The initial public offer (IPO) of Ajax Engineering has been subscribed 49% so far on day 2 of bidding. According to latest details available on BSE, initial share sale obtained bid for 68,88,960 shares as against 1,41,49,997 shares on offer. The public issue of the IPO has been subscribed 0.52 times in the retail investors category, the quota for qualified institutional buyer (QIB) got subscribed 0.33 times, and NII category got subscribed 0.61 times.
On day 1 of the bidding, Ajax Engineering IPO received 28% subscription. The public issue will remain open till February 12, 2025 for public subscription. The company is engaged in the manufacturing of concrete equipment and offers products, services, solutions in the concrete application value chain. The market capitalisation of the firm is estimated at Rs 7,200 at upper end of price band.
Ajax Engineering IPO Latest GMP
The last GMP or Grey Market Premium of the public issue stood at Rs 7, according to details accessed at 9:30 pm on Feb 11, 2025. With price of Rs 629.00, the likely listing price of the IPO is Rs 636. Meanwhile, the likely percentage gain or loss per share is 1.11%.
Ajax Engineering declared its revenue from operations at Rs 1741 crore while its profit after tax (PAT) announced at Rs 225 crore for the financial year 2024.
Brokerages Viewpoint
Brokerages have been maintaining a positive outlook on Ajax Engineering IPO. Leading analyst Anand Rathi has assigned “subscribe for long term” call highlighting its presence all over the concrete application value chain, steady financial, and leadership in self-loading concrete mixers or SLCMs. “Given these factors, we believe the issue is suitable for long-term investors,” added the analyst. Meanwhile, Bajaj Broking also highlighted similar views and projected Ajax’s robust dealer network spanning all over India along with Bhutan, and Nepal. The analyst highlighted the company’s robust financials and niche construction equipment offerings as the key positives.
There some risks as well that analysts pointed out. Its business is seasonal and any decline in sales during specific quarter might affect the company’s financial performance. Also, fluctuations in raw materials rates and interruptions in the availability is likely to weigh on profitability of the firm.
Ajax Engineering’s IPO is an entirely offer for sale (OFS) of 2.01 crore shares.
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 be listed on the bourses (BSE, NSE) with precise listing date set as February 17, 2025.
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