Ajax Engineering IPO Day 1 Live Updates: Issue opens today. Check Ajax IPO GMP, review, issue details, more
₹599 to ₹629 per share. The company announced on Friday that it has raised over ₹379 crore from anchor investors, just ahead of the initial share-sale launch.
Ajax Engineering IPO consists entirely of an offer-for-sale (OFS) of 2.01 crore shares, which amounts to ₹1,269 crore at the highest price point, offered by its promoters and an investor shareholder. In this OFS, Kedaara Capital plans to sell 74.37 lakh shares.
Since the public offering is fully an OFS, Ajax Engineering will not gain any funds from the IPO. The company's market capitalization has been estimated at ₹7,200 crore at the upper limit of the price range.Ajax Engineering is a prominent manufacturer of concrete equipment, offering an extensive array of related products, services, and solutions throughout the concrete application value chain.
The company has four assembly and manufacturing plants located in Karnataka, with each facility focusing on different product lines. The book running lead managers for the issue include ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management, and SBI Capital Markets.Stay tuned for more updates As one of the biggest SLCM plants in the world, the 39,660-square-meter Obadenahalli factory is one of its four manufacturing facilities in Karnataka.
The first Indian business, Ajax, created an in-house slipform paver in 2019 and brought a 3D concrete printing equipment to market in 2023.The issue is priced at a P/E ratio of 32.1x at the upper price band based on FY24 earnings, which is comparatively lower than its industry peers. Given the company’s strong financial performance, favorable industry growth drivers, and attractive valuation, we recommend a "SUBSCRIBE" rating for this issue.Ajax
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