Ajax Engineering IPO Day 2; check subscription status, GMP, listing date

Ajax Engineering has garnered favorable reviews from brokerages, including KR Choksey, Reliance Securities, and BP Equities, for its public offering

Ajax Engineering  Day 2: The initial public offering (IPO) of Ajax Engineering, which opened for public subscription yesterday, February 10, 2025, has received a muted response from investors so far. Data available on the National Stock Exchange (NSE) shows that Ajax Engineering's IPO has garnered bids for 28,76,67,928 equity shares, against 1,41,49,997 shares on offer, resulting in a subscription of 20 per cent till around 10:13 AM on Tuesday, February 11, 2025.

 

Among others, Qualified Institutional Buyers (QIBs) have subscribed 26 per cent to the category reserved for them, Non-Institutional Investors (NIIs) have subscribed 21 per cent, and Retail Individual Investors (RIIs) have subscribed 17 per cent.

 

 

Ajax Engineering IPO details

With a Rs 1,269.35 crore offering, Ajax Engineering comprises an entirely Offer for Sale (OFS) of 2,01,80,446 equity shares. Thus, the company will not receive any proceeds from the offer, and each of the selling shareholders will be entitled to their respective proportion of the proceeds from the OFS. 

 

Ajax Engineering IPO is available at a price band of Rs 599-629 per share, with a lot size of 23 shares. Investors can bid for a minimum of 23 shares and in multiples thereof. A retail investor would require a minimum of Rs 14,467 to bid for one lot, comprising 23 shares. For a maximum bid within the Rs 2,00,000 limit, retail investors can apply for up to 13 lots, or 299 shares.

 

Ajax Engineering IPO review

Ajax Engineering has also garnered favorable reviews from brokerages, including KR Choksey, Reliance Securities, and BP Equities, for its public offering. READ MORE

 

Ajax Engineering IPO grey market premium (GMP)

The grey market premium for the Ajax Engineering IPO dropped on Tuesday, February 11, 2025. Sources tracking grey market activities revealed that the company's shares were trading at Rs 645 apiece in the grey market, reflecting a premium of Rs 16 or 2.54 percent over the upper price band of Rs 629. Ajax Engineering IPO's GMP dropped from Rs 681, a record on February 10, when the issue opened for subscription.  Also Read: Solarium Green Energy IPO allotment

 

Ajax Engineering IPO allotment, listing dates

The three-day subscription window to bid for the public offering is expected to close on Wednesday, February 12, 2025. Following this, the basis of allotment will tentatively be finalised on Thursday, February 13, 2025, with shares credited to demat accounts on Friday, February 14, 2025.

 

Shares of Ajax Engineering are slated to make their D-Street debut listing at BSE and NSE tentatively on Thursday, February 19, 2025.

 

About Ajax Engineering

Ajax Engineering is a manufacturer of concrete equipment with 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. It operates four manufacturing facilities in Karnataka, including the Obadenahalli plant, which spans 39,660 sq. meters and is among the largest SLCM facilities globally. Ajax Engineering holds an approximate market share of 77 per cent in the SLCM segment for the six months ending September 30, 2024.