Ajax Engineering IPO Subscribed 28% on Day 1

New Delhi, Feb 10 (PTI) The initial public offer of concrete equipment manufacturer Ajax Engineering Ltd received 28 per cent subscription on the first day of bidding on Monday.

The initial share sale got bids for 39,45,489 shares against 1,41,49,997 shares on offer, as per NSE data.

The portion for Retail Individual Investors (RIIs) fetched 29 per cent subscription while the category for non-institutional investors got subscribed 28 per cent. The quota for Qualified Institutional Buyers (QIBs) received 26 per cent 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 will conclude on February 12. The company has set a price band of Rs 599-629 per share.

The company's initial public offering (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.

As part of the OFS, Kedaara Capital will offload 74.37 lakh shares.

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. Besides, an assembling and manufacturing facility at Adinarayanahosahalli, Karnataka is under construction and expected to become operational in August 2025.

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