Ajax Engineering IPO is a book built issue of Rs 1,269.35 crores. The issue is entirely an offer for sale of 2.02 crore shares.
Ajax Engineering IPO opens for subscription on February 10, 2025 and closes on February 12, 2025. The allotment for the Ajax Engineering IPO is expected to be finalized on Thursday, February 13, 2025. Ajax Engineering IPO will list on BSE, NSE with tentative listing date fixed as Monday, February 17, 2025.
Ajax Engineering IPO price band is set at ₹599 to ₹629 per share. The minimum lot size for an application is 23. The minimum amount of investment required by retail investors is ₹14,467. The minimum lot size investment for sNII is 14 lots (322 shares), amounting to ₹2,02,538, and for bNII, it is 70 lots (1,610 shares), amounting to ₹10,12,690.
ICICI Securities Limited, Citigroup Global Markets India Private Limited, Jm Financial Limited, Nuvama Wealth Management Limited, SBI Capital Markets Limited are the book running lead managers of the Ajax Engineering IPO, while Link Intime India Private Ltd is the registrar for the issue.
Refer to Ajax Engineering IPO RHP for detailed information.
Ajax Engineering IPO Details
| IPO Date | February 10, 2025 to February 12, 2025 |
| Listing Date | [.] |
| Face Value | ₹1 per share |
| Price Band | ₹599 to ₹629 per share |
| Lot Size | 23 Shares |
| Total Issue Size | 2,01,80,446 shares (aggregating up to ₹1,269.35 Cr) |
| Offer for Sale | 2,01,80,446 shares of ₹1 (aggregating up to ₹1,269.35 Cr) |
| Employee Discount | 59.00 |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 11,44,06,800 shares |
| Share Holding Post Issue | 11,44,06,800 shares |
Ajax Engineering IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII (HNI) Shares Offered | Not more than 15% of the Net Offer |
Category Reservation Detail Table
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to Rs 5 Lakhs | Yes |
| Employee + RII/NII | Employee limit: Up to Rs 5 Lakhs (In certain cases, employees are given discount if bidding amount is upto Rs. 2 lakhs)If applying as RII: Upto Rs. 2 lakhsIf applying as NII: sNII > Rs. 2 lakhs and upto Rs. 10 lakhs and bNII > Rs. 10 lakhs | Yes for shareholder/RII |
Ajax Engineering IPO Timeline (Tentative Schedule)
Ajax Engineering IPO opens on February 10, 2025, and closes on February 12, 2025.
| IPO Open Date | Monday, February 10, 2025 |
| IPO Close Date | Wednesday, February 12, 2025 |
| Basis of Allotment | Thursday, February 13, 2025 |
| Initiation of Refunds | Friday, February 14, 2025 |
| Credit of Shares to Demat | Friday, February 14, 2025 |
| Listing Date | Monday, February 17, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on February 12, 2025 |
Ajax Engineering IPO Lot Size
Investors can bid for a minimum of 23 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 23 | ₹14,467 |
| Retail (Max) | 13 | 299 | ₹1,88,071 |
| S-HNI (Min) | 14 | 322 | ₹2,02,538 |
| S-HNI (Max) | 69 | 1,587 | ₹9,98,223 |
| B-HNI (Min) | 70 | 1,610 | ₹10,12,690 |
| Lot Size Calculator | |||
Ajax Engineering IPO Promoter Holding
The Promoters of the company are Krishnaswamy Vijay, Jacob Jiten John, Kalyani Vijay, Madhuri Vijay, Prashanth Vijay, Rachel Rekha Hansen, Savitha Christeena Alexander, Sean Alexander, Green Haven Trust, Ohana Trust, Jacob Hansen Family Trust and The Johns Loaves Trust.
| Share Holding Pre Issue | 93.50% |
| Share Holding Post Issue |
About Ajax Engineering Limited
Incorporated in July 1992, Ajax Engineering Limited manufactures a wide range of concrete equipment and services across the value chain.
