Ajax Engineering IPO Day 1 Live Updates: The public offering of Ajax Engineering, a concrete equipment manufacturer backed by Kedaara Capital, is set to open for subscription from February 10 to 12.
Ajax Engineering IPO price band has been established at ₹599 to ₹629 per share. The company announced on Friday that it has raised over ₹379 crore from anchor investors, just ahead of the initial share-sale launch.
Ajax Engineering IPO consists entirely of an offer-for-sale (OFS) of 2.01 crore shares, which amounts to ₹1,269 crore at the highest price point, offered by its promoters and an investor shareholder. In this OFS, Kedaara Capital plans to sell 74.37 lakh shares. Since the public offering is fully an OFS, Ajax Engineering will not gain any funds from the IPO. The company’s market capitalization has been estimated at ₹7,200 crore at the upper limit of the price range.
Ajax Engineering is a prominent manufacturer of concrete equipment, offering an extensive array of related products, services, and solutions throughout the concrete application value chain.
The company has four assembly and manufacturing plants located in Karnataka, with each facility focusing on different product lines. The book running lead managers for the issue include ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management, and SBI Capital Markets.
Stay tuned for more updates
Ajax Engineering IPO Day 1 Live Updates: SBI Funds Management invests ₹212 cr ahead of IPO
SBI Funds Management Ltd has made a significant investment of ₹212 crore in Ajax Engineering, a manufacturer of concrete equipment, in anticipation of its upcoming IPO. This investment is distributed between two of its funds: the SBI Magnum Children’s Benefit Fund and the SBI Infrastructure Fund.
Ajax Engineering IPO Day 1 Live Updates: Here’s what Ajax Engineering IPO GMP hints ahead of the launch
Ajax Engineering IPO GMP today or Ajax IPO GMP is +52. This indicates Ajax Engineering share price was trading at a premium of ₹52 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Ajax Engineering share price was indicated at ₹681 apiece, which is 8.27% higher than the IPO price of ₹629 .
Following the grey market activities over the past week, today’s IPO GMP is showing an upward trend and is anticipated to have a robust listing. The lowest GMP recorded is ₹0.00, whereas the highest GMP stands at ₹58, according to experts from investorgain.com.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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