Ajax Engineering shares made sluggish debut on the exchanges on Monday. The stock listed at Rs 576 per share as compared to its IPO price of Rs 629 er share on NSE. The stock opened at Rs 576.00 per share, touched day’s high of Rs 592.00 per share, and day’s low of Rs 566.00 per share. Current market price of Ajax Engineering stock on NSE stood at Rs 582.55 per share with gain of 1.14%, at the time of writing the story.
Meanwhile, the stock was listed at Rs 593 per share on the Bombay Stock Exchange, indicating a discount of 6%. Current market price of Ajax Engineering shares on BSE is Rs 575.40 per share with intraday fall of 2.97%. The stock also hit its 52-week high price of Rs 593.00 per share, according to BSE. Earlier, the stock opened at Rs 593.00 per share, hit day’s high of Rs 593.00 per share and day’s low of Rs 565.00 per share.
Earlier, the pre-indicative price of the stock is currently showing a decline of 7.79% at Rs 580.00 per share on the Bombay Stock Exchange (BSE). The market capitalisation of the company stood at Rs 6,784.32 crores, according to BSE.
Earlier on NSE, the stock’s listing price was showing Rs 576.00 per share with steep fall of 8.43%, at the time of writing the story. The company operates in construction vehicle industry.
It was subscribed 6.06 times on the final day of subscription. Its retail category witnessed a subscription of 1.94 times, QIB segment reportedly subscribed 13.04 times, and NII recorded a 6.46 times subscription.
Ajax Engineering’s IPO is an entirely offer for sale (OFS) of 2.01 crore shares. The listing of the Ajax Engineering shares has been scheduled for 10 in the morning today.
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.
Ajax Engineering GMP
According to latest reports available, the GMP or Grey market premium of Ajax Engineering indicates discounted price. The cap price for Ajax Engineering IPO is Rs 629.00.The likely listing price for Ajax Engineering IPO at the current GMP is Rs 626, according to investorgain.com.
Meanwhile, the public issue opened for bidding on Feb 10 and closed on Feb 12. Its allotment was concluded on February 13 and shares are set to be listed on BSE and NSE today.
Experts View
Ajax Engineering managed to attract moderate interest of traders and likely to list with a small premium, according to Palak Devadiga of StoxBox. “We advise investors who have been allotted shares to maintain their positions, considering this outlook,” added Palak.
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.
Anchor Investors
Its anchor investors of Ajax Engineering included 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 would 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.
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