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The Kedaara Capital-backed company has allocated shares to SBI Mutual Fund (MF), Axis MF, HSBC MF, Edelweiss MF, ITI MF, Amundi Funds New Silk Road and Franklin Templeton Investment Funds, among others
The company has allotted 60.3 lakh shares to 23 funds at ₹629 apiece, which is also the upper end of the IPO price band. This aggregates the transaction size to ₹379.3 crore.
The company has set a price band of Rs 599 to Rs 629 per share. Investors can bid for a minimum of 23 equity shares in one lot and in multiples thereof.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 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.Considering the upper end of the price band, the company’s market capitalisation has been pegged at Rs 7,200 crore.
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 specializing in distinct product lines. Besides, an assembling and manufacturing facility at Adinarayanahosahalli, Karnataka is under construction and expected to become operational in August 2025.
Ajax Engineering has seen healthy financial performance in the past years, with the profit in fiscal 2024 growing sharply by 65.7% to Rs 225.1 crore and revenue increasing by 51.3% to Rs 1,741.4 crore, compared to previous financial year.
Profit in the six months period ended September 2024 soared to 21.8% to Rs 101 crore and revenue grew by 12.4 percent to Rs 770 crore compared to the corresponding period last fiscal.
ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management and SBI Capital Markets are the book running lead managers to the issue.
The allotment for the Ajax Engineering IPO is expected to be finalised on February 13, 2025. Ajax Engineering IPO will be list on BSE, NSE with a tentative listing date fixed as February 17.
