Mainboard IPO of Ajax Engineering sees muted demand on Day 1, four active SME issues keep investors busy; check highlights

Primary markets kick-started the week with the opening of two new initial public offerings (IPOs) today, February 10. Bidding was on in 4 other IPOs, all of which belonged to the small and medium enterprise (SME) category. Investors also awaited the allotment of shares in two other issues.

Here’s a look at all the major developments in the IPO market on Monday, February 10:

Ajax Engineering Ltd IPO opens to poor investor interest

The mainboard IPO of Ajax Engineering Ltd, a leading concreting equipment player, saw weak demand on the first day of bidding. The issue was overall booked only 28% on the first day. While the retail portion was subscribed only 29%, the non-institutional investors’ (NIIs) segment was booked only 28%. The Qualified Institutional Buyers’ (QIB) quota was subscribed 26%.

Ajax Engineering IPO is aimed at raising a total of ₹1,269.35 crore. It is a 100% book-built issue comprising entirely an offer-for-sale (OFS) of 2.02 crore shares.

The price band for the issue has been set at ₹599 to ₹629 per share. The lot size, or the minimum bid quantity to apply for the IPO, is 23 shares.

Bidding for the issue will close on February 12. Allotment of shares is expected to be finalized on February 13. Ajax Engineering shares are scheduled to be listed on both BSE and the National Stock Exchange of India (NSE) on February 17.

Dull opening for Chandan Healthcare IPO

The SME IPO of Chandan Healthcare Ltd, a healthcare group offering services like diagnostics, retail pharmacy and medical education, also opened without creating any buzz.

At the end of Day 1, the NSE SME issue was booked only 18%. The retail investors booked their quota 29%, while the NIIs subscribed their segment 20%.

Chandan Healthcare IPO aims to raise a total of ₹107.36 crore. It is a 100% book-built issue and is a combination of fresh issuance of 44.52 lakh shares, aggregating to ₹70.79 crore, and an OFS of 23 lakh shares, aggregating to ₹36.57 crore. The IPO price band has been fixed at ₹151 to ₹159 per share. The lot size for an application is 800.

Allotment of shares is expected to be finalised on February 13. Chandan Healthcare shares are scheduled to be listed on the NSE Emerge platform on February 17.

Eleganz Interiors IPO Day 2

The ₹78.07 crore SME IPO of Eleganz Interiors Ltd picked up pace on the second day of bidding. The NSE SME IPO was overall booked nearly 6 times on the second day of bidding.

The retail investors booked their quota more than 8 times, while the NIIs subscribed their segment 4 times. The QIBs booked their quota nearly 2.5 times. The IPO price band has been set at ₹123 to ₹130 per share, while the lot size is 1,000 shares.

Bidding will close on February 11. Allotment of shares is expected to be finalised on February 12. Eleganz Interiors shares are scheduled to be listed on the NSE Emerge platform on February 14.

Solarium Green Energy Ltd IPO Day 3

The ₹105.04 crore SME issue of Solarium Green Energy Ltd closed today without seeing any significant investor demand.

On the last day of bidding, the BSE SME issue was booked nearly 9 times. The retail quota was subscribed 5 times, while the NIIs category was booked18 times. The QIBs subscribed their quota 8.5 times.

The IPO price band was set at ₹181 to ₹191 per share. The lot size for an application was 600 shares. Allotment of the shares is expected to be finalised on February 11. Solarium Green Energy shares are scheduled to be listed on the BSE SME platform on February 13.

Readymix Construction Machinery IPO Day 3

The ₹37.66 crore NSE SME issue of Readymix Construction Machinery Ltd also closed with muted response from investors. The IPO was booked more than 4 times on the last day. The retail investors booked their segment over 4 times, while the NIIs subscribed their quota nearly 5 times. The QIBs booked their quota 5 times.

The IPO price band was fixed at ₹121 to ₹123 per share. The minimum bid quantity to apply for the issue was 1,000 shares. Allotment of shares is expected to be finalised on February 11.

Readymix Construction Machinery shares are scheduled to be listed on the NSE Emerge platform on February 13.

Allotment in two SME IPOs today

Investors who had subscribed to the SME IPOs of Ken Enterprises Ltd and Amwill Healthcare Ltd, which were open for subscription between February 5 and February 7, can check the status of share allotment in the two issues by the end of the day.

The ₹83.65-crore Ken Enterprises IPO was oversubscribed 4.14 times, while the ₹59.98-crore Amwill Healthcare issue was booked over 5.7 times.

Share allotment status of Ken Enterprises can be checked at the official website of the issue’s registrar Skyline Financial Services Pvt. Ltd or at NSE. Meanwhile, those who applied for Amwill Healthcare IPO can check the allotment status on the portal of the issue’s registrar Bigshare Services Pvt Ltd or at BSE.

Ken Enterprises shares are scheduled to be listed on NSE Emerge platform, while Amwill Healthcare shares are scheduled to be listed on the BSE SME platform on February 12.