Ajax Engineering's Rs 1,269-Cr IPO To Open On Feb 10; Price Band Set At Rs 599-629/ Share

Kedaara Capital-backed concrete equipment manufacturer Ajax Engineering on Wednesday said it has fixed a price band of Rs 599 to Rs 629 per share for its Rs 1,269-crore initial public offering (IPO). The Bengaluru-headquartered company's initial share-sale will open for public subscription from February 10 to 12. Besides, bidding for anchor investors will open for a day on February 7, the company announced.

The company's IPO is a complete offer-for-sale (OFS) of 2.01 crore shares, valued at Rs 1,269 crore at the top of the price range, by its promoters and an investor shareholder. As part of the OFS, Kedaara Capital will offload 74.37 lakh shares. Since the public issue is completely an OFS, Ajax Engineering will not receive any proceeds from the IPO. The company's market capitalisation has been pegged at Rs 7,200 crore at the upper-end of the price band.

Ajax Engineering 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 specializing in distinct product lines.

Besides, an assembling and manufacturing facility at Adinarayanahosahalli, Karnataka is under construction and expected to become operational in August 2025. Ajax Engineering reported FY24 revenue from operations at Rs 1,741 crore with a profit after tax (PAT) of Rs 225 crore. ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management and SBI Capital Markets are the book running lead managers to the issue.

(PTI)