Posted on February 12, 2025, by Niftynews
The subscription window for Ajax Engineering IPO will close today, February 12, 2025. The allotment process will be finalized on February 13, 2025, with the listing date set for Monday, February 17, 2025 on both the BSE and NSE.
Ajax Engineering IPO Day 3 Subscription Status (February 12, 2025)
On Day 3, Ajax Engineering IPO saw a subscription rate of 0.51 times. Here’s the breakdown across the investor categories:
- Retail Category: Subscribed 0.54 times.
- Non-Institutional Investors (NII): Subscribed 0.65 times, with bNII (bids above ₹10 lakh) at 0.56 times and sNII (bids below ₹10 lakh) at 0.84 times.
- Qualified Institutional Buyers (QIB): Subscribed 0.33 times.
- Employee Portion: Subscribed 1.25 times, showing significant interest from employees.
Previous Day’s Subscription Breakdown:
| Category | Day 1 Subscription | Day 2 Subscription |
|---|---|---|
| Employees | 0.54 | 1.19 |
| QIB | 0.26 | 0.33 |
| NII | 0.28 | 0.61 |
| Retail | 0.29 | 0.52 |
| Total | 0.28 | 0.49 |
The IPO has garnered increasing interest as it progresses, especially in the employee category, which saw a notable increase on Day 2.
Ajax Engineering IPO GMP (Grey Market Premium)
As of February 12, 2025, 08:29 AM, the Grey Market Premium (GMP) for Ajax Engineering IPO stands at ₹7. Given the price band of ₹599 to ₹629 per share, the estimated listing price could be around ₹636, suggesting a potential gain of approximately 1.11% per share upon listing.
Note: The GMP is not an official price and is based on market speculation. It should be considered with caution as it does not guarantee the actual listing price.
Ajax Engineering Limited IPO Details
- Issue Size: ₹1,269.35 crores.
- Offer for Sale (OFS): Comprising 2.02 crore shares.
- Price Band: ₹599 to ₹629 per share.
- Minimum Lot Size: 23 shares.
- Retail Investment: A minimum of ₹14,467 for retail investors.
For Non-Institutional Investors (NII):
- Small NIIs (sNII): Must invest at least 14 lots (322 shares) totaling ₹2,02,538.
- Big NIIs (bNII): Need to invest in 70 lots (1,610 shares), amounting to ₹10,12,690.
Utilization of IPO Proceeds
Since this IPO is structured entirely as an Offer for Sale (OFS), the company will not directly benefit from the proceeds. The funds raised from the sale of shares will be passed directly to the selling shareholders, after deducting offer-related expenses and taxes.
Ajax Engineering Limited Business Overview
As of September 30, 2024, Ajax Engineering has developed 141 variants and sold over 29,800 units in India over the last decade. The company dominates India’s Self-Loading Concrete Mixer (SLCM) market with a 77% share in FY 2024. Notably, Ajax Engineering’s SLCMs process 12% of the country’s total concrete.
The company operates four manufacturing plants in Karnataka, including the Obadenahalli facility, one of the world’s largest SLCM production facilities. Ajax Engineering also boasts a robust distribution network, with 51 dealerships across 23 Indian states and 25 international dealers in regions including Asia, the Middle East, and Africa.
Product Portfolio
Ajax Engineering’s product portfolio includes:
- Self-Loading Concrete Mixers (SLCMs)
- Batching Plants
- Transit Mixers
- Concrete Pumps
- Slipform Pavers
- 3D Concrete Printers
These products cater to both domestic and international markets, contributing to the company’s growth and dominance in the SLCM segment.
Conclusion
The Ajax Engineering IPO is showing positive momentum as it nears its closure, with strong interest from retail and non-institutional investors. The Grey Market Premium (GMP) suggests modest potential gains upon listing, although the actual listing price can vary. Investors should evaluate their decision carefully, considering the growing interest in Ajax Engineering’s strong product portfolio and market leadership in the self-loading concrete mixer space.
The listing of Ajax Engineering Limited on BSE and NSE on February 17, 2025 will offer more insights into the stock’s market reception.
