Ajax Engineering IPO
Ajax Engineering IPO is 100% Book Building issue of Rs 1,269.35 crores. Ajax Engineering IPO open date is February 10, 2025 and the IPO will close on February 12, 2025.
The allotment of Ajax Engineering IPO date is February 13, 2025. The IPO will be list on BSE, NSE on February 17, 2025 and the price band of the IPO has been set at ₹599 to ₹629 per share. The minimum lot size for an application is 23 shares.
The company reported profit of ₹225.15 crores in 2024 against profit of ₹135.53 crores in 2023. The company reported revenue of ₹1,780.07 crores in 2024 against ₹1,172.57 crore in 2023.
Ajax Engineering IPO Details –
| Symbol | |
| Issue Period | February 10, 2025 to February 12, 2025 |
| Listing Date | February 17, 2025 |
| Price Range | ₹599 to ₹629 per share |
| Lot Size | 23 Shares and in multiples thereof |
| Face Value | ₹1 per share |
| Total Issue Size | 2,01,80,446 shares, ₹1,269.35 crores |
| Fresh Issue | – |
| Offer for Sale | 2,01,80,446 shares, ₹1,269.35 crores |
| Issue Type | 100% Book Building |
| Retail Quata | 35% |
| NII Quata | 15% |
| QIB Quata | 50% |
| Category Reservation Detail | below |
| Category | Maximum Bidding Limits | Bidding at Cut-off Price |
| 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 Schedule (Provisional) –
Ajax Engineering IPO is scheduled to open on February 10, 2025
and close on February 10, 2025. IPO listing will take place on February 10, 2025.
| IPO Open Date | February 10, 2025 |
| IPO Close Date | February 12, 2025 |
| Basis of Allotment | February 13, 2025 |
| Refund Process start | February 14, 2025 |
| Share Credit to Demat | February 14, 2025 |
| Listing Date | February 17, 2025 |
| IPO Market Timings | 10.00 a.m. to 5.00 p.m. |
Ajax Engineering IPO Market Lot Size –
The Ajax Engineering IPO minimum lot size is 23 Shares with ₹14,467 application amount. Investors can bid for a minimum of 23 Shares and in multiples thereof. The minimum and maximum shares and amounts that retail investors and HNI can invest are shown in the table below.
| Application | Lot Size | Shares | Amount |
| Retail (Minimum) | 1 | 23 | ₹14,467 |
| Retail (Maximum) | 13 | 299 | ₹1,88,071 |
| S-HNI (Minimum) | 14 | 322 | ₹2,02,538 |
| S-HNI (Maximum) | 69 | 1587 | ₹9,98,223 |
| B-HNI (Minimum) | 70 | 1610 | ₹10,12,690 |
Ajax Engineering IPO Promoters – |
| 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. |
Ajax Engineering Limited Financial Details –
The company reported profit of ₹225.15 crores in 2024 against profit of ₹135.53 crores in 2023. The company reported revenue of ₹1,780.07 crores in 2024 against ₹1,172.57 crore in 2023.
| Period Ended | 31-Mar-2024 | 31-Mar-2023 | 31-Mar-2022 |
| Revenue | 1,780.07 | 1,172.57 | 771.82 |
| Profit After Tax | 225.15 | 135.9 | 66.22 |
| Net Worth | 917.96 | 713.8 | 578.27 |
| Expense | 1,478.16 | 989.62 | 681.43 |
| Total Debt | 6.23 | 10.14 | 7.16 |
| Amount in Crores ₹ |
Ajax Engineering IPO Key Performance Indicator (KPI) –
Ajax Engineering ROCE is 32.82 %, Pre IPO EPS is 19.68
| KPI | Values |
| ROE | 24.53 % |
| ROCE | 32.82 % |
| Return on Net Worth (RoNW) | 19.39 % |
| PAT Margin | 12.65% |
| EBITDA Margin | 15.82% |
| EPS | 19.68 |
| P/E Ratio | 31.96 |
| Price to Book Value | |
| Debt to equity | 0.01 |
Ajax Engineering IPO Analysis
| Canara Bank | Share india securities |
| Choice Broking | Nirmal Bang |
| DRChoksey FinServ | Reliance Securities |
| Emkay Global | SBICAP Securities |
| Geojit | Sharekhan |
| Hem Securities | SMC Global |
| ICICIdirect | Sushil Finance |
| IDBI Capital | Swastika Investment |
| Marwadi Shares | Ventura Securities |
Ajax Engineering Peer Group –
| Company | EPS | PE Ratio |
| Action Construction Equipment Limited | 27.56 | 45.38 |
| BEML Limited | 67.66 | 58.07 |
| Book Running Lead Managers | ICICI Securities Limited
Citigroup Global Markets India Private Limited, JM Financial Limited, Nuvama Wealth Management Limited, SBI Capital Markets Limited
|
| Syndicate Members | |
| Sponsor Bank | |
| Categories | “FI, IC, MF, FII, OTH, CO, IND and NOH” |
| Company’s Contact Details |
| Ajax Engineering Limited 253/1, 11th Main Road, 3rd Phase, Peenya Industrial Area, Bengaluru 560 058, Karnataka, India Phone: +91 82 9633 6111 Email: complianceofficer@ajax-engg.com |
| IPO Registrar’s Details |
| Link Intime India Private Limited Phone: +91 81 0811 4949 E-mail: ajaxengineering.ipo@linkintime.co.in Website:https://linkintime.co.in/ |
About Ajax Engineering –
Incorporated in July 1992, Ajax Engineering Limited manufactures a wide range of concrete equipment and services across the value chain.
