The initial public issue (IPO) of Ajax Engineering Limited was completely subscribed on the last day on Wednesday. In three days, the IPO received 6.45 times subscription. According to NSE data, the initial stock sales received bids for 9,12,11,951 shares against the offer of 1,41,49,997 shares. According to PTI news, the share of this IPO qualified institutional buyers (QIB) received 14.41 times subscription, while for non-institutional investors, quota 6.47 times subscribed. The category of retail individual investors (RII) received 1.93 times subscription.
Anchor raised more than ₹ 379 crore from investors
According to the news, Kedara Capital -backed Ajax Engineering has raised more than Rs 379 crore from anchor investors. The Bangalore headquarters company is priced at Rs 599-629 per share of an initial share sales of Rs 1,269 crore. The company’s IPO is a full offer-for-cell (OFS) of 2.01 crore shares, priced at Rs 1,269 crore at the top end of the price limit by its promoters and an investor shareholder.
The company will not have any income
The public issue is a completely Open for Sale (OFS), which is why Ajax Engineering will not have any income from IPO. Ajax Engineering is a leading concrete equipment manufacturer, which has a broad chain 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. ICICI Securities, Citigroup Global Markets India, JM Financial, Nuwama Wealth Management and SBI Capital Markets are the book-hanging lead managers of this issue.
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