AJAX ENGINEERING LIMITED

Price Band

₹ 599 - ₹ 629

Bid Lot

23 Shares

AJAX ENGINEERING LIMITED

10-Feb-2025 - 12-Feb-2025

Price Band

₹ 599 - ₹ 629

Minimum Investment

₹ 14467.00

Bid Lot

23 Shares

Shares

20,101,339

IPO Details

Offer for Sale of 2,01,80,446 Equity Shares

QIB
50%

(10,050,749 Shares)RS.632.19 CR

HNI 1
5%

(1,005,075 Shares)RS.63.22 CR @ 3121 FORM 1X

HNI 2
10%

(2,010,150 Shares)RS.126.44 CR @ 6243 FORM 1X

Retail
35%

(7,035,525 Shares)RS.442.53 CR @ 305892 FORM 1X

BRLMs: ICICI Securities, Citigroup Global, JM Financial, Nuvama Wealth, SBI Capital Markets

Timeline

  • 10

    Feb-2025

    Open Date

  • 12

    Feb-2025

    Close Date

  • 13

    Feb-2025

    Basis of Allotment Date

  • 14

    Feb-2025

    Initiation of Refunds

  • 14

    Feb-2025

    Credit of Shares to Demat A/C

  • 17

    Feb-2025

    IPO Listing Date

Subscription as on 12-Feb-2025 17:39

Category

Book Size

Subscription

QIB

14.41x
4,020,232

(₹252.87 Cr.)

57,946,016

(₹3644.80 Cr.)

HNI (<10 LAKH)

3.63x
1,005,075

(₹63.22 Cr.)

3,651,549

(₹229.68 Cr.)

HNI2 (>10 LAKH)

7.88x
2,010,150

(₹126.44 Cr.)

15,830,509

(₹995.74 Cr.)

RETAIL

1.92x
7,035,535

(₹442.54 Cr.)

13,508,981

(₹849.71 Cr.)

Total

6.46x
14,070,992
90,937,055

Category

Book Size

Subscription

QIB

14.41x
4,020,232

(₹252.87 Cr.)

57,946,016

(₹3644.80 Cr.)

HNI (<10 LAKH)

3.63x
1,005,075

(₹63.22 Cr.)

3,651,549

(₹229.68 Cr.)

HNI2 (>10 LAKH)

7.88x
2,010,150

(₹126.44 Cr.)

15,830,509

(₹995.74 Cr.)

RETAIL

1.92x
7,035,535

(₹442.54 Cr.)

13,508,981

(₹849.71 Cr.)

Total

6.46x
14,070,992
90,937,055

*Excluding Anchor

Total No. of Application Approx : ~296134 (0.97 Appwise)

HNI Cost

About Company

  • Ajax Engineering (“Ajax”) was originally incorporated on 3rd July, 2021. Ajax is a leading concrete equipment manufacturer with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain. As of September 30, 2024, they have developed over 141 concrete equipment variants catering to the concrete application value chain, and over the last 10 years, they have sold over 29,800 concrete equipment in India.

  • Since their inception 32 years ago, they have developed a comprehensive product portfolio that includes equipment such as self-loading concrete mixers (“SLCMs”) 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

  • In India, Ajax is a leading manufacturer of SLCMs with an approximately 77%, 75%, 77% and 86% market share in the SLCM market in India in terms of number of SLCMs sold during the 6 months period ended September 30, 2024 and FY 2024, 2023 and 2022, respectively.

  • Between Financial Year 2022 and the 6 months period ended September 30, 2024, company’s SLCM sales have experienced a CAGR of 45.70%, underscoring the rapid adoption and success of SLCMs in the construction sector.

  • Company’s concrete equipment has diverse use cases and is deployed across:

  • Transportation projects such as roads, railway lines, underground tunnels, elevated tracks, flyovers and bridges,

  • Irrigation projects such as reservoirs, canals, check dams and aqueducts,

  • Infrastructure projects involving landscaping, drainage and/or construction of airports, power plants, factories, oil and gas terminals, among others.

  • Their non-SLCM product portfolio includes batching plants for concrete production, transit mixers for concrete transportation, boom pumps, concrete pumps, self-propelled boom pumps for concrete placement, and slip-form pavers.

  • Ajax is the only Indian company to have developed a slip-form paver entirely in-house in 2019 and the first to commercialize 3D concrete printing machine developed in-house in 2023.

Strengths

Competitive Strength

  • Market leader in a large and fast-growing SLCM market

  • Leading concrete equipment company with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain

  • Engineering-focused concrete equipment company with strong in-house design, development and engineering capabilities

  • Technology-led assembly and manufacturing processes and robust supplier network

  • Dealer-led distribution model with 51 dealerships across 23 states in India as of September 30, 2024

  • Diversified customer base with longstanding relationships in the concrete equipment market and over 19,000 customers as of September 30, 2024

  • Experienced management team supported by qualified and experienced personnel

Business Strategies

  • Maintain the leadership position and grow market share of the SLCM portfolio by developing innovative products to cater to new untapped markets

  • Strengthen capabilities and increase market share of the non-SLCM portfolio

  • Improving operational efficiencies

  • Increase the presence in overseas markets through exports

  • Explore opportunities for inorganic growth

Company Promoters

Company Financials

Ajax Engineering Limited Financial Information (Restated)

Period Ended 30 Sep 2024 31 Mar 2024 31 Mar 2023 31 Mar 2022
Assets 1,348.76 1,236.14 966.73 735.31
Revenue 794.16 1,780.07 1,172.57 771.85
Profit After Tax 101.02 225.15 135.9 66.21
Net Worth 995.84 917.96 713.8 578.27
Reserves and Surplus 984.4 906.52 702.36 575.41
Total Borrowing   6.23 10.14 7.16
Amount in ? Crore

Objects of the Issue

The Company will not receive any proceeds of the Offer. Each of the Selling Shareholders will be entitled to the respective proportion of proceeds of the Offer for Sale after deducting its portion of the Offer-related expenses and the relevant taxes thereon.

How to Apply

Apply for IPO in few simple steps.

  • Step 1

    Once you create your account, Login to Easy Investing.

  • Step 2

    Under IPO Section, you will be able to see a list of Ongoing IPOs, where you can click on apply button.

  • Step 3

    Add quantity of shares to apply – Maximum 3 bids are allowed (For retail category – max amount Rs.2,00,000/-).

  • Step 4

    Enter your UPI ID and you will receive mandate on your UPI App.

  • Step 5

    Once you accept the mandate, Application is submitted successful.

  • Applying for an IPO is easier than ever with Easy Investing, in just a few clicks your application is processed. You can bid for any IPO through Easy Investing, the bidding process is simple and hassle free. Every company has a lot size decided & you can buy in multiples of the decided lot.
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