Ajax Engineering IPO Day 3 Live Updates: Issue booked 49% so far. Check latest GMP, subscription status, review, more
₹1,269 crore and will close on Wednesday. The price range has been set at ₹599 to ₹629 per share.This IPO consists entirely of an offer-for-sale (OFS) encompassing 2.01 crore shares, amounting to ₹1,269 crore at the highest price point, which will be offered by its promoters and an investor shareholder.Within this OFS, Kedaara Capital plans to sell 74.37 lakh shares.
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.Stay tuned for more updatesAjax Engineering IPO Day 3 Live Updates: Ajax Engineering Limited, since its inception 32 years ago, has developed a comprehensive range of concrete equipment product portfolios across the concrete application value chain.
The company follows an asset-light model by sourcing materials from 546 suppliers. This results in a focus on localisation, with imports constituting less than 10% of the cost of materials.The company’s addressable market is growing faster, given the government’s thrust on infrastructure, which augurs well for the company.
On the other hand, the promoter group needs to offload shares over 3 years to reduce the stake to 75% or lower (currently 82% post-issue). However, the company offers niche construction equipment in its business and has robust financials.On a valuation basis, based on FY24, it is seeking a PE of 32 times, and the post-issue market cap comes to
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