Ajax Engineering IPO: Kedaara Capital-backed concrete equipment manufacturer Ajax Engineering Ltd’s initial share-sale will open for public subscriptions soon. Ahead of that, the company said that it has mobilised over Rs 379 crore from anchor investors.
According to a circular uploaded on BSE’s website, SBI Mutual Fund (MF), Axis MF, HSBC MF, Edelweiss MF, ITI MF, Amundi Funds New Silk Road and Franklin Templeton Investment Funds are among the anchor investors who have been allocated shares.
Ajax Engineering IPO: Issue period
According to the available information, the Bengaluru-headquartered company’s initial share sale will be open for public subscriptions from February 10 to February 12.
Ajax Engineering IPO: Price Band
The company has set a price band of Rs 599 to Rs 629 per share.
Ajax Engineering IPO: Complete OFS
The company’s initial public offering (IPO) is a complete offer-for-sale (OFS) of 2.01 crore shares.
As part of the OFS, Kedaara Capital will offload 74.37 lakh shares.
Since the public issue is completely an OFS, Ajax Engineering will not receive any proceeds from the IPO.
The company’s market capitalisation has been pegged at Rs 7,200 crore at the upper end of the price band.
Ajax Engineering IPO: What does the company do?
The company operates four assembling and manufacturing facilities in Karnataka, each specializing in distinct product lines. Besides, an assembling and manufacturing facility at Adinarayanahosahalli, Karnataka is under construction and expected to become operational in August 2025.
Ajax Engineering IPO: Book running lead managers
ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management and SBI Capital Markets are the book running lead managers to the issue.
Ajax Engineering IPO: Revenue
Ajax Engineering reported its FY24 revenue from operations at Rs 1,741 crore with a profit after tax (PAT) of Rs 225 crore.
Ajax Engineering IPO: GMP
The grey market premium of Ajax Engineering IPO is Rs 40 as of 6:32 AM on Friday, according to InvestorGain. This implies shares of the company may list at Rs 669 apiece, indicating a 6.36 per cent premium to the upper end of the price band.
Ajax Engineering IPO: Listing date
The shares of Ajax Engineering are expected to be listed on February 17, 2025.