Ajax Engineering IPO Day 1 Live Updates: Key Highlights, GMP, Subscription Status, and Insights

Founded in July 1992, Ajax Engineering Limited specializes in manufacturing a diverse range of concrete equipment and services across the value chain. As of September 30, 2024, the company has developed 141 concrete equipment variants and sold over 29,800 units in India over the past decade. The bidding window opens on February 10, 2025, and will close on February 12, 2025. The allotment process is expected to be finalized on February 13, 2025, with the company's shares set to be listed on both the BSE and NSE on February 17, 2025.

Ajax Engineering Limited IPO Details

Ajax Engineering is launching its IPO with a total issue size of ₹1,269.35 crores, structured entirely as an offer for sale of 2.02 crore shares. The IPO price band is fixed between ₹599 and ₹629 per share. Investors can apply with a minimum lot size of 23 shares, requiring a minimum investment of ₹14,467 for retail participants. For non-institutional investors, the minimum investment is 14 lots (322 shares) at ₹2,02,538 for small NII (sNII) and 70 lots (1,610 shares) at ₹10,12,690 for big NII (bNII).

Ajax Engineering IPO Day 1 Subscription Status

(February 10, 2025, 10:54 AM)

On Day 1, Ajax Engineering IPO saw a subscription rate of 0.06 times. The retail category was subscribed 0.1 times, while the Non-Institutional Investors (NII) segment recorded a subscription of 0.06 times. Within the NII category, bids above ₹10 lakh (bNII) reached 0.04 times, while bids below ₹10 lakh (sNII) stood at 0.08 times. The Qualified Institutional Buyers (QIB) segment had no subscriptions. Meanwhile, the employee portion was subscribed 0.15 times. 

Utilization of IPO Proceeds

The company will not receive any funds from this offering. Instead, the proceeds from the Offer for Sale will go directly to the selling shareholders, who will receive their respective shares after deducting applicable offer-related expenses and taxes.

GMP Details: According to Livemint, as of February 10, 2025, the latest Grey Market Premium (GMP) for Ajax Engineering IPO stands at ₹52. Based on the upper price band of ₹629 per share, the estimated listing price is projected at ₹681. This suggests a potential gain of approximately 8.27% per share upon listing.

Note: The Grey Market Premium (GMP) is not an official price and is based on market speculation.

Disclaimer: The GMP (Grey Market Premium) price is unauthenticated market-related news and has no discernible basis. The same quoted above is as per news that appeared in the media report and is for information purposes only. The investor shall do their own study/research before using the same for taking any decision to invest. We neither engage in trade or deal in the grey market, nor do we recommend or endorse trading in the grey market.

Ajax Engineering Business Overview

Founded in July 1992, Ajax Engineering Limited specializes in manufacturing a diverse range of concrete equipment and services across the value chain. As of September 30, 2024, the company has developed 141 concrete equipment variants and sold over 29,800 units in India over the past decade, and its SLCMs (Self-Loading Concrete Mixers) are the undisputed market leaders. In FY 2024, the company held a 77% market share in India's SLCM market. And that’s not all—12% of the concrete produced in India is processed using Ajax Engineering's SLCMs. Ajax Engineering operates four specialized manufacturing facilities in Karnataka, and Obadenahalli Facility, with an area of 39,660.38 sqm, is one of the world's largest SLCM manufacturing plants in terms of area. The company has an extensive distribution network, with 51 dealerships across 23 states in India, providing 114 touchpoints, including 51 headquarters and 63 branches, 34 of which also serve as service centres. Internationally, Ajax Engineering has expanded its presence with 25 dealers and distributors across South and Southeast Asia, the Middle East, and Africa. The company has supplied concrete equipment and spare parts to over 15,700 customers. Its product portfolio includes self-loading concrete mixers, batching plants, transit mixers, boom pumps, concrete pumps, self-propelled boom pumps, slipform pavers, and 3D concrete printers.