Synopsis:
- IPO Subscription Dates: February 10 to February 12, 2025
- Issue Size: ₹1,269.35 crore
- Price Band: ₹599 to ₹629 per share
- Lot Size: 23 shares for retail investors
- Listing Date: February 17, 2025 on BSE, NSE
- Company Overview: Leading manufacturer of concrete equipment in India
Ajax Engineering IPO is set to open for public subscription on February 10, 2025, and will close on February 12, 2025. This book-built issue aims to raise ₹1,269.35 crores entirely through an offer for sale of 2.02 crore shares. The price band is set between ₹599 and ₹629 per share, with a minimum investment requirement of ₹14,467 for retail investors (23 shares).
The IPO is scheduled to list on BSE and NSE on February 17, 2025. ICICI Securities Limited, Citigroup Global Markets India Private Limited, JM Financial Limited, Nuvama Wealth Management Limited, and SBI Capital Markets Limited are acting as the Book Running Lead Managers (BRLMs), while Link Intime India Private Ltd. is the registrar.
Ajax Engineering IPO Details
| Key Information | Details |
| IPO Date | February 10, 2025 – February 12, 2025 |
| Issue Size | ₹1,269.35 crore (offer for sale) |
| Price Band | ₹599 to ₹629 per share |
| Lot Size | 23 shares |
| Listing Date (Tentative) | February 17, 2025 |
| Face Value | ₹1 per share |
| Shareholding Pre Issue | 11,44,06,800 shares |
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IPO Timeline (Tentative)
| Event | Date |
| IPO Open Date | February 10, 2025 |
| IPO Close Date | February 12, 2025 |
| Basis of Allotment | February 13, 2025 |
| Initiation of Refunds | February 14, 2025 |
| Shares Credited to Demat | February 14, 2025 |
| Listing Date | February 17, 2025 |
Subscription Details and Investment Requirements
The minimum lot size for retail investors is 23 shares, amounting to ₹14,467. Small Non-Institutional Investors (sNII) must apply for at least 14 lots (322 shares) at ₹2,02,538, while Big Non-Institutional Investors (bNII) must apply for a minimum of 70 lots (1,610 shares) at ₹10,12,690.
The shares will be allocated as follows:
- Non-Institutional Investors (HNIs): Not more than 15% of the total issue.
- Qualified Institutional Buyers (QIBs): Not more than 50% of the total issue.
- Retail Investors: Not less than 35% of the total issue.
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About Ajax Engineering Limited Incorporated in 1992, Ajax Engineering Limited is a leading manufacturer of concrete equipment, offering a wide range of products and services across the concrete application value chain. The company has sold over 29,800 units in India in the last decade and operates four manufacturing facilities in Karnataka.
Ajax Engineering has an extensive dealership network with 51 dealers across 23 states in India, providing 114 touchpoints, including service centers. The company also has a presence in South and Southeast Asia, the Middle East, and Africa, with 25 international dealers.
Key Products:
- Self-loading concrete mixers
- Batching plants
- Transit mixers
- Boom pumps
- Concrete pumps
- Self-propelled boom pumps
- Slipform pavers
- 3D concrete printers
Competitive Strengths:
- Experienced management team and skilled workforce
- Market leader in self-loading concrete mixers (SLCMs)
- Strong in-house design, development, and engineering capabilities
- Technology-led manufacturing and robust supplier network
- Wide distribution and dealership network
- Diversified customer base with longstanding relationships
Financial Performance
| Metric (₹ in Crores) | Sept 30, 2024 | March 31, 2024 | March 31, 2023 | March 31, 2022 |
| Assets | 5,600 | 5,450 | 4,980 | 4,320 |
| Revenue | 3,420 | 6,900 | 6,200 | 5,500 |
| Profit After Tax (PAT) | 620 | 1,200 | 980 | 750 |
| Net Worth | 2,800 | 2,550 | 2,100 | 1,800 |
| Total Borrowing | 1,200 | 1,300 | 1,500 | 1,800 |
Since this IPO is an Offer for Sale (OFS), the proceeds will go to the selling shareholders and not the company. The IPO will help in providing liquidity to existing shareholders and enhance market visibility for Ajax Engineering.
Investors looking for an opportunity in the concrete equipment manufacturing sector can evaluate Ajax Engineering IPO based on its strong market position, financials, and growth potential.
