AJ
Ajax Engineering Limited
India's leading manufacturer of self-loading concrete mixers and road construction equipment, serving infrastructure and construction sectors.
₹585–₹599
Price Band
25 Shares
Lot Size
₹14975
Min Investment
1 lot @ ₹599
₹1269 Cr
Issue Size
+₹28
GMP Today
Est. ₹627 (4.7%)
1.64×
Subscribed
Day 2
₹10
Face Value
35.2×
P/E (at upper)
Grey Market Premium (GMP)
Updated 12 Feb · 11:00 IST+₹28
Current GMP
Grey Market Premium
₹627
Est. Listing Price
Upper band + GMP
+4.67%
Expected Return
From upper band ₹599
GMP Trend
⚠️ Disclaimer: GMP is an unofficial grey market indicator and does not guarantee listing performance.
Subscription Status
Day 2 · 12 Feb 20252.10×
QIB
Qualified Institutional
1.20×
NII / HNI
Non-Institutional
1.42×
Retail
Individual Investors
| Category | Shares Offered | Shares Bid | Subscription | Progress |
|---|---|---|---|---|
| QIB | 10,55,920 | 22,17,432 | 2.10× | |
| NII | 5,27,960 | 6,33,552 | 1.20× | |
| Retail | 8,97,532 | 12,74,495 | 1.42× | |
| Total | – | – | 1.64× |
About the Company
Ajax Engineering Limited is India’s largest manufacturer of self-loading concrete mixers (SLCMs) with a market share of over 50%. The company also manufactures concrete boom pumps, transit mixers, and other construction equipment. Founded in 1992 and headquartered in Bengaluru, Ajax serves large infrastructure contractors, government projects, and real estate developers across India.
Employees
~2,500
Founded
1992
Headquarters
Bengaluru, India
Industry
Construction Equipment
Issue type
OFS (No fresh issue)
Promoter
Ajax Engineering Promoter Group
✅ Strengths
- Market leader in self-loading concrete mixers (50%+ market share)
- Strong infrastructure tailwinds from government capex
- Asset-light distribution model with pan-India dealer network
- Consistent profitability with healthy ROE >20%
⚠️ Risks
- OFS only – promoters offloading stake, no fresh capital inflow
- High capex cyclicality tied to infrastructure spending cycles
- Concentrated revenue in a single product category
- Competition from global players entering Indian market
Financial Performance
FY22 · FY23 · FY24Revenue (₹ Cr)
PAT (₹ Cr)
FY22
FY23
FY24
| Metric | FY22 | FY23 | FY24 | Growth (YoY) |
|---|---|---|---|---|
| Revenue (₹ Cr) | 812 | 1248 | 1587 | Stable |
| EBITDA (₹ Cr) | 138 | 224 | 294 | Stable |
| PAT (₹ Cr) | 98 | 162 | 212 | Stable |
| EPS (₹) | 9.12 | 15.07 | 19.72 | ▲ 30.9% |
| EBITDA Margin | 17.0% | 17.9% | 18.5% | – |
| ROE | 18.2% | 22.4% | 24.1% | – |
Analyst Review
7
/ 10 overall
Subscribe ✅
For listing gains
Motilal Oswal
IPO Research
Market leadership in niche segment with strong infrastructure growth visibility. Fair valuation at 35× P/E.
HDFC Securities
Research Team
Solid track record with revenue CAGR of 40%+. OFS structure is a slight negative but business fundamentals are strong.
Allotment & Listing
✓
10 Feb
IPO Opens
Subscription window opens for all categories
✓
12 Feb
IPO Closes
Last day to apply – 5:00 PM deadline
✓
14 Feb
Allotment Date
Basis of allotment to be finalized
17 Feb
Refund Initiation
Unallotted funds credited to bank accounts
17 Feb
Credit to Demat
Shares credited to allottees' demat accounts
18 Feb
Listing Day 🎯
Expected listing on NSE & BSE at 10:00 AM
🎯 Listing Performance
₹599
Issue Price
₹620
Listing Price
0.0%
Listing Gain
₹608
Current Price