Ajax Engineering IPO: Issue subscribed 37% on day 2 so far; check lot size, key dates and more

Ajax Engineering IPO: Concrete equipment manufacturer Ajax Engineering's initial public offer has been subscribed 37% so far on Tuesday, February 11, the second day of bidding.

According to NSE data, the initial share sale received bids for 52,31,258 shares against 1,41,49,997 equity shares on offer until 12:31 pm.

Retail investors subscribed their portion 42%, as they placed bids for 29,36,870 shares against 70,35,525 shares on offer.

The part reserved for non-institutional investors was subscribed 40%. They submitted applications for 11,92,343 shares compared to 30,15,225 shares reserved for them.

The qualified institutional buyers (QIBs) applied for 10,33,712 shares against the 40,20,300 shares on offer, leading to a 26% subscription.

The ₹1,269.35 crore book-built issue of the Bengaluru-headquartered company is a complete offer-for-sale of 2.02 crore shares. Under the OFS, Kedaara Capital will divest 74.37 lakh shares.

Investors can apply for at least 23 shares with an investment of ₹14,467 (Cutoff price).

Before the IPO, the company had raised ₹379.3 crore from anchor investors, including SBI Mutual Fund (MF), HSBC MF, ITI MF, Axis MF, Edelweiss MF, Franklin Templeton Investment Fund, and Amundi Funds New Silk Road Fund.

Ajax Engineering IPO: Allotment and listing date

About Ajax Engineering

Ajax Engineering is a key concrete equipment manufacturer. It also provides services and solutions across the concrete application value chain.

The company has four manufacturing and assembly facilities in Karnataka, each specialising in different product lines. One more assembly line is under construction in Karnataka's Adinarayanahosahalli and is expected to become operational in August 2025.

Citigroup Global Markets India, Nuvama Wealth Management, JM Financial, SBI Capital Markets and ICICI Securities are the book-running lead managers to the issue. Link Intime India Private Ltd is the registrar.