On the second day of bidding, Ajax Engineering’s preliminary public providing (IPO) noticed a forty five per cent subscription as of 4 pm on February 11. Traders positioned bids for 62,47,996 shares towards the 1,41,49,997 shares on provide. The retail investor portion noticed a 49 per cent subscription, whereas non-institutional buyers (NIIs) subscribed 52 per cent. The quota for certified institutional patrons (QIBs) stood at 33 per cent as of 4 pm, in accordance with BSE knowledge.
The Rs 1,269.35 crore IPO is a proposal on the market (OFS) of two.02 crore shares and is about to shut on February 12, with its allotment anticipated to be finalised on February 13, with refunds initiated on February 14. Traders will obtain shares of their demat accounts the identical day, and the inventory is scheduled to checklist on exchanges on February 17.
Ajax Engineering IPO: Day 1 subscription
On February 10, Ajax Engineering’s IPO garnered a 28 per cent subscription. Bids have been positioned for 39,45,489 shares towards the out there 1,41,49,997 shares, in accordance with NSE knowledge. The retail particular person buyers (RIIs) phase noticed a 29 per cent subscription, NIIs subscribed 28 per cent, and QIBs accounted for 26 per cent of their allotted quota.
Ajax Engineering IPO: Worth band, lot measurement
The IPO is priced within the vary of Rs 599-629 per share, with a minimal lot measurement of 23 shares. Retail buyers want to speculate a minimal of Rs 14,467. Small NIIs require a minimal of 14 heaps (322 shares) at Rs 2,02,538, whereas massive NIIs should apply for at the very least 70 heaps (1,610 shares) amounting to Rs 10,12,690.
Ajax Engineering IPO: Should you subscribe?
In line with Rajan Shinde, Analysis Analyst at Mehta Equities, Ajax Engineering Ltd’s IPO presents a possibility to put money into a dominant participant in India’s concrete tools trade. The corporate leads the self-loading concrete mixer (SLCM) phase, holding a 77 market share in H1FY25, backed by a decade-long report of robust gross sales.
With a various product lineup that features batching vegetation, growth pumps, transit mixers, and 3D concrete printers, Ajax stands out as a key participant within the sector. Its deal with innovation—from load cell-enabled SLCMs to patented self-propelled growth pumps and slip-form pavers—provides it a technological edge. The corporate additionally advantages from cost-efficient manufacturing and a well-established seller community spanning 51 dealerships throughout 23 states in India and 25 world partnerships.
Financially, Ajax has been rising at a powerful tempo, with its income and revenue seeing important jumps lately. Given its seasonal income sample, the place round 60 per cent of income is predicted to return within the second half of FY25, the IPO’s valuation—at a price-to-earnings ratio of roughly 29 instances—appears cheap. Nevertheless, because the whole Rs 1,269 crore IPO is a proposal on the market, which means no new funds will likely be injected into the corporate, some buyers may even see this as a disadvantage.
With that, Ajax’s market dominance, robust financials, and India’s rising infrastructure demand make it a compelling wager for long-term buyers. Mehta Equities recommends subscribing to the IPO.
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