Ajax Engineering IPO subscribed 6.44 times on Day 3; check GMP

Ajax Engineering IPO sails through on final day of subscription on February 12.

Ajax Engineering IPO sailed through on the final day of subscription on strong bidding from Qualified Institutional Buyers (QIBs) and Non Institutional Investors (NIIs).

The Rs 1,269-crore initial public offering (IPO) of concrete equipment manufacturer Ajax Engineering Ltd got subscribed 6.44 times on the third day of bidding on Wednesday. The initial share sale received bids for 9.11 crore shares against 1.41 crore shares on offer.

The quota for non-institutional investors garnered 6.46 times subscription, while the quota for retail individual investors (RIIs) got subscribed 1.92 times. The category for qualified institutional buyers (QIBs) received 14.41 times subscription. Earlier, Kedaara Capital-backed Ajax Engineering mobilised over Rs 379 crore from anchor investors.

Ajax Engineering IPO GMP Today News

According to market observers tracking the grey market activities, the shares of Ajax Engineering are commanding an almost flat GMP in the unregulated market, according to Investorgain.

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The company has set a price band of Rs 599-629 per share.

The company is a leading concrete equipment manufacturer with a comprehensive range of related equipment, services and solutions across the concrete application value chain. The company operates four assembling and manufacturing facilities in Karnataka, each specialising in distinct product lines.

Ajax Engineering shares are proposed to be listed on both BSE and NSE on 17th February, according to the Draft Red Herring Prospectus (DRHP) filed by the company.

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