Ajax Engineering IPO subscribed 49% on Day 2; GMP falls

Ajax Engineering IPO subscription continues in the primary market.

Ajax Engineering initial public offer (IPO) received 49 percent subscription on the second day of bidding on February 11.

The initial share sale of concrete equipment manufacturer Ajax Engineering Ltd got bids for 68.88 lakh shares against 1.41 crore shares on offer, as per NSE data.

The portion for Retail Individual Investors (RIIs) fetched 52 percent subscription while the category for non-institutional investors got subscribed 61 percent. The quota for Qualified Institutional Buyers (QIBs) received 33 percent subscription.

Earlier, the Kedaara Capital-backed Ajax Engineering mobilised over Rs 379 crore from anchor investors. The Bengaluru-headquartered company's Rs 1,269-crore initial share sale will conclude on February 12. The company has set a price band of Rs 599-629 per share.

Ajax Engineering IPO GMP Today Price

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

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The company is a leading concrete equipment manufacturer with a comprehensive range of related equipment, services and solutions across the concrete application value chain.

Ajax Engineering shares are slated to be listed on NSE, BSE on 17th February, while the allotment is likely to take place on 13th February.

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