Ajax Engineering IPO: Issue subscribed over 6.44 times on last day; QIBs steal the show

Ajax Engineering initial public offering has closed for bidding on February 12. The mainboard IPO, which opened for subscription on February 10, was subscribed 6.44 times on day 3.

Ajax Engineering is a prominent manufacturer of concrete equipment, providing a wide array of equipment, services, and solutions throughout the concrete application value chain.

The company has four manufacturing and assembly plants in Karnataka, with each focusing on different product lines. In addition, a manufacturing and assembly facility is currently being built at Adinarayana Hosahalli, Karnataka, and is projected to be operational by August 2025.

Ajax Engineering IPO subscription status

The three-day IPO of Ajax Engineering, which concluded today, was booked 6.44 times at the end of the three-day bidding process.

The QIB portion was the most subscribed at 14.41 times. NII category followed suit, with 6.46 times bids. The retail investor portion was booked 1.92 times and the employee category 2.62 times.

Ajax Engineering IPO details

Ajax Engineering IPO is a book built issue of ₹1,269.35 crores. The issue is entirely an offer for sale of 2.02 crore shares.

The issue opened for bidding on February 10 and closed on February 12. The IPO price band was fixed at ₹599 to ₹629 per share.

ICICI Securities Limited, Citigroup Global Markets India Private Limited, Jm Financial Limited, Nuvama Wealth Management Limited, SBI Capital Markets Limited are the book running lead managers of the Ajax Engineering IPO, while Link Intime India Private Ltd is the registrar for the issue.

The allotment for the Ajax Engineering IPO is expected to be finalized on Thursday, February 13. The IPO will be list on BSE, NSE with a tentative listing date fixed as Monday, February 17.

The objects of the offer are to (i) achieve the benefits of listing the Equity Shares on the Stock Exchanges, and (ii) carry out an Offer for Sale of up to 20,180,446 equity shares with a face value of ₹1 each.

The company anticipates that the proposed listing of its Equity Shares will enhance its visibility and brand image, while also providing a public market for the shares in India. Notably, the company will not receive any proceeds from the offer.