Ajax Engineering clocks all time high a day after listing at discount

Newly listed Ajax Engineering shares advanced 3.8 per cent in trade on Tuesday (February 18, 2025), and logged an all time high at Rs 618.35 per share on BSE. The stock gained a day after Morgan Stanley IFSC Fund sold shares via bulk deal.

 

Around 10:22 AM, Ajax Engineering share price was up 2.39 per cent at Rs 609.85 per share on BSE. In comparison, the BSE Sensex was down 0.31 per cent at 75,761.89. The market capitalisation of the company stood at Rs 6,981.10 crore. The 52-week high of the stock was at Rs 618.35 per share and the 52-week low of the stock was at Rs 565 per share.

 

 

As per National Stock Exchange (NSE) bulk deal data, Morgan Stanley IFSC Fund offloaded 7,58,091 shares at Rs 588.74 per share via bulk deal.

 

Shares of Ajax Engineering were listed on February 17, 2025. On the BSE,the stock was listed at Rs 593 per share, down a 5.72 per cent from the IPO issue price of Rs 629. Similarly, on the NSE, Ajax Engineering shares listed at a discount of 8.42 per cent, at Rs 576 per share, against the IPO issue price.

 

Ajax Engineering IPO shares were allotted within a price band of Rs 599-629 per share, with a lot size of 23 shares, and was finalised on Friday, February 14, 2025. Valued at approximately Rs 1,269 crore, the Ajax Engineering IPO comprised an entirely Offer for Sale (OFS) of 2,01,80,446 equity shares with a face value of Rs 10 each, totaling around Rs 229.75 crore. The company has fixed the issue price at Rs 629.

 

The public issue saw decent demand from investors, with the IPO being subscribed 6.45 times by the final day of subscription. The highest demand came from Qualified Institutional Buyers (QIBs), whose bids were oversubscribed 14.41 times the reserved quota. This was followed by Non-Institutional Investors (NIIs), who bid for 6.47 times their allocated quota, and Retail Individual Investors (RIIs), who subscribed to 1.93 times. 

 

Ajax Engineering is a manufacturer of concrete equipment, offering a wide range of products and solutions, including Self-Loading Concrete Mixers (SLCMs), batching plants, transit mixers, boom pumps, slip-form pavers, and 3D concrete printers. The company holds an approximate 77 per cent market share in the SLCM segment for the six months ending September 30, 2024.