- Price Band fixed at ₹599 per equity share to ₹629 per equity share of the face value of ₹1 each Limited
- Anchor Investor Bidding Date – Friday, February 7, 2025
- Bid /Offer Opening Date – Monday, February 10, 2025, and Bid/ Offer Closing Date – Wednesday, February 12, 2025
- Bids can be made for a minimum of 23 Equity Shares and in multiples of 23 Equity Shares thereafter
NE BUSINESS BUREAU
AHMEDABAD, FEB 6
Self-loading concrete mixers manufacturer Ajax Engineering Limited on Thursday announced that it proposes to open an initial public offering of its equity share of the face value of ₹1 each on Monday, February 10, 2025. The Anchor Investor Bidding Date is one Working Day prior to Bid/Offer Opening Date, being Friday, February 7, 2025. The Bid/ Offer Closing Date is Wednesday, February 12, 2025.
The ₹1,269.35 crore initial share sale is exclusively an offer for sale (OFS) of 2.02 crore shares without a fresh issue component.
The Price Band of the Offer has been fixed from ₹ 599 per Equity Share to ₹ 629 per Equity Share. Bids can be made for a minimum of 23 Equity Shares and multiples of 23 Equity Shares thereafter.
The initial public offering comprises an offer for sale of up to 20,180,446 Equity Shares, consisting of up to 1,716,102 Equity Shares by Krishnaswamy Vijay, up to 1,716,102 Equity Shares by Kalyani Vijay, up to 2,288,136 Equity Shares by Jacob Jiten John, up to 5,593,221 Equity Shares by Jacob Hansen Family Trust, up to 1,430,085 Equity Shares by Susie John, and up to 7,436,800 Equity Shares by Kedaara Capital Fund II LLP.
Ajax Engineering IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. A discount of ₹59 per equity share is being offered to eligible employees bidding in the employee reservation portion.
“Our equipment have been deployed in construction of Narmada canals and also infrastructure development in Kutch district of Gujarat. We have majority of customers in Gujarat,” said Shubhabrata Saha, MD & CEO, Ajax Engineering.
Ajax Engineering Limited produces a diverse range of concrete equipment and services throughout the value chain. By March 31, 2024, the company has created 110 different variants of concrete equipment and has sold over 27,800 units in India over the past decade.
As of March 31, 2024, the design, engineering, and development team comprises 76 full-time employees, which is approximately 17.16% of the total workforce. As of March 31, 2024, Ajax Engineering Limited operates four facilities in Karnataka, situated in Obadenahalli, Gowribidanur, and Bashettihalli, with each facility focusing on specific products, particularly the one in Obadenahalli.
The Equity Shares of the Company are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited.
Ajax Engineering has recorded healthy financial performance in the past years with the profit in fiscal 2024 growing sharply by 65.7 percent to ₹225.1 crore and revenue increasing by 51.3 percent to ₹1,741.4 crore compared to previous financial year. Profit in the six months period ended September 2024 soared 21.8 percent to ₹101 crore and revenue grew by 12.4 percent to ₹770 crore compared to the corresponding period last fiscal.
The book running lead managers handling the public issue are ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management, and SBI Capital Markets.
