Ajax Engineering IPO Day 3 Live Updates: The initial public offering (IPO) of concrete equipment producer Ajax Engineering Ltd was 49% subscribed by the second day of bidding on Tuesday. The demand for the IPO has been rather slow thus far, although the portion reserved for employees has been completely filled, while retail and non-institutional investors have only managed to book half of their allocation over the two days.
The allocation for non-institutional investors achieved a subscription rate of 61%, whereas the retail individual investors (RIIs) segment saw a subscription rate of 52%. The qualified institutional buyers (QIBs) category experienced a subscription rate of 33%. On the initial day of bidding, the Ajax Engineering IPO subscription status stood at 28%.
The company’s initial share sale, based in Bengaluru, is valued at ₹1,269 crore and will close on Wednesday. The price range has been set at ₹599 to ₹629 per share.
This IPO consists entirely of an offer-for-sale (OFS) encompassing 2.01 crore shares, amounting to ₹1,269 crore at the highest price point, which will be offered by its promoters and an investor shareholder.
Within this OFS, Kedaara Capital plans to sell 74.37 lakh shares. Ajax Engineering is a prominent manufacturer of concrete equipment, providing a wide array of equipment, services, and solutions throughout the concrete application value chain.
The company has four manufacturing and assembly plants in Karnataka, with each focusing on different product lines. In addition, a manufacturing and assembly facility is currently being built at Adinarayana Hosahalli, Karnataka, and is projected to be operational by August 2025.
Stay tuned for more updates
Ajax Engineering IPO GMP today or Ajax IPO GMP is +7. This indicates Ajax Engineering share price was trading at a premium of ₹7 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 ₹636 apiece, which is 1.11% higher than the IPO price of ₹629 .
Based on the grey market activities over the last nine sessions, the present GMP ( ₹7) indicates a tendency to decrease. The minimum GMP recorded is 0.00, whereas the maximum GMP reached is ₹58.00, as per the experts at investorgain.com.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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