1. Company Background & Industry Overview
Ajax Engineering Limited, established in 1992, manufactures a wide range of concrete equipment and services across the value chain. The company has developed 141 concrete equipment variants and sold over 29,800 units in India in the last decade. 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.
Industry Overview:
The concrete equipment industry in India is experiencing rapid growth due to increasing demand from the infrastructure, construction, and real estate sectors. With the government’s focus on infrastructure development, there is a rising demand for quality concrete equipment. Ajax Engineering is positioned well with a strong market share, especially in the self-loading concrete mixer (SLCM) market.
2. IPO Details
| Detail | Description |
|---|---|
| IPO Date | February 10, 2025 to February 12, 2025 |
| Listing Date | February 17, 2025 |
| Face Value | ₹1 per share |
| Issue Price Band | ₹599 to ₹629 per share |
| Lot Size | 23 Shares |
| Total Issue Size | 2,01,80,446 shares (aggregating up to ₹1,269.35 Cr) |
| Offer for Sale | 2,01,80,446 shares of ₹1 (aggregating up to ₹1,269.35 Cr) |
| Employee Discount | ₹59.00 |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 11,44,06,800 shares |
| Share Holding Post Issue | 11,44,06,800 shares |
3. Key Timelines
| Event | Date |
|---|---|
| IPO Open Date | Mon, Feb 10, 2025 |
| IPO Close Date | Wed, Feb 12, 2025 |
| Tentative Allotment | Thu, Feb 13, 2025 |
| Initiation of Refunds | Fri, Feb 14, 2025 |
| Credit of Shares to Demat | Fri, Feb 14, 2025 |
| Tentative Listing Date | Mon, Feb 17, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on February 12, 2025 |
4. IPO Reservation (Investor Categories, Shares Offered)
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor | 60,30,449 (29.88%) |
| QIB | 40,20,300 (19.92%) |
| NII (HNI) | 30,15,225 (14.94%) |
| bNII > ₹10L | 20,10,150 (9.96%) |
| sNII < ₹10L | 10,05,075 (4.98%) |
| Retail | 70,35,525 (34.86%) |
| Employee | 78,947 (0.39%) |
| Total Shares Offered | 2,01,80,446 (100%) |
5. Lot Size (Number of Shares Per Lot and Minimum Bid)
| Investor Category | Lot Size (Shares) | Minimum Bid Amount |
|---|---|---|
| Retail (Min) | 23 | ₹14,467 |
| Retail (Max) | 299 | ₹1,88,071 |
| S-HNI (Min) | 322 | ₹2,02,538 |
| S-HNI (Max) | 1,587 | ₹9,98,223 |
| B-HNI (Min) | 1,610 | ₹10,12,690 |
6. Financial Information (In ₹ Crore)
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | ₹1,348.76 | ₹1,236.14 | ₹966.73 | ₹735.31 |
| Revenue | ₹794.16 | ₹1,780.07 | ₹1,172.57 | ₹771.85 |
| Profit After Tax (PAT) | ₹101.02 | ₹225.15 | ₹135.9 | ₹66.21 |
| Net Worth | ₹995.84 | ₹917.96 | ₹713.8 | ₹578.27 |
| Reserves & Surplus | ₹984.4 | ₹906.52 | ₹702.36 | ₹575.41 |
| Total Borrowing | ₹0 | ₹6.23 | ₹10.14 | ₹7.16 |
7. Key Valuation Metrics (Pre-IPO)
| Metric | Value |
|---|---|
| EPS (Pre-IPO) | ₹19.68 |
| P/E (Pre-IPO) | 31.96 |
| ROE | 24.53% |
| ROCE | 32.82% |
| Debt/Equity | 0.01 |
| Price to Book Value | 7.84 |
8. Subscription Details
| Category | Subscription (times) | Shares Offered | Shares Bid For |
|---|---|---|---|
| QIB | 13.04 | 40,20,300 | 5,24,30,915 |
| NII | 6.46 | 30,15,225 | 1,94,82,058 |
| – bNII (bids above ₹10L) | 7.67 | 20,10,150 | 1,54,26,123 |
| – sNII (bids below ₹10L) | 3.58 | 10,05,075 | 35,99,155 |
| Retail | 1.94 | 70,35,525 | 1,36,42,588 |
| Employee | 2.62 | 78,947 | 2,06,816 |
| Total | 6.06 | 1,41,49,997 | 8,57,62,377 |
9. Contact Details
Company Contact:
- Ajax Engineering Limited
253/1, 11th Main Road
3 rd Phase, Peenya Industrial Area
Bengaluru 560058
Phone: +91 82 96336111
Email: complianceofficer@ajax-engg.com
Website: https://www.ajax-engg.com/
Registrar Contact:
- Link Intime India Private LtdPhone: +91-22-4918 6270
Email: ajaxengineering.ipo@linkintime.co.in
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
10. Objectives of the IPO
The Ajax Engineering IPO is entirely an Offer for Sale (OFS), and the company will not receive any proceeds. The selling shareholders will receive their respective portions of the proceeds after deducting the offer-related expenses and taxes.
11. FAQs (Commonly Asked Questions about the IPO)
What is the price band for Ajax Engineering IPO?
- The price band is ₹599 to ₹629 per share.
When will the Ajax Engineering IPO allotment be finalized?
- The allotment will be finalized on February 13, 2025.
What is the IPO issue size of Ajax Engineering?
- The issue size is ₹1,269.35 crores (2,01,80,446 shares).
What is the minimum lot size for the IPO?
- The minimum lot size is 23 shares, which amounts to ₹14,467.
What is the listing date of Ajax Engineering IPO?
- The tentative listing date is February 17, 2025.
Can employees apply for the IPO?
- Yes, employees can apply for the IPO, and there is a discount of ₹59 per share.
How can I apply for the IPO?
- Applications can be made via ASBA through banks or through broker platforms like Angel One.
12. Listing Day Performance
| IPO Name | Subscription Status | IPO Price | Listing Date | Open Price | High | Low | Close Price | Gain Percentage |
|---|---|---|---|---|---|---|---|---|
| Ajax Engineering IPO | 6.06 | ₹629 | February 17, 2025 | 576 | 609 | 566 | 595.40 | -5.31 % |