Ajax Engineering IPO: Quiet listing or big launch? Check latest GMP

New Delhi: Ajax Engineering's initial public offering (IPO) closed on February 12, 2025, with modest investor interest, subscribing 6.45 times.

With allotments finalised on February 13th, attention now turns to the grey market premium (GMP) to gauge potential listing performance.

Given current market volatility, will the IPO's market debut be subdued or strong?

Those who have applied for the IPO during the opening window can check either on its official registrar Link Intime Private or the BSE allotment status page.

Ajax Engineering IPO allotment status check on Linkintime

• Visit the official website of Link Intime India here
• Choose 'Ajax Engineering Limited' from the list of companies. (The name will be displayed once the share allocation is finalised)
• In the verification selection type, choose either PAN, Application Number, DP/Client ID, or Account No./IFSC
• Enter the required information
• Finally, click the 'Submit' button to check your allotment status

Ajax Engineering IPO listing date

Ajax Engineering shares are slated to be listed on NSE, and BSE on February 17, while the shares were allotted to bidders on February 13.

Ajax Engineering IPO GMP

According to investorgain.com, as of February 14, 2025, the Grey Market Premium (GMP) for Ajax Engineering IPO was Rs 4 or 0.64% over the upper end of the IPO price band of Rs 629.

If the current grey market trends are sustained, the shares may list flat at around Rs 633 per share.

The grey market is an unofficial place to trade shares ahead of listing. Market participants keep a watch on GMP to track listing gains.

Ajax Engineering IPO subscription data

The Rs 1,269 crore public offering of Ajax Engineering, offered at a price band of Rs 599-629 with a lot size of 23 shares, received bids for 91,211,951 shares against the 14,149,997 shares offered. This led to an oversubscription of 6.45 times by the end of the subscription period, as per data available on the BSE.

Ajax Engineering IPO witnessed the highest demand from Qualified Institutional Buyers (QIBs), who oversubscribed to 14.41 times the quota reserved for them. This was followed by Non-Institutional Investors (NIIs), who bid for 6.47 times their allocated quota, and Retail Individual Investors (RIIs), who subscribed 1.93 times.

Ajax Engineering IPO objectives

The company's initial public offering (IPO) is a complete offer-for-sale (OFS) of 2.01 crore shares, valued at Rs 1,269 crore at the top end of the price range, by its promoters and an investor shareholder.

The company will not receive any proceeds from the offer. Each of the selling shareholders will be entitled to their respective proportion of the proceeds from the offer for sale after deducting their portion of the offer-related expenses and applicable taxes.

Ahead of the IPO, Kedaara Capital-backed Ajax Engineering on Friday said it has mobilised over Rs 379 crore from anchor investors. The board allotted 60.30 lakh shares at Rs 629 each to 23 anchor investors.

The firm reported a consolidated net profit of Rs 101.02 crore and sales of Rs 769.99 crore for the six months ended on 30 September 2024.

About Ajax Engineering company

Ajax Engineering is a leading concrete equipment manufacturer with a comprehensive range of related equipment, services, and solutions across the concrete application value chain.

The company operates four assembling and manufacturing facilities in Karnataka, each specialising in distinct product lines. Besides, an assembling and manufacturing facility at Adinarayanahosahalli, Karnataka is under construction and expected to become operational in August 2025.

ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management, and SBI Capital Markets are the book-running lead managers to the issue.