As of September 30, 2024, The company has developed 141 concrete equipment variants for the value chain and sold over 29,800 units in India in the last ten years.
As of September 30, 2024, the design, engineering, and development team has 79 full-time employees, about 15.96% of the total workforce.
As of September 30, 2024, Ajax Engineering Limited has four facilities in Karnataka, located at Obadenahalli, Gowribidanur, and Bashettihalli, each specializing in different products, especially the Obadenahalli facility.
As of September 30, 2024, The company has 51 dealerships across 23 states in India, providing 114 touchpoints, including 51 headquarters and 63 branches, 34 of which also serve as service centers.
As of September 30, 2024, the company has established 25 dealers and distributors across South and Southeast Asia, the Middle East, and Africa.
As of September 30, 2024, the company has sold concrete equipment and spare parts to over 15,700 customers.
Product Portfolio:
- Self-loading concrete mixers
- Batching plants
- Transit mixers
- Boom pumps
- Concrete pumps
- Self-propelled boom pumps
- Slipform pavers
- 3D concrete printers
As of September 30, 2024, the service team included 85 employees, such as coordinators, managers, specialists, and customer service executives supporting our dealer network.
Competitive Strength
- Market leader in a large and fast-growing SLCM market
- Leading concrete equipment company with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain
- Strong in-house design, development and engineering capabilities
- Technology-led assembly and manufacturing processes and robust supplier network
- Large dealer network with widespread distribution model
- Diversified customer base with longstanding relationships in the concrete equipment market
- Experienced management team supported by qualified and experienced personnel.
+ Read More
Company Financials
Ajax Engineering Limited Financial Information (Restated)
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 1,348.76 | 1,236.14 | 966.73 | 735.31 |
| Revenue | 794.16 | 1,780.07 | 1,172.57 | 771.85 |
| Profit After Tax | 101.02 | 225.15 | 135.9 | 66.21 |
| Net Worth | 995.84 | 917.96 | 713.8 | 578.27 |
| Reserves and Surplus | 984.4 | 906.52 | 702.36 | 575.41 |
| Total Borrowing | 6.23 | 10.14 | 7.16 |
Key Performance Indicator
The market capitalization of Ajax Engineering IPO is Rs 7196.19 Cr.
KPI as of Sun, Mar 31, 2024.
| KPI | Values |
|---|---|
| ROE | 24.53% |
| ROCE | 32.82% |
| Debt/Equity | 0.01 |
| RoNW | 19.39% |
| PAT Margin | 12.65 |
| Price to Book Value | 7.84 |
Check Ajax Engineering IPO Peer Comparison here.
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 19.68 | 17.66 |
| P/E (x) | 31.96 | 35.62 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2024 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of September 30, 2024 that is available in RHP.
Objects of the Issue (Ajax Engineering IPO Objectives)
The Company will not receive any proceeds of the Offer. Each of the Selling Shareholders will be entitled to the respective proportion of proceeds of the Offer for Sale after deducting its portion of the Offer-related expenses and the relevant taxes thereon.
Ajax Engineering IPO Review (Apply)
[Dilip Davda] AEL is a leader in SLCM machinery that are widely used in infra developments. The company enjoys 75+% in the SLCM market share and thus has virtual monopoly like situation. The company posted steady growth in its top and bottom lines for the reported periods amidst elections. As per historical data, it gets around 35+% turnover in first half and 60+% in the 2nd half. Based on its recent financial performance, the issue appears reasonably priced against the peers’ average. Investors may lap it up for medium to long term. Read detail review…
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Ajax Engineering IPO Prospectus
Ajax Engineering Limited Contact Details
Ajax Engineering Limited
253/1, 11th Main Road
3 rd Phase, Peenya Industrial Area
Bengaluru 560058
Phone: +91 82 96336111
Email: complianceofficer@ajax-engg.com
Website: https://www.ajax-engg.com/
Ajax Engineering IPO Registrar
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: ajaxengineering.ipo@linkintime.co.in
Website: https://linkintime.co.in/Initial_Offer/public-issues.html