Ajax Engineering IPO
- IPO Date10 Feb, 2025 to 12 Feb, 2025
- Listing Date17 Feb, 2025
- Face Value₹1 per share
- Issue Price₹599 to ₹629 per share
- Lot Size23 Shares
- Minimum Investment₹14,467
- Listing AtBSE, NSE
- Total Issue Size2,01,80,446 Shares
(aggregating up to ₹1269.35 Cr) - Fresh Issue2,01,80,446 Shares
(aggregating up to ₹1269.35 Cr)
- Offer for Sale-
- Issue TypeBook Built Issue IPO
- Share holding pre issue11,44,06,800
- Shareholding post issue11,44,06,800
IPO Dates
Closing Date
12 Feb, 2025
Initiation of Refunds
14 Feb, 2025
Listing Date
17 Feb, 2025
10 Feb, 2025
Opening Date
13 Feb, 2025
Basis of Allotment
14 Feb, 2025
Credit of Shares
Ajax Engineering Lot Size
Investors can bid for a minimum of 23 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| S-HNI (Max) | 69 | 1587 | ₹9,98,223 |
| Retail (Min) | 1 | 23 | ₹14,467 |
| B-HNI (Min) | 70 | 1610 | ₹10,12,690 |
| S-HNI (Min) | 14 | 322 | ₹2,02,538 |
| Retail (Max) | 13 | 299 | ₹1,88,071 |
Ajax Engineering Promoter Holding
The Promoters of the company are Krishnaswamy Vijay, Jacob Jiten John, Kalyani Vijay, Madhuri Vijay, Prashanth Vijay, Rachel Rekha Hansen, Savitha Christeena Alexander, Sean Alexander, Green Haven Trust, Ohana Trust, Jacob Hansen Family Trust and The Johns Loaves Trust.
| Pre Issue Share Holding | Post Issue Share Holding |
|---|---|
| 93.5% | - |
Ajax Engineering COMPANY INFORMATION
Ajax Engineering IPO is a book built issue of Rs 1,269.35 crores. The issue is entirely an offer for sale of 2.02 crore shares. Ajax Engineering IPO opens for subscription on February 10, 2025 and closes on February 12, 2025. The allotment for the Ajax Engineering IPO is expected to be finalized on Thursday, February 13, 2025. Ajax Engineering IPO will list on BSE, NSE with tentative listing date fixed as Monday, February 17, 2025. Ajax Engineering IPO price band is set at ₹599 to ₹629 per share. The minimum lot size for an application is 23. The minimum amount of investment required by retail investors is ₹14,467. The minimum lot size investment for sNII is 14 lots (322 shares), amounting to ₹2,02,538, and for bNII, it is 70 lots (1,610 shares), amounting to ₹10,12,690. ICICI Securities Limited, Citigroup Global Markets India Private Limited, Jm Financial Limited, Nuvama Wealth Management Limited, SBI Capital Markets Limited are the book running lead managers of the Ajax Engineering IPO, while Link Intime India Private Ltd is the registrar for the issue. Refer to Ajax Engineering IPO RHP for detailed information.
Incorporated in July 1992, Ajax Engineering Limited manufactures a wide range of concrete equipment and services across the value chain.
As of September 30, 2024, The company has developed 141 concrete equipment variants for the value chain and sold over 29,800 units in India in the last ten years.
As of September 30, 2024, the design, engineering, and development team has 79 full-time employees, about 15.96% of the total workforce.
As of September 30, 2024, Ajax Engineering Limited has four facilities in Karnataka, located at Obadenahalli, Gowribidanur, and Bashettihalli, each specializing in different products, especially the Obadenahalli facility.
As of September 30, 2024, The company has 51 dealerships across 23 states in India, providing 114 touchpoints, including 51 headquarters and 63 branches, 34 of which also serve as service centers.
As of September 30, 2024, the company has established 25 dealers and distributors across South and Southeast Asia, the Middle East, and Africa.
As of September 30, 2024, the company has sold concrete equipment and spare parts to over 15,700 customers.
Product Portfolio:
- Self-loading concrete mixers
- Batching plants
- Transit mixers
- Boom pumps
- Concrete pumps
- Self-propelled boom pumps
- Slipform pavers
- 3D concrete printers
As of September 30, 2024, the service team included 85 employees, such as coordinators, managers, specialists, and customer service executives supporting our dealer network.
Competitive Strength
- Market leader in a large and fast-growing SLCM market
- Leading concrete equipment company with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain
- Strong in-house design, development and engineering capabilities
- Technology-led assembly and manufacturing processes and robust supplier network
- Large dealer network with widespread distribution model
- Diversified customer base with longstanding relationships in the concrete equipment market
- Experienced management team supported by qualified and experienced personnel.
Ajax Engineering IPO
IPO Overview and Key Highlights
Ajax Engineering Limited, a Bengaluru-based manufacturer of construction equipment and engineering solutions, is launching its Initial Public Offering (IPO). The IPO consists of a pure Offer for Sale (OFS) of up to 20,180,446 equity shares with a face value of ₹1 per share. Since there is no fresh issue, the company itself will not receive any proceeds from the IPO. The shares will be listed on both the BSE and NSE.
Key IPO Details
- Type of Issue • 100% Book Built Issue (Offer for Sale)
- Total Issue Size • 20,180,446 equity shares
- Face Value • ₹1 per share
- Price Band • To be determined
- Offer Opens • February 10, 2025
- Offer Closes • February 12, 2025
- Listing Exchange • NSE & BSE
- Offer Structure • QIBs, NIIs, and RIIs allocation as per SEBI regulations
Company Overview
Ajax Engineering Limited was originally incorporated as Ajax Fiori Engineering (India) Private Limited in 1992. The company underwent multiple changes, eventually becoming Ajax Engineering Limited in 2024. The company specializes in manufacturing self-loading concrete mixers, batching plants, and other construction equipment.
- Promoters • Krishnaswamy Vijay, Jacob Jiten John, Kalyani Vijay, Madhuri Vijay, Prashanth Vijay, and multiple family trusts
- Headquarters • Bengaluru, Karnataka
- Corporate Identification Number (CIN) • U28245KA1992PLC013306
Financial Overview
Ajax Engineering Limited has exhibited strong financial performance, driven by consistent growth in the construction sector and government infrastructure projects. However, since this is a 100% Offer for Sale, the company will not directly benefit from the IPO proceeds.
Key Strengths of Ajax Engineering
- Industry Leader • Strong position in the Indian construction equipment sector.
- Diverse Product Portfolio • Specializes in self-loading mixers, batching plants, and concrete pumps.
- Experienced Management • Led by industry experts with decades of experience.
- Strong Customer Base • Supplies to infrastructure and real estate companies across India.
IPO Pros and Cons
Pros
- Growing Construction Sector • Increased government spending on infrastructure.
- Established Brand • Recognized player in construction equipment manufacturing.
- No Fresh Issue • No dilution of existing equity for current shareholders.
Cons
- No Direct Fund Inflow • Since it’s an OFS, the company won’t receive fresh capital.
- Competitive Market • Faces competition from global and domestic equipment manufacturers.
- Cyclical Industry • Business performance is linked to the construction and infrastructure sector's health.
Risk Factors
Potential investors should consider the following risks before investing:
- Market Dependency • Revenue fluctuations based on infrastructure spending.
- Operational Challenges • Maintaining margins in a competitive industry.
- Regulatory Compliance • Adherence to industrial safety and environmental norms.
Conclusion
The Ajax Engineering Limited IPO presents an opportunity to invest in a leading construction equipment manufacturer with a strong industry presence. However, since it is a pure Offer for Sale, investors should note that no funds will go toward business expansion. Factors like market dependency, competition, and industry cycles should be considered before making an investment decision.
FAQs About Ajax Engineering Ipo
Ajax Engineering IPO will open on 10 Feb, 2025 and close on 12 Feb, 2025. Investors must apply within this period to participate.
The Ajax Engineering IPO price band is set between ₹599.00 and ₹629.00 per share. The minimum lot size is 23, requiring an investment of at least ₹14467.00.
The Ajax Engineering IPO shares are expected to be listed on 17 Feb, 2025, subject to regulatory approvals and final allotment.
You can track your Ajax Engineering IPO application status on the registrar’s website: Link Intime or KFintech using your PAN, application number, or DP ID
The Ajax Engineering IPO will be listed on major stock exchanges such as NSE and BSE, where you can trade shares once they are listed.