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Ajax Engineering IPO is a book-built issue of Rs 1,269.35 crores. The issue is entirely an offer for the sale of 2.02 crore shares.
The IPO opens for subscription on February 10, 2025, and closes on February 12, 2025. The price band for the IPO is set at ₹599 to ₹629 per share and the minimum lot size for an application is 23 shares.
Company Summary
Incorporated in July 1992, Ajax Engineering Limited manufactures a wide range of concrete equipment and services across the value chain.
As of September 30, 2024, The company has developed 141 concrete equipment variants for the value chain and sold over 29,800 units in India in the last ten years.
The design, engineering, and development team has 79 full-time employees, about 15.96% of the total workforce.
As of September 30, 2024, Ajax Engineering Limited has four facilities in Karnataka, located at Obadenahalli, Gowribidanur, and Bashettihalli, each specializing in different products, especially the Obadenahalli facility.
As of September 30, 2024, The company has 51 dealerships across 23 states in India, providing 114 touchpoints, including 51 headquarters and 63 branches, 34 of which also serve as service centers and the company has established 25 dealers and distributors across South and Southeast Asia, the Middle East, and Africa.
As of September 30, 2024, the company has sold concrete equipment and spare parts to over 15,700 customers.
Company’s Product portfolio
- Self-loading concrete mixers
- Batching plants
- Transit mixers
- Boom pumps
- Concrete pumps
- Self-propelled boom pumps
- Slipform pavers
- 3D concrete printers
As of September 30, 2024, the service team included 85 employees, such as coordinators, managers, specialists, and customer service executives supporting our dealer network.
Company’s Strengths
- Market leader in a large and fast-growing SLCM market
- Leading concrete equipment company with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain
- Strong in-house design, development, and engineering capabilities
- Technology-led assembly and manufacturing processes and a robust supplier network
- Large dealer network with a widespread distribution model
- Diversified customer base with longstanding relationships in the concrete equipment market
- An experienced management team is supported by qualified and experienced personnel.
Company Financials
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 1,348.76 | 1,236.14 | 966.73 | 735.31 |
| Revenue | 794.16 | 1,780.07 | 1,172.57 | 771.85 |
| Profit After Tax | 101.02 | 225.15 | 135.9 | 66.21 |
| Net Worth | 995.84 | 917.96 | 713.8 | 578.27 |
| Reserves and Surplus | 984.4 | 906.52 | 702.36 | 575.41 |
| Total Borrowing | – | 6.23 | 10.14 | 7.16 |
Amount in ₹ Crore | ||||
Objectives of the IPO
The Company will not receive any proceeds of the Offer. Each of the Selling Shareholders will be entitled to the respective proportion of proceeds of the Offer for Sale after deducting its portion of the Offer-related expenses and the relevant taxes thereon.
Promoters of the company
The Promoters of the company are Krishnaswamy Vijay, Jacob Jiten John, Kalyani Vijay, Madhuri Vijay, Prashanth Vijay, Rachel Rekha Hansen, Savitha Christeena Alexander, Sean Alexander, Green Haven Trust, Ohana Trust, Jacob Hansen Family Trust and The Johns Loaves Trust.
IPO details
| IPO Date | February 10, 2025 to February 12, 2025 |
| Listing Date | Monday, February 17, 2025 |
| Face Value | ₹1 per share |
| Price Band | ₹599 to ₹629 per share |
| Lot Size | 23 Shares |
| Total Issue Size | 2,01,80,446 shares (aggregating up to ₹1,269.35 Cr) |
| Offer for Sale | 2,01,80,446 shares of ₹1 (aggregating up to ₹1,269.35 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 23 | ₹14,467 |
| Retail (Max) | 13 | 299 | ₹1,88,071 |
| S-HNI (Min) | 14 | 322 | ₹2,02,538 |
| S-HNI (Max) | 69 | 1587 | ₹9,98,223 |
| B-HNI (Min) | 70 | 1610 | ₹10,12,690 |
Allotment Schedule
| Basis of Allotment | Thursday, February 13, 2025 |
| Initiation of Refunds | Friday, February 14, 2025 |
| The credit of Shares to Demat | Friday, February 14, 2025 |
| Listing Date | Monday, February 17, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on February 12, 2025 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII (HNI) Shares Offered | Not more than 15% of the Net Offer |
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