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Allotment

Ajax Engineering Limited

Ajax Engineering is launching an IPO through a book-building issue of ₹1,268.93 crore, consisting entirely of an offer for sale of 2.02 crore shares. The proceeds from this IPO will go to the selling shareholders.

Issue Details
The price band for the IPO is set at ₹629 per share. Investors can bid for a minimum of 23 shares and in multiples of 23 shares thereafter. For retail investors, the minimum investment is ₹14,467 (based on the upper price of ₹629). Qualified Institutional Buyers (QIBs) have a minimum lot size of 322 shares (14 lots) totaling ₹2,02,538, while Non-Institutional Investors (NIIs) must invest in 1,610 shares (70 lots) amounting to ₹10,12,690. The issue also includes a reservation of up to 78,947 shares for employees, offered at a discount of ₹59 per share to the issue price.

Timeline
The IPO opened on February 10, 2025 and closed on February 12, 2025. Allotment was finalized on February 13, 2025, and the shares were subsequently listed on BSE and NSE on February 17, 2025.

Key Participants
ICICI Securities Ltd. acted as the Book Running Lead Manager, while MUFG Intime India Pvt. Ltd. served as the Registrar of the Issue.

Ajax Engineering Limited IPO & Charts
₹629

0%

Open

₹629

HIgh - Low

₹629

Previous Close

₹629

Total Traded Value

0

52 Weeks High

₹629

52 Weeks Low

₹629

Updates On

Feb 1, 2025

IPO. Open

Feb 10, 2026

IPO. Close

Feb 12, 2026

IPO. Price

₹629.00

IPO Market price

₹7,196.19 Cr

IPO Details

IPO Date 17 Feb
IPO Listing Date 17 Feb
IPO Face Value ₹1 per share
IPO Price Range ₹629.00
IPO Issue Size 2,01,80,446 shares
IPO Sale Type Offer For Sale
Employee Discount ₹59.00
IPO Issue Type Bookbuilding IPO
IPO Listing BSE, NSE Platform
Share Holding Pre Issue 11,44,06,800 shares

IPO Timeline

IPO Open Date 10 Feb
IPO Close Date 12 Feb
IPO Allotment (Tentative) 13 Feb
Refunds 14 Feb
Credit to Demat Account 14 Feb
IPO Listing Date 17 Feb

IPO Reservation

Category Offer
QIB Shares Offered 1,00,50,749 Shares
NII (HNI) Shares Offered 30,15,225 Shares
Retail Shares Offered 70,35,525 Shares

IPO Lot Size

Investors may apply for a minimum of 23 shares, and bids can be made in multiples of 23 shares thereafter.

Application Lots Share Amount
Retail (Min) 1 23 ₹14,467
Retail (Max) 13 299 ₹1,88,071
S-HNI (Min) 14 322 ₹2,02,538
S-HNI (Max) 69 1,587 ₹9,98,223
B-HNI (Min) 70 1,610 ₹10,12,690
About Company

Incorporated in July 1992, Ajax Engineering Limited is a leading manufacturer of concrete equipment and provider of services across the entire concrete value chain. Over the past decade, the company has developed 141 concrete equipment variants and sold over 29,800 units in India, serving more than 15,700 customers with a diversified range of products.

Manufacturing and Operations
As of September 30, 2024, Ajax Engineering operates four manufacturing facilities in Karnataka—located at Obadenahalli, Gowribidanur, and Bashettihalli—each specializing in different products, with Obadenahalli serving as a key hub. The company maintains a strong in-house design, engineering, and development team of 79 full-time employees, representing approximately 16% of the workforce.

Distribution and Service Network
Ajax Engineering has built a robust distribution network with 51 dealerships across 23 Indian states, providing 114 touchpoints, including 63 branches, 51 headquarters, and 34 service centers. Additionally, it has 25 dealers and distributors across South and Southeast Asia, the Middle East, and Africa. The company’s service team of 85 professionals supports the dealer network to ensure timely maintenance, spare parts supply, and customer support.

Product Portfolio and Competitive Strengths
Ajax Engineering’s products span the concrete equipment value chain, including self-loading concrete mixers, batching plants, transit mixers, boom pumps, self-propelled boom pumps, slipform pavers, concrete pumps, and 3D concrete printers. Its competitive strengths include leadership in the fast-growing SLCM market, a comprehensive product and service portfolio, advanced in-house design and manufacturing capabilities, technology-driven assembly processes, a large dealer network, diversified and longstanding customer relationships, and an experienced management team.

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Company Financials (Consolidated)

Assets 1,348.76 1,236.14 966.73
Total Income 794.16 1,780.07 1,172.57
Profit After Tax 101.02 225.15 135.9
EBITDA - - -
NET Worth 995.84 917.96 713.8
Reserves and Surplus 984.4 906.52 702.36
Total Borrowing - 6.23 10.14

Key Performance Indicator (KPI)

ROE 24.53%
ROCE 32.82%
Debt/Equity 0.01
RoNW 19.39%
PAT Margin 12.65%
EBITDA Margin -
Price to Book Value 7.84
IPO Objective

IPO Objects of the Issue

S.No. Objects of the ipo Resources Detail IPO Amount
1 Funding capital expenditure requirements for the purchase of equipment/machineries -
2 To meet out the expenses of Working Capital Requirement -
3 To meet out the General Corporate Purposes; -
4 Offer for Sale (OFS) -

Contact Details

Ajax Engineering Ltd. Address
253/1, 11th Main Road
3 rd Phase, Peenya Industrial Area
Bengaluru 560058
Bengaluru, Karnataka
+91 82 96336111
complianceofficer@ajax-engg.com
https://www.ajax-engg.com/

Detail Registrar

IPO Registrar

MUFG Intime India Pvt.Ltd.
+91-22-4918 6270
ajaxengineering.ipo@linkintime.co.in
https://linkintime.co.in/Initial_Offer/public-issues.html

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