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Ajax Engineering IPO Day 1 Gmp: Ajax Engineering LTD unrestased stocks are currently trading Rs 660 in the gray market, which is a 4.93 percent premium at an upper IPO price of Rs 629.
Most brokerage firms have rated Ajax Engineering IPO ‘membership’.
Ajax engineering iPo gray market premium: The initial public offering of the Kedara Capital-supported concrete equipment manufacturer Ajax Engineering Limited (AEL) has been opened for public membership on Monday. It will end on Wednesday. The price band of the IPO has been fixed from Rs 599 to Rs 629. By 5:04 pm on the first day of bidding, IPO of Rs 1,269.35 crore got a membership of 0.28 times, bid for 39,83,324 shares against 1. , 41,49,997 shares on proposal.
So far, the retail category has been subscribed by 0.29 times membership, while NII has received 0.28 times. The QIB category got 0.26 times membership.
After the IPO closure on Wednesday, its share allocation will be finalized on 13 February (Thursday) and its listing will be on both BSE and NSE on 17 February.
Ajax Engineering IPO Price and Size
The price band is set on Rs 599 to Rs 629 per share, while the minimum size for one application is 23.
The minimum amount of investment required by retail investors is Rs 14,467. The minimum lot of lot size investment for small NIIs is 14 lots (322 shares), which is Rs 2,02,538, and for Big NII, it is 70 lots (1,610 shares), which is Rs 10,12,690.
Ajax Engineering IPO GMP today
According to Market Observer, unrestaded shares of Ajax Engineering Limited are currently trading Rs 660 in the gray market, which is a 4.93 percent premium at an upper IPO price of Rs 629. This indicates a weak list for investors on 17 February.
GMP is based on market sentiments and changes. ‘Gray Market Premium’ indicates the readiness of investors to pay more than the issue price.
Ajax Engineering IPO: Should you apply?
Most brokerage firms have rated the IPO ‘membership’.
BP Equity – Subscribe
Giving ‘subscribe’ ratings to Ajax Engineering IPO, brokerage firm BP Equality has said that the concrete equipment market in India, especially for SLCMS, is experiencing significant growth operated by several factors, in which cement consumption Increased growth and increase in public and private capital expenditure. Leading for the high demand for infrastructure, irrigation, housing and renewable power projects, construction materials and equipment.
It states that Ajax Engineering has established a strong dealer -led distribution and service model, including 51 dealers in 23 states, and transport infrastructure, irrigation and large -scale infrastructure projects such Work on a diverse basis of customers.
On the financial front, BP Equality said, “The company has given a strong performance, with the revenue growing up to 51 percent from FY22 to FY24. During the same period, its Ebitda and PATs increased to impressive CAGRs of 74.5 percent and 84.4 percent respectively. ,
On the evaluation, it said, “The price of this issue is in the P/E ratio of 32.1x in the upper price band based on the income of the financial year, which is comparatively lower compared to its industry partners. Given the company’s strong financial performance, favorable industry development drivers and attractive evaluation, we recommend a ‘membership’ rating for the issue. ,
KR Chokse – Subscribe
Brokerage firm KR Chokse has also given a membership rating to public offer in its IPO note. It has been stated that AEL is a perfect value compared to its industry partners, supported by solid financial performance with Revenue/PAT CAGR of FY22 to 51 percent/84 percent from FY22.
“With its major market share, development trajectory and favorable industry approach, the company offers a compelling investment opportunity. Therefore, we offer a ‘subscribe’ rating, “Brokerage said in his research note.
Reliance Securities – Subscribe
Analysts of Reliance Securities have also recommended that investors should subscribe to Ajax Engineering IPO. Analysts stated that Ajax Engineering (AEL) said, “is the first-lover advantage with the introduction of SLCMS in India, which is inspired by the high quality and reliability of its products and subsequent service of sales.” “AEL has strengthened its capabilities and increased its market share of non-SLCM products, while expanding its presence in foreign markets through exports and discovered inorganic development opportunities. With strong financial focus on capital efficiency and healthy withdrawal ratio, the company is supported by an experienced management team and qualified personnel. ,
Analysts believe that AEL will continue to maintain its leadership in large and growing SLCM market, as well as in solid equipment and application areas, to complete the price chain and reach a diverse customer base.
Ajax Engineering IPO: More details
The initial public offering (IPO) is a complete proposal of 2.01 crore shares-sell-sell-selling (O.S), which is priced at Rs 1,269 crore at the top of the value limit, by its promoters and an investor shareholder.
As part of Oss, Kedara Capital will discontinue 74.37 lakh shares.
Since the public issue is fully offs, Ajax engineering will not get any income from the IPO.
The market capitalization of the company at the upper end of the price band has been judged for Rs 7,200 crore.
Next to the IPO, Ajax Engineering increased by anchor investors by more than Rs 379 crore, which was before the inauguration of its early share-selling for public membership.
Ajax engineering is a major solid tool manufacturer, which is with a broader category of related tools, services and solutions in the concrete application price chain. The company operates four assembling and manufacturing facilities in Karnataka, specializing in each different product lines. In addition, an assembling and manufacturing facility in Karnataka, Edinarayahoshalli is under construction and is expected to be operational in August 2025.
Ajax Engineering reported its FY24 revenue from the operation of Rs 1,741 crore with benefits after a tax of Rs 225 crore.
ICICI Securities, Citigroup Global Markets India, JM Financial, Nuwama Wealth Management and SBI Capital Markets are the lead lead managers for the issue.
