The Ajax Engineering IPO is set to open for subscription on February 10, 2025, and will close on February 12, 2025. This IPO follows the Book Built Issue method, with the company aiming to raise approximately ₹1,269.35 crores. The offering consists of a fresh issue of ₹[.] crores and an offer for sale (OFS) of up to 2,01,80,446 equity shares, each with a face value of ₹1.
Pricing and Market Listing
- Price Band: ₹599 to ₹629 per share
- Investor Quotas:
- Retail Investors: 35%
- Qualified Institutional Buyers (QIBs): 50%
- High Net-worth Individuals (HNIs): 15%
- Listing Date & Stock Exchanges: The IPO is expected to be listed on BSE and NSE on February 17, 2025.
- IPO Allotment Date: February 13, 2025
Financial Performance
Ajax Engineering has demonstrated strong financial growth in recent years:
- Revenue:
- 2024: ₹1,780.07 crores
- 2023: ₹1,172.57 crores
- Net Profit:
- 2024: ₹225.28 crores
- 2023: ₹135.53 crores
Considering the company’s consistent financial performance, long-term investors may find Ajax Engineering IPO a promising investment opportunity.
Ajax Engineering IPO Details
- IPO Opening Date: February 10, 2025
- IPO Closing Date: February 12, 2025
- Face Value: ₹1 per equity share
- Price Band: ₹599 to ₹629 per share
- Issue Size: Approximately ₹1,269.35 crores
- Offer for Sale (OFS): Around 2,01,80,446 equity shares
- Issue Type: Book Built Issue
- Stock Exchange Listing: BSE & NSE
- Retail Investor Quota: Up to 35%
- Qualified Institutional Buyers (QIB) Quota: Up to 50%
- Non-Institutional Investors (NII) Quota: Up to 15%
- Employee Discount: ₹59 per share
- DRHP (Draft Prospectus): [Click Here]
- RHP (Red Herring Prospectus): [Click Here]
- Anchor Investors List: [Click Here]
Ajax Engineering IPO Market Lot & Bidding Details
The minimum market lot for the Ajax Engineering IPO is 23 shares, requiring an application amount of ₹14,467. Retail investors can apply for a maximum of 13 lots, totaling 299 shares with an investment of ₹1,88,071.
Market Lot Breakdown
| Application Type | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 lot | 23 shares | ₹14,467 |
| Retail Maximum | 13 lots | 299 shares | ₹1,88,071 |
| S-HNI Minimum | 14 lots | 322 shares | ₹2,02,538 |
| B-HNI Minimum | 70 lots | 1,610 shares | ₹10,12,690 |
Bidding Limits Based on Category
| Category | Maximum Bidding Limits | Bidding at Cut-off Price |
|---|---|---|
| Retail Individual Investors (RII) | Up to ₹2 Lakhs | Yes |
| Small High Net-worth Individuals (sNII) | ₹2 Lakhs to ₹10 Lakhs | No |
| Big High Net-worth Individuals (bNII) | ₹10 Lakhs to NII Reservation Portion | No |
| Employees | Up to ₹5 Lakhs | Yes |
| Employees + RII/NII | Employee Limit: Up to ₹5 Lakhs (Discount may apply if bidding is up to ₹2 Lakhs). RII Limit: Up to ₹2 Lakhs. NII Limit: sNII (> ₹2 Lakhs up to ₹10 Lakhs) and bNII (> ₹10 Lakhs) | Yes (For Shareholder/RII) |
Ajax Engineering IPO Schedule
The Ajax Engineering IPO will open for subscription on February 10, 2025, and close on February 12, 2025. The allotment of shares will be finalized on February 13, 2025, followed by refunds and credit to Demat accounts on February 14, 2025. The IPO is set to be listed on February 17, 2025.
- IPO Opening Date: February 10, 2025
- IPO Closing Date: February 12, 2025
- Basis of Allotment: February 13, 2025
- Refund Initiation: February 14, 2025
- Credit to Demat Accounts: February 14, 2025
- IPO Listing Date: February 17, 2025
Ajax Engineering IPO Promoter Holding
The key promoters of Ajax Engineering include 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.
Shareholding Details
- Pre-Issue Holding: 93.50%
- Post-Issue Holding: To be updated
About Ajax Engineering
Ajax Engineering, based in Bengaluru, was originally founded as ‘Ajax Fiori Engineering (India) Private Limited’ on July 3, 1992. The company specializes in concrete equipment manufacturing and has sold over 27,800 units across India, Nepal, and Bhutan through its extensive dealer network. Currently, Ajax is developing a new manufacturing plant in Adinarayanahosahalli, expected to be completed by 2025.
Financial Highlights (FY 2024)
- Revenue: ₹1,741 crores
- Total Income: ₹17,800.74 million
- Total Non-Current Assets: ₹2,670.94 million
- Total Current Assets: ₹9,690.48 million
- Total Equity & Liabilities: ₹12,361.42 million
Ajax Engineering IPO Financial Report
Ajax Engineering has shown consistent growth in revenue and profit over the years. In 2024, the company reported a revenue of ₹1,780.07 crores, marking a significant increase from ₹1,172.57 crores in 2023. The company’s profit after tax (PAT) also surged to ₹225.28 crores in 2024, compared to ₹135.53 crores in 2023.
