Ajax Engineering Ltd. was incorporated on July 3, 1992. It is a leading concrete equipment manufacturer, offering a wide range of products and services across the concrete application value chain. The company has built a comprehensive portfolio, including self-loading concrete mixers, batching plants, transit mixers, concrete pumps, boom pumps, slip-form pavers, and 3D concrete printers.
| Bidding Dates |
|---|
| 10 Feb 2025 - 12 Feb 2025 |
| Subscription |
|---|
| 6.45x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹13,777 | 1 | 13 | 23 | 20.2 M | ₹599 - ₹629 | 82.36 % | ₹12088.1 M - ₹12693.5 M | RHP DOC |
Ajax Engineering IPO SUBSCRIPTION STATUS
12 Feb '25Ajax Engineering IPO overall subscription rate was 6.45 times the total available shares
Ajax Engineering IPO retail subscription rate was 1.93 times in the retail segment
Ajax Engineering IPO non-institutional investor subscription rate was 6.47 times in the non-institutional investor category
Ajax Engineering IPO Qualified Institutional Bidder subscription rate was 14.41 times the available shares for Qualified Institutional Bidder
Ajax Engineering IPO Employees subscription rate was 2.62 times in the Employees category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 35% | 15% | 50% | - |
12 Feb 2025 (Day 3) | 1.93x | 6.47x | 14.41x | 2.62x |
11 Feb 2025 (Day 2) | 0.52x | 0.61x | 0.33x | 1.19x |
10 Feb 2025 (Day 1) | 0.29x | 0.28x | 0.26x | 0.54x |
Ajax Engineering FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| H1FY25 | 1,010.2 | 7,699.9 | -2,412.5 | -2,574.4 | 15.5% |
| H1FY24 | 829.4 | 6,848.6 | -60.1 | -146.3 | 14.5% |
| FY24 | 2,251.5 | 17,414.0 | 2,074.7 | 1,852.6 | 15.8% |
| FY23 | 1,359.0 | 11,511.3 | 1,847.0 | 1,682.6 | 14.8% |
| FY22 | 662.1 | 7,632.9 | 847.2 | 708.3 | 11.9% |
Ajax Engineering IPO SUBSCRIPTION STATUS DETAILS
Ajax Engineering had 20.2 M shares on offer
Ajax Engineering IPO offer price was in the range ₹599 - ₹629
Ajax Engineering IPO minimum Investment was ₹13777
Ajax Engineering IPO issue size was ₹ 12088.1 M - ₹ 12693.5 M
Ajax Engineering had a minimum lot size of 23 Shares per application
Ajax Engineering NUMBER OF SHARES ON OFFER
Ajax Engineering IPO IMPORTANT DATES
| Issue Open Date | 10 Feb 2025 |
| Issue close Date | 12 Feb 2025 |
| Allotment Date | 13 Feb 2025 |
| Refund Date | 14 Feb 2025 |
| Demat Account Credit Date | 14 Feb 2025 |
| Listing Date | 17 Feb 2025 |
| Listing on Exchange(s) | NSE and BSE |
| Ajax Engineering Allotment Status | Exchange |
Ajax Engineering IPO subscription opened on 10 Feb 2025, and closed on 12 Feb 2025
IPO allotment for Ajax Engineering was finalized on Thursday, 13 Feb 2025
IPO listing for Ajax Engineering was on NSE and BSE on Monday, 17 Feb 2025
Ajax Engineering IPO LISTING GAINS
| Issue Price (adjusted) | 629.0 |
| Listing Open Price | 576.0 |
| Listing Close Price | 595.4 |
| Listing Gain% | -8.4% |
| Current Gain% | -10.1% |
Ajax Engineering Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ajax Engineering Ltd. | 565.4 | 6468.6 | 28.4 | -3.9 | 3.1 | 16.2 | 12.8 | 2151.7 | 1.7 | 225.1 | -13.4 | 19.9 | -7.4 |
| Tata Motors Ltd. | 453.1 | 166863.2 | 55.1 | 2 | 23.8 | 5.8 | 84979 | 43.8 | 3030 | -5.2 | 8.2 | ||
| Ashok Leyland Ltd. | 177.5 | 104260.9 | 30 | 2.6 | 1.8 | 24.4 | 3.4 | 56946.9 | 16.5 | 3471 | 11.7 | 5.9 | 11.7 |
| Escorts Kubota Ltd. | 3080 | 34458.4 | 24.9 | -0.6 | 2.8 | 19.3 | 15.2 | 12106.6 | 13.1 | 2394.1 | 89.3 | 123.6 | -41.4 |
| BEML Ltd. | 1787.8 | 14890.4 | 83.4 | -2.1 | 3.3 | 4.8 | 2 | 4380 | 8.3 | 141.4 | -51.7 | 21.4 | -40.3 |
| Action Construction Equipment Ltd. | 1094.3 | 13031.3 | 29.8 | 8.9 | 3.8 | 20.6 | 12.8 | 3390.5 | -1.1 | 415.1 | 1.4 | 36.7 | 3.3 |
Ajax Engineering INFORMATION ON IPO ISSUE
About Ajax Engineering
Ajax Engineering Ltd. was incorporated on July 3, 1992. It is a leading concrete equipment manufacturer, offering a wide range of products and services across the concrete application value chain. The company has built a comprehensive portfolio, including self-loading concrete mixers, batching plants, transit mixers, concrete pumps, boom pumps, slip-form pavers, and 3D concrete printers.
