Mon Feb 10 11:16:01 UTC 2025: ## Ajax Engineering IPO Opens: Strong Anchor Investor Interest, Early Subscription Moderate
**MUMBAI, INDIA** – Concrete equipment manufacturer Ajax Engineering launched its initial public offering (IPO) today, with a price band set between ₹599 and ₹629 per share. The IPO, a 100% offer-for-sale (OFS) totaling ₹1,269 crore at the upper price band, will see Kedaara Capital and other existing shareholders offload 2.01 crore shares. The company itself will not receive any proceeds from the offering.
Ahead of the IPO, Ajax Engineering successfully raised ₹379 crore from anchor investors, indicating strong early confidence. At the upper price band, the company’s market capitalization would reach ₹7,200 crore.
Early subscription figures show a moderate start. As of 10:48 AM, the IPO was subscribed 6%, with retail investors at 9% and non-institutional investors at 5%. Subscription from Qualified Institutional Buyers (QIBs) is yet to be reported. The allocation is capped at 50% for QIBs, 15% for NIIs, and a minimum of 35% for retail investors. Employees will receive a ₹59 per share discount.
Market analysts, such as Reliance Securities, are positive about Ajax Engineering’s prospects, citing strong financials, market leadership in self-loading concrete mixers (SLCMs), and experienced management. Reliance Securities has given the IPO a “SUBSCRIBE” rating. The IPO is being managed by ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management, and SBI Capital Markets.
First Piper 