• Source:JND
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Ajax Engineering IPO Listing: Bengaluru-based construction equipment maker Ajax Engineering made a disappointing debut on stock exchanges on Monday, with its shares listed at a discount of 8 per cent against the IPO issue price. The stock opened at Rs 593 on the BSE, a 5.7% discount from the issue price of Rs 629, while the stock was listed at Rs 576 on the NSE, a massive 8.4% discount.

Despite a strong presence in the construction sector and a growing market in their favour, Ajax Engineering’s weak start is a testament to the indifferent attitude of investors. Market players will be closely watching the stock in the coming sessions to gauge its performance post-listing.

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Ajax Engineering's IPO has received an overwhelming response.

Ajax Engineering's initial public offering was subscribed 6.45 times on the last day of bidding on February 12, 2025. The IPO received 9.12 crore bids for 1.41 crore shares.

Qualified Institutional Buyer (QIB): 14.41 times

Non-Institutional Investors (NII): 6.47 times

Retail Individual Investors (RIIs): 1.93 times

The IPO is open for subscription from February 10 to 12, with a price band of ₹599-₹629 per share. The entire issue is in the Offer for Sale format, comprising 2.01 crore offers for sale. Out of this, 1.27 crore shares were offered by the promoter and the remaining shares were offered by the investor selling shareholder.

About Ajax Engineering

Based in Bengaluru, Ajax Engineering is one of the key players in India's construction equipment industry with a wide range of products and services such as batching, boom pumps, transit mixers and 3D concrete printers. With a range of load cell-enabled self-loading concrete mixers, self-propelled boom pumps and slip-form pavers, the company is at the forefront of technological innovation.

With 51 dealerships across 23 Indian states and 25 global partnerships, Ajax Engineering is well-positioned for domestic and international growth. However, its weak listing could indicate concerns among investors about valuations or market conditions.

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