TNFMumbai/ TNF
Ajax Engineering, a leading manufacturer of self-loading concrete mixers, has finalized the price band for its upcoming Initial Public Offering (IPO). The price band has been set between ₹599 and ₹629 per share, with a lot size of 23 shares. The IPO is set to open on February 10 and will close on February 12. Anchor investors will be able to place their bids on February 7.
The size of the IPO is ₹1,269.35 crore, with an offer for sale (OFS) of 2.02 crore equity shares. No new shares will be issued, meaning the entire amount raised from the public offering will go to the existing shareholders selling their stakes. The final allotment of shares will be completed on February 13, with Ajax Engineering’s listing on the stock exchange scheduled for February 17.
Ajax Engineering is known for manufacturing a wide range of concrete equipment, including self-loading mixers, and has gained recognition for its innovation and quality in the construction industry. The company’s promoters include Krishna Swamy Vijay, Jacob Jiten John, Kalyani Vijay, Madhuri Vijay, Prashant Vijay, Rachel Rekha Henson, Savita Christina Alexander, Seen Alexander, Green Haven Trust, Ohana Trust, Jacob Henson Family Trust, and The Johns Lowes Trust.
Among the equity shares being offered for sale in the IPO, Krishna Swamy Vijay, Kalyani Vijay, Jacob Jiten John, Jacob Henson Family Trust, and Suzy John have offered 1.27 crore shares for sale. Additionally, the sole investor, Kedara Capital Fund II LLP, will sell its entire 6.5% stake by offering 74.36 lakh shares, effectively exiting its investment in Ajax Engineering.
The IPO will be managed by a team of leading book-running lead managers, including ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management, and SBI Capital Markets. Link Intime India is the registrar for the IPO. The shares are reserved in the following manner: 50% for Qualified Institutional Buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors.
Ajax Engineering has shown significant financial growth in recent years. For the fiscal year 2023-24, the company reported a 65.7% increase in profit, reaching ₹225.1 crore. Its revenue surged by 51.3% to ₹1,741.4 crore. During the period from April to September 2024, the company saw a 21.8% rise in profit, reaching ₹101 crore, while its revenue increased by 12.4% to ₹770 crore.
With a strong growth track record and a promising outlook in the construction equipment industry, Ajax Engineering’s IPO is expected to attract significant attention from both institutional and retail investors. The offering provides an opportunity for investors to tap into a leading company in a sector poised for long-term growth.
