Concrete equipment manufacturer Ajax Engineering is set to open its Rs 1,269.35 crore IPO on February 10. A mainboard issue, the offering will be open for bidding until February 12.The offering is entirely an OFS of 2.02 crore equity shares by existing shareholders, meaning the company will not receive any proceeds from the issue.
Ajax Engineering IPO: Price band and investment details
Kedaara Capital is a key investor in the company. Kedaara Capita is also known for its investment in Vishal Mega Mart and AU SMall Finance Bank.
The Ajax Engineering IPO price band is set between the range of Rs 599- 629 per share. Investors can bid for a minimum lot of 23 shares.
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Retail investors will need to invest Rs 14,467 for one lot. Similarly, Small Non-Institutional Investors (sNII) will have to invest Rs 2,02,538 for 14 lots, which is 322 shares. Big Non-Institutional Investors (bNII) will need to invest Rs 10,12,690 for 70 lots, or 1,610 shares.
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Ahead of its launch, Ajax Engineering IPO’s GMP is Rs 45, suggesting a potential listing price of Rs 674 per share. This implies an estimated 7.15% premium over the upper end of the IPO price band at Rs 629 per share.
However, this is not the actual listing price and may fluctuate based on the market sentiment.
Ajax Engineering IPO: Book running lead managers & registrar
The IPO is backed by prominent investment firms. The book-running lead managers include ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management, and SBI Capital Markets. The registrar for the issue is Link Intime.
Ajax Engineering IPO: Risk factors
As per the DRHP filed by the company, some of the risk factors mentioned by the company in the disclosure include:
“We derive a significant majority of our revenue from the sale of self-loading concrete mixers (85.13% of our revenue from operations for the Financial Year 2024).
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