Ajax Engineering IPO - Day 3 Subscription at 0.56 Times

Ajax Engineering's initial public offering (IPO) has concluded with moderate investor interest over the three-day subscription period. The IPO witnessed gradual improvement in demand, with subscription rates progressing from 0.28 times on day one, to 0.49 times on day two, and reaching 0.56 times by 10:59 AM on the final day, showing steady but measured participation across investor categories.

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Ajax Engineering IPO, which opened on February 10, 2025, has seen particularly encouraging response from the Employee segment, with their portion being subscribed 1.62 times. The Non-Institutional Investors (NII) segment shows promising interest with 0.77 times subscription, particularly in the sNII category at 0.91 times, while the Retail portion stands at 0.60 times and QIB portion at 0.33 times.

The ₹1,269.35 crore IPO, being entirely an offer for sale, has already secured strong institutional backing through anchor investors who subscribed to shares worth ₹379.32 crores. The issue includes an employee reservation portion of 78,947 shares with a discount of ₹59 per share, which has received strong response with 1.62 times subscription, demonstrating confidence from internal stakeholders in the company's prospects.

Subscription Status of Ajax Engineering IPO:

Here are the subscription details for Ajax Engineering IPO as of Day 3 (February 12, 2025, 10:59 AM):

Note:
 

• "Shares Offered" and "Total Amount" are calculated based on the upper price of the issue price range.
• The portions of anchor investors and market maker are not included in the total shares offered.

Ajax Engineering IPO - Day 3 Subscription

• Overall subscription reached 0.56 times on the final day demonstrating steady progress
• Employee portion emerged as the strongest with 1.62 times subscription
• Non-Institutional Investors showing solid interest at 0.77 times subscription
• sNII category demonstrated good momentum at 0.91 times subscription
• bNII segment improved to 0.68 times showing growing interest
• Retail portion achieved 0.60 times indicating moderate participation
• QIB portion maintained at 0.33 times subscription
• Total bids worth ₹499.77 crores received across categories
• Applications reached 165,282 showing broad-based investor interest
• All segments showing improvement over previous days
• Strong employee participation indicating internal confidence
• Anchor portion fully subscribed with ₹379.32 crore investment
• Final day witnessing balanced participation across categories
• Market response reflecting measured investor approach

Ajax Engineering IPO - Day 2 Subscription at 0.49 Times

• Overall subscription progressed to 0.49 times showing steady growth
• Employee quota showing strong interest at 1.19 times subscription
• NII segment improved significantly to 0.61 times
• sNII portion leading with 0.77 times subscription
• bNII category reached 0.51 times showing growing momentum
• Retail investors participation increased to 0.52 times
• QIB portion improved to 0.33 times from previous day
• Total applications reached 130,328 indicating growing interest
• Day two maintaining consistent growth trajectory
• Market response showing improving investor confidence
• Balanced participation observed across categories
• Strong momentum building in employee segment
• Total bid amount reaching ₹434.94 crores
• Steady progress across all investor segments

Ajax IPO - Day 1 Subscription at 0.28 Times

Key Highlights:

• Overall subscription opened at 0.28 times showing cautious start
• Employee quota leading day one with 0.54 times subscription
• Retail investors began with 0.29 times participation
• NII segment started at 0.28 times showing balanced interest
• sNII portion showing early promise at 0.35 times
• bNII category initiated at 0.24 times subscription
• QIB portion commenced at 0.26 times
• Initial applications indicating measured response
• Opening day setting foundation for subscription build-up
• Market response reflecting careful investor approach
• Employee participation showing early confidence
• Anchor book providing strong institutional backing
• Initial momentum building gradually
• Day one establishing balanced participation base

About Ajax Engineering Limited

Ajax Engineering Limited, established in July 1992, has evolved into a leading manufacturer of concrete equipment in India. With over three decades of expertise, the company has developed an impressive portfolio of 141 concrete equipment variants and has sold more than 29,800 units in India over the past decade. Operating through four specialized manufacturing facilities in Karnataka, the company has built a robust network of 51 dealerships across 23 states, providing 114 touchpoints including 51 headquarters and 63 branches.

Their financial performance demonstrates strong growth with revenue increasing from ₹1,172.57 crores in FY2023 to ₹1,780.07 crores in FY2024, while profit after tax rose from ₹135.90 crores to ₹225.15 crores. For the six months ended September 30, 2024, the company reported revenue of ₹794.16 crores with a PAT of ₹101.02 crores, showcasing robust operational efficiency.

Their competitive strengths include:

• Market leadership in SLCM segment
• Comprehensive concrete equipment portfolio
• Strong in-house design and development capabilities
• Technology-driven manufacturing processes
• Extensive dealer network
• Diverse customer base with long-term relationships
• Experienced management team
• Strong R&D focus
   

Highlights of the Ajax Engineering IPO:

• IPO type: Book Built Issue IPO
• IPO size: ₹1,269.35 crores
• Offer for Sale: 2,01,80,446 shares
• Face value: ₹1 per share
• Price band: ₹599 to ₹629 per share
• Lot size: 23 shares
• Employee discount: ₹59 per share
• Minimum investment for retail investors: ₹14,467
• Minimum investment for sNII: ₹2,02,538
• Minimum investment for bNII: ₹10,12,690
• Listing at: BSE, NSE
• IPO opens: February 10, 2025
• IPO closes: February 12, 2025
• Allotment date: February 13, 2025
• Refund initiation: February 14, 2025
• Credit of shares: February 14, 2025
• Listing date: February 17, 2025
• Lead Managers: ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management, SBI Capital Markets
• Registrar: Link Intime India Private Ltd