Ajax Engineering IPO Fully Subscribed: 6.45 Times Subscription

New Delhi, Feb 12 (PTI) The initial public offer of concrete equipment manufacturer Ajax Engineering Ltd got fully subscribed on the last day of bidding on Wednesday, ending the three-day share sale with 6.45 times subscription.

The initial share sale received bids for 9,12,11,951 shares against 1,41,49,997 shares on offer, according to NSE data.

The portion for Qualified Institutional Buyers (QIBs) fetched 14.41 times subscription while the quota meant for non-institutional investors got subscribed 6.47 times. The category for Retail Individual Investors (RIIs) attracted 1.93 times subscription.

Kedaara Capital-backed Ajax Engineering on Friday said it has mobilised over Rs 379 crore from anchor investors.

The Bengaluru-headquartered company's Rs 1,269-crore initial share sale has a price band of Rs 599-629 per share.

The company's IPO is a complete offer-for-sale (OFS) of 2.01 crore shares, valued at Rs 1,269 crore at the top end of the price range, by its promoters and an investor shareholder.

Since the public issue is completely an OFS, Ajax Engineering will not receive any proceeds from the IPO.

Ajax Engineering is a leading concrete equipment manufacturer with a comprehensive range of related equipment, services and solutions across the concrete application value chain.

The company operates four assembling and manufacturing facilities in Karnataka, each specialising in distinct product lines.

ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management, and SBI Capital Markets are book-running lead managers to the issue.