It had tied up with the concrete equipment manufacturer and has sold over 27,800 pieces of concrete equipment in India. Ajax has a reliable network of dealers across the entire country, including Nepal and Bhutan. The company is constructing a manufacturing plant in Adinarayanahosahalli, which is set to be finished in 2025.
Ajax Engineering have sold over 27,800 concrete equipment in India. Since their inception 32 years ago, Ajax Engineering have developed a comprehensive product portfolio that includes equipment such as self-loading concrete mixers (SLCMs) and batching plants for the production of concrete, transit mixers for the transportation of concrete, boom pumps, concrete pumps and self-propelled boom pumps for the placement of concrete, slip-form pavers for the paving of concrete and 3D concrete printers for depositing concrete.
Ajax Engineering is one of the three largest manufacturers of SLCMs in the world, with an approximately 75%, 77% and 86% market share in the SLCM market in India in terms of number of SLCMs sold during Financial Years 2024, 2023 and 2022, respectively. Moreover, during Financial Year 2024, 12% of the concrete production in India was through their SLCMs.
Objects of the Issue –
- 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.
Strengths –
- Ajax Engineering is the market leader in a large and fast-growing SLCM market
- It has a comprehensive portfolio of 141 concrete equipment variations and offers services and solutions across the concrete application value chain.
- It has strong in-house design and development capabilities
- Large dealer network with 114 touchpoints in 23 states
- Leading concrete equipment company with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain
- Diversified customer base with longstanding relationships in the concrete equipment market
- Experienced management team supported by qualified and experienced personnel.
Risks –
- The company substantially assembles all SLCMs at its Obadenahalli Facility(99.06% as of September 2024). Any disruptions or stoppages at this facility or other facilities could adversely impact its operations, financial condition, and results of operations.
- The leases for two of its assembling and manufacturing facilities have expired. While it has made applications to obtain ownership of these land parcels, there can be no assurance that we will be successful.
- Fluctuations in prices of materials, and disruptions in the timely availability of materials could have an adverse effect on their business, results of operations, financial condition and cash flows.
- All their assembling and manufacturing facilities are located in the state of Karnataka, which may expose them to regional risks that could adversely affect their business, results of operations, financial condition, and cash flows.
Ajax Engineering IPO FAQs–
- What is Ajax Engineering IPO?
Ajax Engineering IPO is a Mainline IPO. The company plans to raise ₹ 1,269.35 crores through an initial public offering. The issue is priced at ₹599 to ₹629 per share. The IPO is to be listed on BSE & NSE.
- When this IPO will open and close?
The Ajax IPO opens on February 10, 2025 and closed on February 1, 2025.
- What is the Lot Size of this IPO?
Ajax IPO lot size is 23 Shares, and the minimum amount required is Rs. 14,467.
- What is the Price Band of this IPO?
Ajax IPO Price Band is ₹ ₹599 to ₹629 per share
- What is the Ajax IPO Allotment Date?
The Allotment for the Ajax IPO will be finalized on February 13, 2025, and the allotted shares will be credited to your DEMAT account by February 14, 2025.
- What is the Ajax IPO Listing Date?
Ajax IPO listing date is February 17, 2025.
- How to Apply the Ajax IPO?
You can use your bank account to apply for the IPO online through ASBA. Additionally, you can apply for ASBA online through your stock brokers using UPI. By completing the offline application, you can also apply through your stock brokers.
- How to apply in the IPO?
To apply in the IPO, you need to have a brokerage account. Once the IPO opens, you can place an order through your broker, specifying the number of shares you want. Make sure to check the IPO prospectus for details on pricing and allocation.
- What documents are required to apply in the IPO?
To apply in the IPO, you typically need a valid photo ID, proof of address, and your brokerage account details. If you’re applying as an institution, additional documentation may be required.
- Can anyone apply in the IPO?
Yes, anyone with a brokerage account can apply in the IPO. However, certain IPOs may have restrictions based on the investor’s profile or the allotment process, so check with your broker for specific guidelines on how to apply in the IPO.