Bengaluru-based concrete equipment manufacturer Ajax Engineering has successfully raised INR 379.31 crore from anchor investors ahead of its much-anticipated public offer. The company has set the allotment price at INR 629 per share, which is the upper limit of the IPO price band ranging from INR 599 to INR 629. The issue is entirely an offer-for-sale (OFS). Ajax Engineering IPO will see existing shareholders, including Kedaara Capital, divesting their stakes, making this a significant liquidity event for them.
Ajax Engineering Anchor Investors Round – Details
According to the company’s filing with the stock exchanges, Ajax Engineering has allocated 60.3 lakh equity shares to 23 institutional investors at INR 629 per share. The total transaction size from the anchor investors amounts to INR 379.31 crore. This strong interest from institutional investors suggests a high level of confidence in the company’s growth potential and market position.
Anchor Investors and Their Investments
Below is the full list of institutional investors and their respective investments:
| Investor Name | Shares Allocated | Investment (INR Crore) |
|---|---|---|
| SBI Magnum Children’s Benefit Fund | 3,17,952 | 19.99 |
| SBI Infrastructure Fund | 3,47,599 | 21.86 |
| Amundi India Small Cap Equity Fund | 4,45,165 | 28.00 |
| Axis Business Cycles Fund | 1,58,447 | 9.96 |
| Axis Small Cap Fund | 5,07,104 | 31.89 |
| Al Mehwah Commercial Investments L.L.C. (Wanda) | 3,17,975 | 20.00 |
| IIFL Asset Management | 3,47,576 | 21.86 |
| Ashoka Whiteoak ICAV – Ashoka Whiteoak Opportunities Fund | 5,86,040 | 36.86 |
| Ashoka Whiteoak ICAV – Ashoka Whiteoak Emerging Markets Equity Fund | 79,511 | 5.00 |
| Franklin Templeton Investment Funds – Templeton Asian Smaller Companies Fund | 4,64,347 | 29.20 |
| Franklin Templeton Investment Funds – Templeton Emerging Markets Smaller Companies Fund | 1,22,169 | 7.65 |
| Fundpartner Solutions (Suisse) SA – Migros Pensionskasse Fonds Aktien Welt | 79,511 | 5.00 |
| PI Opportunities AIF V LLP | 3,65,654 | 22.99 |
| HSBC Infrastructure Fund | 3,65,654 | 22.99 |
| Amundi Funds New Silk Road | 3,65,654 | 22.99 |
| Carmignac Portfolio | 3,65,654 | 22.99 |
| Destinations International Equity Fund | 2,38,372 | 14.99 |
| TOCU Europe II SAR.L. | 1,58,999 | 10.00 |
| Edelweiss MF – Edelweiss Recently Listed IPO Fund | 1,58,999 | 10.00 |
| LC Pharos Multi Strategy Fund SF1 | 79,521 | 5.00 |
| BCAD Fund | 79,511 | 5.00 |
| ITI Value Fund | 39,744 | 2.49 |
| ITI ELSS Tax Saver Fund | 39,767 | 2.50 |
Out of the total allocation, 19.35 lakh shares were distributed among five domestic mutual funds through eight investment schemes, representing approximately 32.09% of the total allocation to anchor investors. The diversity of investment sources highlights the widespread institutional support for Ajax Engineering IPO.
IPO Structure and Market Position
The Ajax Engineering IPO comprises a complete OFS of 2.01 crore equity shares, valued at INR 1,269 crore at the top of the price range. Kedaara Capital, the primary selling shareholder, is set to offload 74.37 lakh shares as part of the issue. Post-IPO, Ajax Engineering will have a market capitalisation of approximately INR 7,200 crore at the upper price band. This valuation reflects the company’s strong fundamentals and promising future growth potential.
Ajax Engineering’s listing is expected to bolster the company’s brand recognition and unlock further value for shareholders. Additionally, being listed will provide greater financial transparency and help in attracting further investments and strategic partnerships in the future.
Company Overview and Financial Performance
Ajax Engineering is a leading player in the concrete equipment manufacturing segment, offering solutions such as self-loading concrete mixers, batching plants, transit mixers, concrete pumps, boom pumps, slip-form pavers, and 3D concrete printers. The company operates four manufacturing and assembly facilities in Karnataka, with a fifth facility under construction at Adinarayanahosahalli, set to commence operations in August 2025.
For the financial year 2023-24 (FY24), Ajax Engineering reported revenue from operations of INR 1,741 crore, with a profit after tax (PAT) of INR 225 crore, highlighting strong financial performance and market presence. The company’s consistent profitability and revenue growth over the years indicate its stable business model and efficient management. Additionally, its expansion plans signal further growth potential in the coming years.
IPO Subscription Details and Listing
The public subscription period for the IPO will run from 10 February 2025 to 12 February 2025, with the share allotment expected to be finalized on 13 February 2025. The listing of Ajax Engineering’s shares on both the BSE and NSE is scheduled for 17 February 2025. Investors who receive allotments will have the opportunity to trade the shares in the secondary market, and the listing day performance will be closely watched by market analysts.
Conclusion
With a strong anchor investor backing, robust financial performance, and a leading position in the concrete equipment industry, Ajax Engineering’s IPO is expected to attract significant interest from retail and institutional investors alike. The company’s listing will not only provide liquidity to its shareholders but also position it for further growth in an expanding market.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.