Ajax Engineering IPO
Ajax Engineering IPO — date, price band, lot size & details 2025
Ajax Engineering listed on 17 Feb 2025 at ₹576, 8.4% below the ₹629 issue price.
Ajax Engineering makes concrete equipment, led by self-loading concrete mixers, and supports it through a dealer network. It had sold over 29,800 concrete equipment units in India in the ten years to 30 September 2024.
Stock price
Ajax Engineering is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 10 Feb 2025
- Close 12 Feb 2025
- Allotment 13 Feb 2025
- Refund/credit 14 Feb 2025
- Listing 17 Feb 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 10 to 12 Feb, 2025 |
|---|---|
| Price Band | ₹599 – ₹629 |
| Face Value | ₹1 |
| Lot Size | 23 Shares |
| Issue Size | ₹1268.93 Cr |
| Sale Type | OFS only |
| Listing On | BSE, NSE |
| Employee Discount | Rs 59.00 per share |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,467 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 23 shares at the ₹629 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 23 | ₹14,467 |
| Retail (max) | 13 | 299 | ₹1,88,071 |
| S-HNI (min) | 14 | 322 | ₹2,02,538 |
| S-HNI (max) | 69 | 1,587 | ₹9,98,223 |
| B-HNI (min) | 70 | 1,610 | ₹10,12,690 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 771.85 crore in FY2022 to Rs 1,172.57 crore in FY2023 and Rs 1,780.07 crore in FY2024.
- 02Profit after tax rose from Rs 66.21 crore in FY2022 to Rs 225.15 crore in FY2024.
- 03Return on equity was 24.53% and return on capital employed was 32.82%.
- 04The company had no borrowing shown on 30 September 2024, and debt to equity was 0.01 on the source figures.
- 05Sales reach 23 states through 51 dealerships, and more than 15,700 customers had bought from the company.
Risks · 7
- 01The whole Rs 1,268.93 crore issue was offer for sale. The company got no fresh money.
- 02Promoter holding fell from 91.14% before the issue to 80% after it through sale of their own shares.
- 03The latest financials cover only the six months to 30 September 2024, with total income of Rs 794.16 crore and profit after tax of Rs 101.02 crore.
- 04The P/E was 35.62 at the upper band of Rs 629, based on post-issue EPS of Rs 17.66.
- 05Half-year profit of Rs 101.02 crore was below half of the FY2024 profit of Rs 225.15 crore.
- 06Demand depends on construction activity, and all four facilities are in Karnataka, which concentrates the 141 equipment variants in one state.
- 07Shares listed at Rs 576 against the issue price of Rs 629.
Three years of numbers
All figures in ₹ crore, as reported in the Ajax Engineering offer document.
| Metric | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 1,348.76 | 1,236.14 | 966.73 | 735.31 |
| Total Income | 794.16 | 1,780.07 | 1,172.57 | 771.85 |
| Profit After Tax | 101.02 | 225.15 | 135.90 | 66.21 |
| NET Worth | 995.84 | 917.96 | 713.80 | 578.27 |
| Reserves and Surplus | 984.40 | 906.52 | 702.36 | 575.41 |
| Total Borrowing | 6.23 | 10.14 | 7.16 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Ajax Engineering RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Ajax Engineering IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹19.68 | ₹17.66 |
| P/E Ratio (x) | 31.96 | 35.62 |
| Market Cap at Offer Price (₹ Cr) | ₹3,228.74 | ₹3,598.05 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹629 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
How the company intends to use the proceeds of the issue.
Information about the usage of proceeds from the Ajax Engineering IPO will be updated shortly.
Ajax Engineering IPO Anchor Investors
23 anchor investors across 17 fund houses committed ₹379.30 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
On 30 September 2024 the company had developed 141 equipment variants. Its design and engineering team had 79 full-time employees. It has four facilities in Karnataka, at Obadenahalli, Gowribidanur and Bashettihalli.
Sales run through 51 dealerships across 23 states, with 114 touchpoints, and 25 dealers and distributors outside India. The company had sold equipment and spare parts to over 15,700 customers.
The IPO was entirely an offer for sale of Rs 1,268.93 crore, so the company received no money from it.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Ajax Engineering IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
53 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Nuvama Wealth Management Ltd.
23 issues handledBest listing: Sambhv Steel Tubes (+34.1%). Weakest: Arisinfra Solutions (-7.7%).
SBI Capital Markets Ltd.
23 issues handledBest listing: Indo-MIM (+44.3%). Weakest: Central Mine Planning & Design Institute (-7.0%).
ICICI Securities
34 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Citigroup Global Markets India Pvt. Ltd
4 issues handledBest listing: Anthem Biosciences (+26.9%). Weakest: The Leela Hotels (-6.7%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Ajax Engineering?
The current Grey Market Premium is ₹1.
What is the Ajax Engineering IPO price band?
₹599 to ₹629, on a face value of ₹1.
When is the allotment?
The basis of allotment is 13 February 2025, with listing on 17 February 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
