Ajax Engineering IPO fully subscribed on last day with QIBs coming to the rescue; check GMP, subscription status, review

Ajax Engineering IPO: The public offering of concrete equipment manufacturer Ajax Engineering has been completely subscribed on the final day of bidding, today, as qualified institutional buyers (QIBs) swooped in to save the day. After facing challenges during the first two days, where the employee segment attracted significant interest, the issue has ultimately been fully booked on the third day.

The Bengaluru-based company’s initial share sale, valued at ₹1,269 crore, began on Monday, February 10, and will wrap up today, Wednesday, February 12. The company has established a price band of ₹599-629 per share.

As of the second day of bidding on Tuesday, February 11, the subscription status for the Ajax Engineering IPO was at 49%, while on the first day of bidding, it was recorded at 28%.

Talking about the overall IPO scenario, which has been struggling to draw subscriptions lately, Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities explained that IPO demand & supply trend is always dependent on secondary market momentum and ongoing markets selloff in the last 3-4 month has weighed more on primary market investors’ confidence.

 The near term trend would remain subdued due to the ongoing pessimistic outlook. Until unless we see strong flow in the secondary market, the primary market will continue to see dullness in the upcoming IPO offers. Investors of both primary as well as secondary markets are worried and holding cash for better opportunity.

Ajax Engineering IPO subscription status

The initial public offer of Ajax Engineering IPO has been subscribed 1.13 times on the third day of subscription today, at 13:15 IST, as per BSE data.

The initial share sale received bid for 1,59,90,290 shares against 1,41,49,997 shares on offer, according to BSE.

The portion for retail investors received 67% subscription while the quota for non-institutional investors got subscribed 1.64 times. The qualified institutional buyers (QIBs) part is booked 1.54 times. The employee portion has been subscribed 1.99 times.