Kedara Capital Supported Concrete Equipment Manufacturer Ajax Engineering said on Friday that he had raised more than Rs 379 crore from anchor investors a few days before his initial share-selling for public membership. According to PTI news, according to a circular uploaded on the Bombay Stock Exchange (BSE) website, SBI Mutual Fund (MF), Axis MF, HSBC MF, Edelvis MF, ITI MF, Amundi Funds New Silk Road and Franklene Templeton Investment funds include anchor investors who have been allotted shares.
Know the important date and price band
According to the circular, the company has allotted 23 funds at a price of Rs 60. 3 lakh shares at Rs 629 per share, which is also the upper end of the IPO price band. The size of the transaction is 379. 3 crore rupees. The Bangalore headquarters company will open for public membership from 10 to 12 February of Rs 1,269 crore. The company has fixed the price band of Rs 599 to Rs 629 per share. The company’s initial public issue (IPO) is a full sales proposal of 2.01 crore shares (OFS), which is priced at Rs 1,269 crore at the top of the limit, which has been made by its promoters and an investor shareholder.
The company will not get any income from IPO
As part of OFS, Kedara Capital will sell 74.37 lakh shares. The public issue is completely OFS, so Ajax Engineering will not get any income from IPOs. The company’s market capitalization price is estimated at Rs 7,200 crore at the upper end of the band. Ajax Engineering is a leading concrete equipment manufacturer. The company operates four assembling and manufacturing facilities in Karnataka, each specializes in different product lines.
Revenue from operation in FY 2024
Also, an assembling and manufacturing facility in Adinarayanhosahalli, Karnataka is under construction and is expected to be operational in August 2025. Ajax Engineering recorded revenue of Rs 1,741 crore from the operation in FY 2024 and a tax profit (PAT) of Rs 225 crore. ICICI Securities, Citygroup Global Markets India, JM Financial, Nuwama Wealth Management and SBI Capital Markets are the book running lead managers of this issue.
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