Ajax Engineering IPO Debuts at 8.4% Discount on NSE, Stock Shows Early Recovery

Ajax Engineering shares debuted at ₹576 on the NSE, an 8.4% discount from the ₹629 IPO price, but showed slight recovery post-listing. The IPO saw a 6.45x subscription, with QIBs leading at 14.41x, while retail investors subscribed 1.93x. Analysts suggest a cautious but long-term positive outlook despite a muted grey market premium.

CONTENTS:

• Ajax Engineering Share Price Live Updates: Stock Lists at 8.4% Discount to IPO Price on NSE
• Ajax Engineering IPO Shares to List Today; Check GMP Ahead of Market Debut

Ajax Engineering IPO Debuts at 8.4% Discount on NSE, Stock Shows Early Recovery

Ajax Engineering Share Price Live Updates: Stock Lists at 8.4% Discount to IPO Price on NSE

Summary:

Shares of Ajax Engineering, a concrete equipment manufacturer, debuted at ₹576 on the National Stock Exchange (NSE) — marking an 8.43% discount from the IPO issue price of ₹629.

Market Capitalisation:

• Ajax Engineering’s market cap is approximately ₹6,607.56 crore.
• The stock has inched up 0.27% to ₹577.55 apiece on the NSE.

Stock Movement:

• 10:55 AM: Shares rose 1.65% to ₹585.5 after the initial listing at a discount.
• 10:30 AM: The stock price was at ₹581.9, reflecting a 1.02% increase.
• 10:22 AM: Trading slightly lower at ₹574.15, down 0.32%.
• 10:10 AM: Shares were trading in the green at ₹580.25, up 0.13%.

Trade Information:

• Traded volume: 28.54 lakh shares
• Traded value: ₹165 crore
• Market cap: ₹6,657.33 crore

Listing Details:

• On the BSE, Ajax Engineering shares were listed at ₹593, a 5.72% discount from the issue price.
• During pre-open trade on the NSE, the stock settled at ₹576, reflecting an 8.43% drop from the IPO price.

IPO Highlights:

• Subscription: The IPO received 6.45 times subscription, with 9,12,11,951 equity shares bid against the 1,41,49,997 shares offered.
• Retail investors: Subscribed 1.93 times to their portion — 1,35,63,767 shares applied for vs 70,35,525 shares reserved.
• Employee quota: 78,947 shares were reserved for employees at a ₹59 discount per share, with the quota 88% subscribed.

Timeline:

• Subscription period: February 10–12
• Allotment finalisation: February 13
• Refund initiation: February 14
• Listing date: February 17 (on both NSE and BSE)

Price Band:

• The IPO price band was set between ₹599–₹629 per share.
• Lot size: Minimum application was for 23 shares, totaling ₹14,467 at the cutoff price.

Lead Managers:

The IPO’s book-running lead managers were:

• ICICI Securities Limited
• Citigroup Global Markets India Private Limited
• JM Financial Limited
• Nuvama Wealth Management Limited
• SBI Capital Markets Limited

Ajax Engineering’s listing journey started on a cautious note, with shares opening below the issue price but showing slight upward momentum post-listing. The stock’s performance will be closely watched in the coming sessions.

Ajax Engineering IPO Shares to List Today; Check GMP Ahead of Market Debut

Shares of Ajax Engineering are set to debut on the stock market today, with expectations of a muted listing based on the latest grey market premium (GMP).

The company priced its shares in the range of ₹599–₹629 per share, allowing investors to apply for a minimum of 23 shares per lot. The IPO aimed to raise ₹1,269.35 crore, entirely through an offer-for-sale (OFS) of 2,01,80,446 equity shares.

Grey Market Premium (GMP) Signals a Weak Debut

Ahead of its listing, Ajax Engineering’s shares were not commanding any notable GMP, indicating a lackluster debut. The stock had earlier shown a ₹10 per share GMP on the last bidding day, a sharp decline from the ₹50+ premium seen before the IPO opened for subscription.

Investor Response & Subscription Details

The IPO, which was open for bidding between February 10–12, received moderate interest, with an overall subscription of 6.45 times:

• Qualified Institutional Buyers (QIBs): 14.41 times subscription
• Non-Institutional Investors (NIIs): 6.47 times
• Retail Investors: 1.93 times
• Employees: 2.62 times

Company Background

Founded in July 1992, Bengaluru-based Ajax Engineering is a leading manufacturer of concrete equipment and offers a wide range of services. As of March 31, 2024, the company has developed 110 equipment variants and sold over 27,800 units in India over the last decade.

Brokerage View & Market Outlook

Analysts maintain a cautious yet positive stance on the stock. Palak Devadiga, Research Analyst at StoxBox, noted that investors should consider holding their shares despite a subdued listing.

Most brokerage firms, including ICICI Securities, Citigroup Global Markets India, Nuvama Wealth Management, JM Financial, and SBI Capital Markets, were positive on the IPO, recommending it for long-term investment.

Market Listing Details

Ajax Engineering shares will be listed on both NSE and BSE today, February 17, 2025.