Ajax Engineering mobilises over Rs 379 crore via anchor book, of Rs 1,269-crore IPO

Ajax Engineering IPO

Ajax Engineering, the concrete equipment manufacturer, raised Rs 379.31 crore from 23 institutional investors via anchor book on February 7, a day before the issue opening.

The IPO, which comprises solely an offer-for-sale of 2.01 crore equity shares by existing shareholders, will open for public subscription on February 10 and close on February 12. The company will finalise IPO share allotment by February 13, while the trading in Ajax shares will commence on the BSE and NSE effective February 17.

"...has finalised allocation of 60,30,449 equity shares to anchor investors for Rs 629 per equity share," Ajax Engineering said in its filing to exchanges.

Major institutional investors like SBI Mutual Fund, Amundi India, Axis Mutual Fund, IIFL Asset Management, Ashoka Whiteoak ICAV, Franklin Templeton Investment Funds, and Fundpartner Solutions (SUISSE) SA invested in the company.

Further, PI Opportunities AIF, HSBC Infrastructure Fund, Carmignac Portfolio, Destinations International Equity Fund, Tocu Europe, Edelweiss Trusteeship, Bcad Fund, and ITI Mutual Fund also participated in the anchor book.

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"Out of the total allocation of 60.3 lakh shares to anchor investors, 19.35 lakh shares were allocated to 5 domestic mutual funds, which have applied through a total of 8 schemes," Ajax Engineering said.

As the IPO is entirely an offer-for-sale, the offer proceeds will go to the selling shareholders including investor Kedaara Capital Fund II LLP which is exiting the company via public issue.

The Karnataka-based company that competes with Action Construction Equipment, Escorts Kubota, and BEML claimed to be a leading concrete equipment manufacturer offering SLCMs (self-loading concrete mixers) and batching plants for the production of concrete, transit mixers for the transportation of concrete, boom pumps, concrete pumps and self-propelled boom pumps for the placement of concrete, slip-form pavers for the paving of concrete and 3D concrete printers for depositing concrete.

The merchant bankers handling the Ajax Engineering IPO are ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management, and SBI Capital Markets.