in advises readers to do your own research or consult with a SEBI registered investment advisor before making any investment decisions.
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