Object of the Issue
- Achieve the benefits of listing equity shares on the stock exchanges
- Carry out the offer for sale of up to 22,881,718 equity shares
Ajax Engineering - PROMOTERS
| Name |
|---|
| Krishnaswamy Vijay |
| Jacob Jiten John |
| Kalyani Vijay |
| Madhuri Vijay |
| Prashanth Vijay |
| Rachel Rekha Hansen |
| Savitha Christeena Alexander |
| Sean Alexander |
Ajax Engineering Book Running Lead Manager
ICICI Securities Limited
ajax.ipo@icicisecurities.com
Citigroup Global Markets India
ajax.ipo@citi.com
JM Financial Limited
ajax.ipo@jmfl.com
Nuvama Wealth Management Limited
ajax.ipo@nuvama.com
SBI Capital Markets Limited
ajax.ipo@sbicaps.com
Ajax Engineering Registrar to the Offer
Link Intime India Private Limited
ajaxengineering.ipo@linkintime.co.in
Ajax Engineering Strengths
Leading concrete equipment company
The company is a leading concrete equipment manufacturer, offering a wide range of products and services across the concrete application value chain. Its portfolio includes SLCMs (Self Loading Concrete Mixers), batching plants, transit mixers, boom pumps, concrete pumps, slip-form pavers, and 3D concrete printers
Large dealer network
The company uses a dealer-led distribution model with over 51 dealerships across 23 states in India as of September 30, 2024, providing 114 touchpoints, including 63 branches, 34 of which also serve as service centres. This is the largest dealer and service network among leading concrete equipment companies in India
Market leader in the SLCM market
The company is among the three largest SLCM manufacturers globally, holding approximately 77% market share in India in 2024. SLCMs have a wide range of applications and are used across India, according to available after-sales data. The company has sold over 25,000 SLCMs in India in the last 10 years, the highest among leading concrete equipment manufacturers.
Ajax Engineering Risks
Dependent on self-loading concrete mixers
The company derives a significant majority of its revenue from the sale of self-loading concrete mixers, accounting for 85.1% of revenue from operations in FY24. A decline in sales of self-loading concrete mixers or a decrease in demand for concrete equipment in India could negatively impact the company’s business, operational results, financial condition, and cash flow
Seasonal industry trends
The concrete equipment industry in India is cyclical and driven by government infrastructure spending. Demand, primarily from public sector investments, fluctuates with budgets and policies. It is seasonal, dipping during the July-August monsoon and rising from October to fiscal year-end, causing quarterly sales and profitability variations.
Regional risks
As of September 30, 2024, the company operates four assembling and manufacturing facilities, with one more under construction, all located in Karnataka. This concentration exposes the business to regional risks such as infrastructure disruptions, natural disasters, workforce issues, economic changes, civil unrest, regulatory shifts, and local government policies
IPO FAQs
This IPO consists of an offer for sale of up to Rs 1,269.4 crore, of 20,180,446 shares.
The promoters of the company are Krishnaswamy Vijay, Jacob Jiten John, Kalyani Vijay, Madhuri Vijay, Prashanth Vijay, Rachel Rekha Hansen, Savitha Christeena Alexander and Sean Alexander.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 599.0 - 629.0.
The IPO application opens on Feb 10, 2025 and closes on Feb 12, 2025.
The minimum lot size for the IPO is 23. The maximum lot size for the IPO is 299.
For all category investors, the minimum application amount for this IPO is Rs. 13,777.0, the maximum value for this IPO is Rs 188,071.0.
This IPO will be allotted on Feb 13, 2025.
The refund will be credited to your account on Feb 14, 2025.
The allotted shares will be credited to your demat on Feb 14, 2025.
Ajax Engineering Ltd.’s shares listed on the stock exchanges on Feb 17, 2025.