The company, a leading concrete equipment manufacturer backed by Kedaara Capital, has set its price band between ₹599 and ₹629 per share. Ahead of the public issue, Ajax Engineering successfully raised ₹379 crore from anchor investors, bolstering investor confidence in the offering.

Offer Structure & Valuation

The Ajax Engineering IPO is an offer-for-sale (OFS) of 2.01 crore shares, amounting to ₹1,269 crore at the upper price range. This includes a sale of 74.37 lakh shares by Kedaara Capital, along with shares offloaded by promoters and other investor shareholders. Since this is a 100% OFS, the company will not receive any funds from the IPO.

At the upper price band, Ajax Engineering’s market capitalization stands at ₹7,200 crore.

Company Overview: A Leader in Concrete Equipment

Ajax Engineering is a prominent player in the concrete equipment industry, offering an extensive portfolio of products, services, and solutions across the concrete application value chain. The company operates four manufacturing and assembly plants in Karnataka, each catering to different product lines.

The IPO is being managed by leading investment banks, including ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management, and SBI Capital Markets.

Subscription Status: Early Trends on Day 1

As of 10:48 AM, the IPO has been subscribed 6%, according to BSE data. The issue has received bids for 7,83,909 shares against 1,41,49,997 shares on offer. Here’s the category-wise breakdown:

Retail Investors: 9% subscribed

Non-Institutional Investors (NII): 5% subscribed

Qualified Institutional Buyers (QIBs): Yet to be booked

Employee Quota: 13% subscribed

Ajax Engineering has allocated not more than 50% of the public issue to QIBs, at least 15% to NIIs, and a minimum of 35% for retail investors. Additionally, eligible employees applying under the reserved portion will receive a discount of ₹59 per share.

Market Outlook: Analyst Views on Ajax Engineering IPO

Market analysts are optimistic about Ajax Engineering’s strong financial performance, capital efficiency, and leadership in the self-loading concrete mixer (SLCM) market. Reliance Securities notes that the company’s experienced management team and diversified customer base strengthen its growth trajectory. As a result, they have recommended a SUBSCRIBE rating for the issue.