Ajax Engineering’s IPO listed at ₹576 on the National Stock Exchange (NSE) on Monday, February 17, showing a decline of 8.43% from its issue price of ₹629. On the Bombay Stock Exchange (BSE), the stock debuted at ₹593, down 5.7%. This underwhelming market performance sparked questions about investor sentiment towards the company.
The Ajax Engineering IPO received robust demand, with an overall subscription of 6.06 times. Qualified Institutional Buyers (QIBs) led with a 13.04x subscription, followed by Non-Institutional Investors (NIIs) at 6.46x, including high-net-worth individuals (HNIs) at 7.67x. Retail investors subscribed 1.94x, while the employee quota was booked 2.62x. Anchor investors fully subscribed to their 60.30 lakh shares, bringing the total bid amount to ₹5,394.45 crore, indicating strong investor interest.
Ajax Engineering IPO had a last GMP of ₹-3, indicating an expected loss of -0.48%. The issue price was ₹629, but it listed at ₹576, dropping 8.43% from the allotment price.
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Details About Ajax Engineering IPO
Ajax Engineering received SEBI approval for an IPO of ₹1,269.35 crores, offering up to 2,01,80,446 equity shares at a price band of ₹599 to ₹629 per share. The minimum lot size for retail investors is 23 shares, with a maximum of 299 shares. Small HNIs (S-HNI) can invest in 14 lots (322 shares), while Big HNIs (B-HNI) can invest in 70 lots (1,610 shares).
- Retail Investors Allocation: 35%
- QIB Allocation: 50%
- HNI Allocation: 15%
Ajax Engineering IPO Financial Performance
Ajax Engineering’s financial performance showed significant growth from 2022 to 2024. In 2022, the company reported a revenue of ₹771.85 crores, a profit of ₹66.38 crores, and assets of ₹735.31 crores. By 2023, revenue rose to ₹1,172.57 crores, with profit increasing to ₹135.53 crores and assets reaching ₹966.73 crores. In 2024, revenue further grew to ₹1,780.07 crores, with a profit of ₹225.28 crores and assets totaling ₹1,236.14 crores.
About Ajax Engineering Company
Established in 1992, AJAX Engineering is a global leader in manufacturing self-loading concrete mixers and providing comprehensive concreting solutions.
Headquartered in Bangalore, the company offers products like concrete batching plants, transit mixers, and boom pumps, with over 27,800 units sold across India and neighboring countries.
In FY 2024, AJAX reported ₹1,741 crores in revenue and is building a new plant in Adinarayanahosahalli, set to complete in 2025. The company holds ISO certifications and offers strong after-sales support in India and internationally.
