Mon Feb 10 12:04:46 UTC 2025: ## Ajax Engineering IPO Opens with Strong Initial Interest, GMP Dips Slightly

**Mumbai, Feb 10** – The highly anticipated initial public offering (IPO) of Ajax Engineering Ltd., a manufacturer of concreting equipment, opened for subscription today. The IPO, valued at ₹1,269.35 crore (₹12.69 billion), consists entirely of an offer-for-sale of 2.02 crore shares, with no fresh issue component. The price band has been set at ₹599-₹629 per share.

While the grey market premium (GMP) – an unofficial indicator of investor sentiment – showed a strong initial premium of ₹52 before the IPO opened, it dipped slightly to ₹46 by 11:01 a.m. This still represents a premium of over 7.31% over the issue price. Unlisted shares were trading at ₹675 apiece in the grey market prior to the IPO launch.

The IPO allocates 50% of the net offer to qualified institutional buyers (QIBs), 35% to retail investors, and 15% to non-institutional investors. Retail investors can participate with a minimum lot size of 23 shares (approximately ₹14,467).

Investors are advised to exercise caution and conduct thorough due diligence, including consulting with financial advisors and carefully reviewing the red herring prospectus, before investing in the IPO. The market value of Ajax Engineering at the upper end of the price band is estimated at ₹7,196 crore (₹71.96 billion).

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