Ajax Engineering IPO: Price band set at ₹599-629 per share; check issue details, key dates, more

Ajax Engineering IPO price band: The Ajax Engineering Limited IPO price band has been fixed in the range of ₹599 to ₹629 per equity share of the face value of Re 1. The Ajax Engineering IPO date of subscription is scheduled for Monday, February 10, and will close on Wednesday, February 12. The allocation to anchor investors for the Ajax Engineering IPO is scheduled to take place on Friday, February 07.

The floor price and the cap price are 599 times and 629 times the face value of the equity shares respectively. The price to earnings ratio based on diluted EPS for financial year 2024 at the upper end is 32.12 times. The Ajax Engineering IPO lot size is 23 equity shares and in multiples of 23 equity shares thereafter.

Ajax Engineering IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. A discount of ₹59 per equity share is being offered to eligible employees bidding in the employee reservation portion.

Tentatively, Ajax Engineering IPO basis of allotment of shares will be finalised on Thursday, February 13, and the company will initiate refunds on Friday, February 14, while the shares will be credited to the demat account of allottees on the same day following refund. Ajax Engineering share price is likely to be listed on BSE and NSE on Monday, February 17.

Ajax Engineering Limited produces a diverse range of concrete equipment and services throughout the value chain. By March 31, 2024, the company has created 110 different variants of concrete equipment and has sold over 27,800 units in India over the past decade.

As of March 31, 2024, the design, engineering, and development team comprises 76 full-time employees, which is approximately 17.16% of the total workforce. As of March 31, 2024, Ajax Engineering Limited operates four facilities in Karnataka, situated in Obadenahalli, Gowribidanur, and Bashettihalli, with each facility focusing on specific products, particularly the one in Obadenahalli.

Ajax Engineering IPO details

Ajax Engineering IPO consists entirely of an offer-for-sale involving 2.01 crore equity shares by current shareholders, with no fresh issuance included. As a result, all proceeds from the issue (excluding expenses related to the offer) will be directed to the selling shareholders.

Promoters Krishnaswamy Vijay, Kalyani Vijay, Jacob Jiten John, Jacob Hansen Family Trust, and Susie John are selling 1.27 crore equity shares in the offer-for-sale, while Kedaara Capital Fund II LLP, the sole investor, is completely exiting Ajax Engineering by divesting its entire stake of 74.36 lakh shares, which is equivalent to 6.5 percent of the paid-up equity.

The book running lead managers for the Ajax Engineering IPO include ICICI Securities Ltd, Citigroup Global Markets India Private Ltd, Jm Financial Ltd, Nuvama Wealth Management Ltd, and SBI Capital Markets Ltd, while Link Intime India Private Ltd serves as the registrar for the offering.

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