Financial Performance (₹ in Crores)
| Period Ended | Revenue | Expense | Profit After Tax | Total Assets |
|---|---|---|---|---|
| 2022 | ₹771.85 | ₹681.43 | ₹66.38 | ₹735.31 |
| 2023 | ₹1,172.57 | ₹989.62 | ₹135.53 | ₹966.73 |
| 2024 | ₹1,780.07 | ₹1,478.16 | ₹225.28 | ₹1,236.14 |
| September 2024 | ₹794.16 | ₹657.03 | ₹101.24 | ₹1,348.76 |
The company’s steady revenue growth and profitability highlight its strong financial health, making the IPO an attractive opportunity for investors.
Ajax Engineering IPO Valuation – FY 2024
Investors can evaluate Ajax Engineering’s financial strength through key valuation metrics such as Earnings Per Share (EPS), Price-to-Earnings (P/E) Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV).
Key Performance Indicators (KPI) – FY 2024
| Metric | Value |
|---|---|
| Return on Equity (ROE) | 24.53% |
| Return on Capital Employed (ROCE) | 32.82% |
| EBITDA Margin | 15.82% |
| Profit After Tax (PAT) Margin | 12.65% |
| Debt-to-Equity Ratio | 0.01 |
| Earnings Per Share (EPS) | ₹19.68 (Basic) |
| Price-to-Earnings (P/E) Ratio | N/A |
| Return on Net Worth (RoNW) | 19.39% |
| Net Asset Value (NAV) Per Share | ₹80.24 |
Peer Group Comparison
Ajax Engineering’s performance can be compared with industry peers such as Action Construction Equipment Limited, BEML Limited, and Escorts Kubota Limited.
| Company | EPS | P/E Ratio | RoNW % | NAV (₹) | Total Income (₹ Cr.) |
|---|---|---|---|---|---|
| Action Construction Equipment Ltd. | 27.56 | 45.38 | 26.65% | 103.42 | 2,990.90 |
| BEML Ltd. | 67.66 | 58.07 | 10.56% | 640.55 | 4,096.56 |
| Escorts Kubota Ltd. | 96.80 | 39.49 | 11.44% | 780.83 | 9,248.21 |
Ajax Engineering’s high RoCE and low debt-to-equity ratio indicate strong financial stability, making it a competitive player in the construction equipment industry.
Purpose of the Offer
- The company will not receive any funds from this offering. Instead, the proceeds will be distributed among the selling shareholders in proportion to their shares sold, after deducting applicable offer-related expenses and taxes.
Ajax Engineering IPO Review
Below are the recommendations from various financial institutions and brokerage firms:
- Canara Bank –
- DRChoksey FinServ –
- Emkay Global –
- Hem Securities –
- IDBI Capital –
- Marwadi Shares –
- Nirmal Bang –
- SBICAP Securities –
- Sharekhan –
- SMC Global –
- Sushil Finance –
- Swastika Investmart –
- Ventura Securities –
- Geojit –
- Reliance Securities –
- Capital Market: May Apply
- BP Wealth –
- ICICIdirect –
- Choice Broking –
Ajax Engineering IPO Registrar
Registrar: Link Intime India Private Limited
Contact Number: +91 81 0811 4949
Email: ajaxengineering.ipo@linkintime.co.in
Website: Link Intime IPO Portal
IPO Lead Managers (Merchant Bankers)
- ICICI Securities Limited
- Citigroup Global Markets India Private Limited
- JM Financial Limited
- Nuvama Wealth Management Limited
- SBI Capital Markets Limited
Company Address
Ajax Engineering Limited
253/1, 11th Main Road, 3rd Phase,
Peenya Industrial Area,
Bengaluru – 560058, Karnataka, India
Phone: +91 82 9633 6111
Email: complianceofficer@ajax-engg.com
Website: www.ajax-engg.com
Ajax Engineering IPO – Frequently Asked Questions (FAQs)
- What is the Ajax Engineering IPO?
- Ajax Engineering IPO is a Mainboard IPO through which the company aims to raise ₹1,269.35 crores. The price band for the issue is set between ₹599 to ₹629 per equity share. The IPO will be listed on BSE and NSE.
- When does the Ajax Engineering IPO open for subscription?
- The IPO will be open for subscription from February 10, 2025, for Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Investors. The subscription will close on February 12, 2025.
- What is the investor allocation for the Ajax Engineering IPO?
- QIB (Qualified Institutional Buyers): 50%
- NII (Non-Institutional Investors): 15%
- Retail Investors: 35%
How to Apply for Ajax Engineering IPO?
Investors can apply for the Ajax Engineering IPO through the ASBA (Application Supported by Blocked Amount) facility available in their bank account. Additionally, applications can be submitted online via UPI through stockbrokers. For those preferring an offline method, the IPO application can also be completed by filling out a physical form with stockbrokers.
- 1. IPO Issue Size:
- The total issue size of Ajax Engineering’s IPO is ₹1,269.35 crores.
- 2. IPO Price Band:
- The price band for the IPO is set between ₹599 to ₹629 per share.
- 3. IPO Lot Size:
- Investors can place a minimum bid for 23 shares, requiring an investment of ₹14,467.
- 4. IPO Allotment Date:
- The allotment of shares is scheduled for February 13, 2025.
- 5. IPO Listing Date:
- The shares are expected to be listed on February 17, 2025, on both BSE and NSE.
