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Ajax Engineering IPO: Unlisted shares of Ajax Engineering Ltd are currently trading at zero GMP, which signals a flat or negative listing on February 17.
Ajax Engineering IPO.
Ajax Engineering IPO Listing Tomorrow: Kedaara Capital-backed concrete equipment manufacturer Ajax Engineering Ltd (AEL), whose IPO was opened between February 10 and February 12, is set to be listing on both BSE and NSE on Monday, February 17. The Rs 1,269.35-crore IPO received an overall 6.06 times subscription, garnering bids for 8,57,62,377 shares as against 1,41,49,997 shares on offer.
The price band of the IPO has been fixed at Rs 599 to Rs 629.
So far, the retail category has been subscribed by 1.94 times subscription, while the NII has got a 6.46 times subscription. The QIB category received a 13.04 times subscription.
The IPO share allotment has already been finalised and investors can check their allotment status on Link Intime India’s portal.
Ajax Engineering IPO GMP Today
According to market observers, unlisted shares of Ajax Engineering Ltd are currently trading at zero GMP, which signals a flat or negative listing on February 17. The GMP has consistently fallen since the IPO was opened on February 10, when the grey market premium had stood at 8.27 per cent.
Currently, the unlisted shares are trading at Rs Rs 629, which is the same as the IPO price of Rs 629.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Ajax Engineering IPO: More Details
The 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 of the price range, by its promoters and an investor shareholder.
As part of the OFS, Kedaara Capital will offload 74.37 lakh shares.
Since the public issue is completely an OFS, Ajax Engineering will not receive any proceeds from the IPO.
The company’s market capitalisation has been pegged at Rs 7,200 crore at the upper end of the price band.
Ahead of the IPO, Ajax Engineering mobilised over Rs 379 crore from anchor investors, days before its initial share-sale opening for public subscription.
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 specializing in distinct product lines. Besides, an assembling and manufacturing facility at Adinarayanahosahalli, Karnataka is under construction and expected to become operational in August 2025.
Ajax Engineering reported its FY24 revenue from operations at Rs 1,741 crore with a profit after tax (PAT) of Rs 225 crore.
ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management and SBI Capital Markets are the book running lead managers to the issue.
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