Ajax Engineering IPO day 2: GMP, price, review, minimum investment, other details. Apply or not?

Ajax Engineering IPO: The initial public offering (IPO) of Ajax Engineering Limited hit the Indian primary market on Monday and will remain open until 12 February 2025 i.e. Wednesday. The engineering company has declared Ajax Engineering IPO price band at ₹599 to ₹629 per equity share, and the book build issue generated ₹379.32 crore from the anchor investors. The public issue is proposed for listing on the BSE and the NSE. The company aims to raise ₹1,269.35 crore from the initial offer. Meanwhile, company shares will be available in the grey market before the Ajax Engineering IPO subscription opens. According to stock market observers, shares of Ajax Engineering Limited are available at a premium of ₹56 in the grey market today. Ajax Engineering IPO lot size is 23 company shares, meaning the minimum investment a retail investor can make in this IPO is ₹14,467.

Ajax Engineering IPO subscription status

By 10:57 AM on day 2 of bidding, the public issue had been subscribed 0.34 times, the retail portion had been booked 0.37 times, and the NII segment had been filled 0.37 times. The QIB portion of the book build issue had been filled 0.26 times. 

Ajax Engineering IPO details

1] Ajax Engineering IPO GMP: According to stock market observers, shares of Ajax Engineering Limited are available at a premium of ₹52 in the grey market today.

2] Akax Engineering IPO price band: The engineering company has declared the price band of the initial public offer at ₹599 to ₹629 per equity share.

3] Ajax Engineering IPO date: The public opened on 10 February 2025 and will remain open until 12 February 2025.

4] Ajax Engineering IPO size: The company aims to raise ₹1,269.35 crore from the initial offer.

5] Ajax Engineering IPO lot size: A bidder can apply in lots, and one lot of the book build issue comprises 23 company shares.

6] Ajax Engineering IPO allotment date: The most likely date for share allocation is 13 February 2025.

7] Ajax Engineering IPO registrar: Link Intime India Private Limited has been appointed official registrar of the public issue.

8] Ajax Engineering IPO lead managers: ICICI Securities, Citigroup Global Markets, JM Financial, Nuvama Wealth Management, and SBI Capital Markets have been appointed lead managers of the book build issue.

9] Ajax Engineering IPO listing date: The most likely date for share listing is 17 February 2025, i.e. Monday next week.

Ajax Engineering IPO: Apply or not?

10] Ajax Engineering IPO Review: The market capitalization of the Ajax Engineering IPO is ₹7196.19 crore. In FY24, the engineering company reported robust growth in assets, revenue, and net worth. The company's PAT in FY24 stood at around ₹225 crore, around ₹6 crore in the previous financial year. The July to September 2025 quarter, the company's PAT stood at around ₹101 crore.

Assigning a 'subscribe' tag to the public issue, Palak Devadiga, Research Analyst at StoxBox, said, "The issue is priced at a P/E ratio of 32.1x at the upper price band based on FY24 earnings, which is comparatively lower than its industry peers. Given the company's strong financial performance, favourable industry growth drivers, and attractive valuation, we recommend a SUBSCRIBE rating for this issue."

Advising investors to apply for the long-term, Gaurav Goel, Founder & Director at Fynocrat Technologies, said, "The company is a market leader in Self-Loading Concrete Mixers (SLCMs) and manufactures a wide range of construction machinery. With a market share of 77% in SLCMs and a robust domestic and international dealership network, Ajax has demonstrated impressive financial growth, with revenues rising from ₹763 crore in FY22 to ₹1,741 crore in FY24. The company has also shown strong profitability, with a 132% growth in profit after tax."

Gaurav Goel called the offer attractive: “Given the company's growth prospects and market leadership, investors with a long-term horizon may consider subscribing to the IPO for potential gains.”

Speaking on Ajax Engineering IPO, Anshul Jain, Head of Research at Lakshmishree Investment and Securities, said, “Ajax Engineering is hitting the market with a ₹1,269 crore IPO, but here's the catch—it’s entirely an Offer-for-Sale (OFS). That means promoters and investor shareholder Kedaraa Capital (offloading 74.37 lakh shares) are cashing out, while the company itself won’t see a single rupee from the proceeds. With an estimated market cap of ₹7,200 crore at the upper price band, the valuation seems attractive, but is it enough?”

“Ajax Engineering is a key player in concrete equipment manufacturing, yet the lack of fresh capital infusion is a glaring red flag. The IPO won’t boost the company’s balance sheet, making this a pure exit play for existing investors. Only high-risk takers eyeing short-term listing gains should consider applying—everyone else might want to sit this one out,” the Lakshmishree Investment and Securities expert added.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment.