Axiom Gas Engineering IPO
IPO Listing Details
- Listing Date
25 Sep 2026
- Listing Price
₹ 54.75
- Listing Change
3.30%
- Last Traded Price
₹ 40.00
Axiom Gas Engineering IPO Details
-
Open Date
18 Sep 2026
-
Close Date
22 Sep 2026
- IPO Price Range
₹ 50 to ₹53
- IPO Size
₹ 49.81 Cr
Axiom Gas Engineering IPO Timeline
Axiom Gas Engineering IPO Subscription Status
| Date | QIB | NII | Retail | TOTAL |
|---|---|---|---|---|
| 18-sep-2026 | 0.80 | 0.55 | 0.64 | 0.62 |
| 21-sep-2026 | 0.80 | 0.68 | 1.04 | 0.85 |
Last Updated: 22 September 2026 6:42 PM by 5paisa
Axiom Gas Engineering Limited is engaged primarily in the distribution and retail sale of Auto Liquefied Petroleum Gas (Auto LPG). It operates Auto LPG Dispensing Stations (ALDS), procuring LPG from suppliers and managing storage, transportation and retail dispensing to end consumers. Its customer base primarily includes users of auto-rickshaws, taxis and small commercial vehicles.
As of 31 March 2026, Axiom operated 22 Auto LPG Dispensing Stations across Telangana, Karnataka and Maharashtra. Its retail network operates under the PRIMEFUEL brand. The company's activities also extend to gas and pipe engineering, turnkey LPG infrastructure, bottling and bulk installations, technical consultancy, equipment design, installation, maintenance and related hydrocarbon engineering services.
The business operates with supporting storage and distribution infrastructure and has regulatory approvals for Auto LPG installation and operations. Axiom is also ISO 9001:2015 certified.
Established in: 2007
Managing Director: Nikhil Tiwari
Peers:
Confidence Petroleum India Limited
Aegis Logistics Limited
Axiom Gas Engineering Objectives
The fresh issue proceeds are proposed to be utilised towards:
1. Funding capital expenditure, including expansion of the Auto LPG Dispensing Station network
2. Prepayment or repayment of a portion of certain outstanding borrowings availed by the Company
3. General corporate purposes
The Company proposes to deploy approximately ₹27.60 crore towards capital expenditure and around ₹9.12 crore towards prepayment or repayment of certain outstanding borrowings.
Axiom Gas Engineering IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹49.81 Cr |
| Offer For Sale | - |
| Fresh Issue | ₹49.81 Cr |
Axiom Gas Engineering IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 4,000 | ₹2,00,000 |
| Retail (Max) | 2 | 4,000 | ₹2,12,000 |
| S-HNI (Min) | 3 | 6,000 | ₹3,00,000 |
| S-HNI (Max) | 9 | 18,000 | ₹9,54,000 |
| B-HNI (Min) | 10 | 20,000 | ₹10,60,000 |
Axiom Gas Engineering IPO Reservation
| Investors Category | Subscription (times) | Shares Offered* | Shares bid for | Total Amount (Cr.)* |
|---|---|---|---|---|
| QIB (Ex Anchor) | 0.80 | 7,14,000 | 5,72,000 | 3.089 |
| Non-Institutional Buyers | 0.68 | 35,68,000 | 24,18,000 | 13.057 |
| bNII | 0.72 | 23,78,000 | 17,12,000 | 9.245 |
| sNII | 0.59 | 11,90,000 | 7,06,000 | 3.812 |
| Retail | 1.04 | 35,68,000 | 36,96,000 | 19.958 |
| Total** | 0.85 | 78,50,000 | 66,86,000 | 36.104 |
*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 74.54 | 89.84 | 100.76 |
| EBITDA | 10.01 | 13.29 | 15.48 |
| PAT | 5.74 | 7.75 | 9.45 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 52.37 | 60.83 | 69.38 |
| Share Capital | 0.25 | 12.97 | 12.97 |
| Total Liabilities | 38.52 | 37.00 | 36.10 |
| Particulars (In ₹Crores.) | FY24 | FY25 | FY26 |
| Net Cash Generated From / (used in) Operating Activities | 4.71 | 8.17 | 10.80 |
| Net Cash Generated From / (used in) Investing Activities | -12.76 | -5.18 | -5.39 |
| Net Cash Generated From / (used in) Financing Activities | 10.23 | -3.47 | -1.85 |
| Net Increase (Decrease) in Cash and Cash Equivalents | 2.17 | -0.49 | 3.56 |
Strengths
1. Axiom operates an owned-and-operated network of 22 Auto LPG Dispensing Stations across Telangana, Karnataka and Maharashtra as of 31 March 2026.
2. Its integrated operating model covers procurement, storage, transportation and retail dispensing of Auto LPG, providing control across several stages of the value chain.
3. Revenue from operations increased from ₹74.54 crore in FY24 to ₹100.76 crore in FY26, while PAT rose from ₹5.74 crore to ₹9.45 crore over the same period.
4. Operating cash flow improved to approximately ₹10.80 crore in FY26, while EBITDA and PAT margins also expanded.
5. The company has experience in LPG infrastructure, engineering, turnkey station installation and regulatory compliance for the handling and dispensing of Auto LPG.
