Ajax Engineering's IPO Gears Up with Anchor Investments

Ajax Engineering, backed by Kedaara Capital, has raised over Rs 379 crore from anchor investors before its IPO, which opens from February 10 to 12. The IPO involves a full offer-for-sale of 2.01 crore shares, with a total market capitalisation pegged at Rs 7,200 crore.

In a significant move, Ajax Engineering, supported by Kedaara Capital, announced the raising of over Rs 379 crore from anchor investors as it prepared for its initial public offering (IPO). The IPO is set to open for public subscription from February 10 to 12.

The investment round saw shares allocated to 23 major funds, including SBI Mutual Fund and Axis Mutual Fund, at Rs 629 each—marking the upper limit of the price band. The offering consists entirely of a full offer-for-sale by its promoters and investor shareholder, without any new capital infusion into the company itself.

Headquartered in Bengaluru, Ajax Engineering boasts a market capitalisation of Rs 7,200 crore. Known for its broad range of concrete equipment, the company operates four facilities in Karnataka and plans to open another by August 2025. The firm has reported a PAT of Rs 225 crore on a revenue of Rs 1,741 crore for FY24.

(With inputs from agencies.)