Ajax Engineering IPO Subscribed 49% on Day 2

New Delhi, Feb 11 (PTI) The initial public offering (IPO) of concrete equipment manufacturer Ajax Engineering Ltd got subscribed 49 per cent on the day two of bidding on Tuesday.

The initial share sale received bids for 68,88,960 shares against 1,41,49,997 shares on offer, according to NSE data.

The quota for non-institutional investors garnered 61 per cent subscription, while the quota for retail individual investors (RIIs) got subscribed 52 per cent. The category for qualified institutional buyers (QIBs) received 33 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 Wednesday. The company has set 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.

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 Adinarayana Hosahalli, 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.