Weaknesses
1. The company's operating revenue is highly dependent on Auto LPG, resulting in limited product-level revenue diversification.
2. LPG procurement is concentrated among a small number of suppliers. The three key suppliers accounted for around 99.75% of LPG procurement in FY26, creating supply-concentration risk.
3. Transportation of LPG is substantially dependent on Prime Fuel Logistics Private Limited, a related-party group company, exposing operations to concentration within the logistics chain.
4. Operations are geographically concentrated in Telangana, Maharashtra and Karnataka. Telangana alone contributed around 60.42% of FY26 revenue, followed by Maharashtra at 31.39%.
5. The business requires continued capital expenditure on dispensing stations, storage infrastructure, safety systems and regulatory compliance.
Opportunities
1. Axiom proposes to use part of the IPO proceeds to expand its ALDS network, including the establishment of additional dispensing stations.
2. Partnerships with fleet owners, transport operators, auto-rickshaw networks and other commercial users could help increase recurring fuel volumes at its stations.
3. Auto LPG's price differential compared with petrol can support adoption among price-sensitive commercial and passenger-transport users.
4. The company's existing engineering capabilities provide scope to expand turnkey LPG infrastructure, equipment and technical consultancy activities.
5. Greater station density in its existing markets could improve accessibility and utilisation of the PRIMEFUEL network.
Threats
1. Greater adoption of CNG, electric vehicles and other alternative-fuel technologies could reduce long-term demand for Auto LPG in certain vehicle segments.
2. Changes in regulations governing LPG storage, transportation, retailing, safety standards or licensing could increase compliance requirements and operating costs.
3. LPG is highly flammable, and accidents during transportation, storage or dispensing could result in operational disruption, liabilities and reputational damage.
4. Dependence on a limited supplier base makes the business vulnerable to LPG availability, procurement-price movements and supply-chain disruptions.
5. The economics of Auto LPG depend partly on its price advantage over competing fuels; changes in fuel prices can therefore influence customer adoption and station volumes.
1. Axiom's revenue from operations increased from ₹74.54 crore in FY24 to ₹100.76 crore in FY26, while PAT increased from ₹5.74 crore to ₹9.45 crore.
2. The company operates 22 Auto LPG Dispensing Stations across Telangana, Karnataka and Maharashtra, providing an established retail distribution footprint.
3. EBITDA margin improved to approximately 15.36% in FY26, while PAT margin increased to around 9.38%.
4. Operating cash flow increased to approximately ₹10.80 crore in FY26, alongside a reduction in leverage compared with FY24.
5. A portion of the fresh issue proceeds is proposed to fund ALDS network expansion and repay borrowings, supporting capacity expansion and balance-sheet management.
Auto LPG remains a relatively specialised segment of India's automotive-fuel market. As of 1 April 2025, Public Sector Oil Marketing Companies operated around 440 Auto LPG Dispensing Stations across India, while Auto LPG sales stood at approximately 73.2 thousand metric tonnes in FY25. Demand is concentrated geographically, with the Southern region accounting for around 83.6% of Auto LPG volumes.
The fuel is primarily used by auto-rickshaws, taxis and smaller commercial vehicles and competes with petrol, CNG and increasingly electric mobility. Its relative cost advantage over petrol, lower infrastructure requirements compared with pipeline-based CNG and established LPG distribution ecosystem can support demand. However, adoption depends on dispensing-station availability, vehicle conversion economics, regulatory policies and competing alternative-fuel technologies.
Axiom operates 22 ALDS across three states, including two states in Southern India, and intends to expand its network using IPO proceeds. Greater station density, fleet partnerships and expansion within existing operating markets could increase its addressable customer base, while its engineering capabilities provide an additional route to participate in LPG and related energy infrastructure.
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FAQs
Axiom Gas Engineering IPO opens from 18 September 2026 to 22 September 2026.
The size of the Axiom Gas Engineering IPO is approximately ₹49.81 crore at the upper end of the price band.
The price band of Axiom Gas Engineering IPO is fixed at ₹50 to ₹53 per share.
1. Login to your 5paisa demat account and select the issue in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the Axiom Gas Engineering IPO.
3. Enter your UPI ID and click on submit. Your bid will then be placed with the exchange.
4. You will receive a mandate notification to block funds in your UPI app.
The minimum eligible application is two lots, or 4,000 shares, requiring an investment of ₹2,00,000 at the floor price of ₹50 per share.
The basis of allotment for the Axiom Gas Engineering IPO is expected to be finalised on 23 September 2026.
The Axiom Gas Engineering IPO is tentatively scheduled to list on the NSE SME / NSE Emerge platform on 25 September 2026.
SKI Capital Services Limited is the book-running lead manager for the Axiom Gas Engineering IPO.
The fresh-issue proceeds are proposed to be used for:
1. Funding capital expenditure, including expansion of the Auto LPG Dispensing Station network
2. Prepayment or repayment of a portion of certain outstanding borrowings availed by the Company
3. General corporate purposes