Ajax Engineering's IPO Set to Cement New Growth

Ajax Engineering, a prominent concrete equipment maker, announced an IPO with a price band of Rs 599-629 per share, totaling Rs 1,269 crore. The IPO, exclusively an offer-for-sale, won't yield proceeds for the company. Ajax operates multiple manufacturing facilities, aiming to expand with a new plant by 2025.

Ajax Engineering, spearheaded by Kedaara Capital, has announced its much-anticipated initial public offering (IPO) with a fixed price band ranging between Rs 599 to Rs 629 per share. The move is projected to generate Rs 1,269 crore through a complete offer-for-sale (OFS) of 2.01 crore shares.

The IPO window for public subscription opens from February 10 to 12, while anchor investors can start bidding on February 7. Notably, the company has emphasized that since the IPO is an OFS, Ajax Engineering won't receive any proceeds from this share sale.

Based in Bengaluru, Ajax Engineering is a leading manufacturer in the concrete equipment sector, boasting four specialized facilities in Karnataka. Monitoring its growth trajectory, the company also reported a revenue of Rs 1,741 crore and a profit after tax of Rs 225 crore for FY24.

(With inputs from agencies.)