Ajax Engineering Shares Decline on Market Debut

New Delhi, Feb 17 (PTI) Shares of Ajax Engineering Ltd on Monday listed on the bourses with a discount of over 8 per cent against the issue price of Rs 629.

The stock began the trade at Rs 593, a discount of 5.72 per cent on the BSE. It later dropped 10.17 per cent to Rs 565.

At the NSE, it listed at Rs 576, registering a decline of 8.42 per cent.

The company's market valuation stood at Rs 6,613.29 crore.

The initial public offering 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 had a price band of Rs 599-629 per share.

The Bengaluru-headquartered company's Rs 1,269-crore initial share sale had an offer-for-sale (OFS) component of 2.01 crore shares.

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.