Ajax Engineering share price climbs for second day in a row post weak stock market debut

The stock rose 2.75% to ₹611.8 apiece on the National Stock Exchange (NSE) at 9:55 am.

The company's market capitalisation stands at ₹6,999.41 crore.

Shares of Ajax Engineering were listed on the bourses at a discount of more than 8% against the issue price of ₹629.

The scrip listed at ₹593, a discount of 5.72% on the BSE (formerly Bombay Stock Exchange). At the NSE, it began trading at ₹576, reflecting a decline of 8.42%.

Ajax Engineering IPO was fully subscribed on the final day of bidding, February 12, concluding with a 6.45-time subscription.

It had a price band of ₹599 to ₹629 per share.

The ₹1,269-crore issue of Bengaluru-headquartered company had an offer-for-sale (OFS) of 2.01 crore shares.

The company is a leading concrete equipment manufacturer and provides services and solutions across the entire concrete application value chain.

Ajax Engineering runs four assembling and manufacturing facilities in Karnataka, each specialising in different product lines.

It has sold more than 29,800 concrete equipment in India. Since its inception three decades ago, it has developed a comprehensive product portfolio that includes equipment like self-loading concrete mixers and batching plants for the production of concrete, boom pumps, transit mixers for the transportation of concrete, concrete pumps and self-propelled boom pumps for the placement of concrete, 3D concrete printers for depositing concrete and slip-form pavers for the paving of concrete.

Ajax Engineering financials

The company's profit after tax rose 65.67% to ₹225.15 crore in the financial year 2024, compared to ₹135.9 crore in the previous fiscal.

Revenue from operations increased 51.27% to ₹1,741.4 crore in FY24 as against ₹1,151.13 crore in FY23.