Ajax Engineering's IPO: A Concrete Step Forward

Ajax Engineering, a leading concrete equipment manufacturer, launched its IPO to raise Rs 1,269 crore through a complete offer-for-sale. The initial offering received 28% subscription on its first bidding day. Kedaara Capital-backed, the company operates multiple facilities in Karnataka and plans expansion with ongoing construction projects.

Ajax Engineering Ltd, a prominent name in the concrete equipment sector, has embarked on an initial public offering (IPO), launching its shares on the stock market. The IPO, valued at Rs 1,269 crore, is a complete offer-for-sale, meaning the company will not receive any direct financial gains from the proceeds.

The bid received 28% subscription on the first day, with 39,45,489 shares receiving bids against the 1,41,49,997 shares on offer. Retail investors contributed 29% of the bids, while non-institutional investors and Qualified Institutional Buyers (QIBs) accounted for 28% and 26% respectively.

Supported by Kedaara Capital, the Bengaluru-based company houses several manufacturing facilities in Karnataka and is constructing an additional plant slated for operational status by August 2025. Leading the IPO effort are ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management, and SBI Capital Markets.

(With inputs from agencies.)