Ajax Engineering's Shares Tumble Despite IPO Success

Shares of Ajax Engineering Ltd fell over 5% from the issue price on both BSE and NSE despite full subscription of its IPO. The company's range of concrete equipment is well-regarded. The firm's market cap stood at Rs 6,814.07 crore with high trading volume recorded on the debut day.

Shares of Ajax Engineering Ltd fell by more than 5% against its issue price on Monday, following a much-anticipated initial public offering.

The company's shares began trading at a 5.72% discount on the BSE and further declined, hitting an intra-day low of Rs 565 before closing at Rs 595.60.

Ajax Engineering, known for its extensive range of concrete equipment, had its Rs 1,269-crore IPO fully subscribed, marking a 6.45 times subscription rate. Despite these setbacks, the company's market valuation stood firm at Rs 6,814.07 crore.