Ajax Engineering, which launched its public issue from February 10 to February 12, made a disappointing debut. The shares listed 6% below the issue price of Rs 629 per share
On the BSE, the shares of Ajax Engineering opened at a discount price of 5.7% at Rs 593, while on the NSE, the stock debuted at Rs 576.
Ajax Engineering IPO: GMP update
Before the official listing, shares of Ajax Engineering were trading lower in the grey market, priced at Rs 3 less than the expected listing price. This suggested a listing price of around Rs 626 per share, slightly lower than the IPO price band of Rs 629 per share.
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The IPO was priced between Rs 599 and Rs 629 per share, and it received an overall subscription of 6.45 times. The QIB portion was subscribed 14.41 times. On the other hand, the NII portion received a bid of 6.47 times, while the retail portion was booked 1.93 times. The employee portion saw a 2.62 times subscription.
Ahead of the IPO opening, Ajax Engineering raised Rs 379.32 crore from anchor investors.
Ajax Engineering IPO: Key players behind the IPO
Several leading financial institutions managed the Ajax Engineering IPO which include ICICI Securities, Citigroup Global Markets, JM Financial, Nuvama Wealth Management, and SBI Capital Markets as the book-running lead managers. The registrar of this mainboard issue was Link Intime.
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