Ajax Engineering Limited IPO Day 2 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. The bidding window opens on February 10, 2025, and will close on February 12, 2025. The allotment process will be finalized on February 13, 2025.

Ajax Engineering IPO Day 2 Subscription Status

(February 11, 2025, 10:24 AM)

On Day 2, Ajax Engineering IPO saw a subscription rate of 0.33 times. The retail category was subscribed 0.35 times, while the Non-Institutional Investors (NII) segment recorded a subscription of 0.36 times. Within the NII category, bids above ₹10 lakh (bNII) reached 0.30 times, while bids below ₹10 lakh (sNII) stood at 0.47 times. The Qualified Institutional Buyers (QIB) segment was subscribed 0.26 times. Meanwhile, the employee portion was subscribed 0.68 times. 

Ajax Engineering IPO Day 1 Subscription Status

(February 10, 2025, End of Day)

On Day 1, Ajax Engineering IPO saw a subscription rate of 0.28 times. The retail category was subscribed 0.29 times, while the Non-Institutional Investors (NII) segment recorded a subscription of 0.28 times. Within the NII category, bids above ₹10 lakh (bNII) reached 0.24 times, while bids below ₹10 lakh (sNII) stood at 0.35 times. The Qualified Institutional Buyers (QIB) segment was subscribed 0.26 times. Meanwhile, the employee portion was subscribed 0.54 times. 

Also Read : Ajax Engineering IPO Day 1 Subscription Status

GMP Details

According to Livemint, as of February 11, 2025, at 08:32 AM, the latest Grey Market Premium (GMP) for Ajax Engineering’s IPO stands at ₹16. With a price band capped at ₹629, the estimated listing price is around ₹645. This suggests a potential gain of approximately 2.54% per share.

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 Limited IPO Details

• IPO Issue Size: ₹1,269.35 crores
• Type: Entirely an Offer for Sale (OFS) of 2.02 crore shares
• Price Band: ₹599 - ₹629 per share
• Minimum Lot Size: 23 shares
• Retail Investors Minimum Investment: ₹14,467 
• Non-Institutional Investors (NII) Minimum Investment:
• Small NII (sNII): 14 lots (322 shares) – ₹2,02,538
• Big NII (bNII): 70 lots (1,610 shares) – ₹10,12,690

Utilization of IPO Proceeds

• The company will not receive any funds from this IPO.
• All proceeds from the Offer for Sale (OFS) will go to the selling shareholders.
• Selling shareholders will receive their respective shares of the proceeds.
• Applicable offer-related expenses and taxes will be deducted before distribution.

Ajax Engineering Business Overview

As of September 30, 2024, Ajax Engineering has developed 141 variants and sold over 29,800 units in India over the past decade. The company dominates India's Self-Loading Concrete Mixer (SLCM) market with a 77% share in FY 2024, and its SLCMs process 12% of the country’s concrete. Ajax operates four manufacturing plants in Karnataka, including the Obadenahalli facility, one of the world’s largest SLCM facilities. It has a strong distribution network with 51 dealerships across 23 Indian states and 25 international dealers across Asia, the Middle East, and Africa. Its portfolio includes SLCMs, batching plants, transit mixers, concrete pumps, slipform pavers, and 3D concrete printers.