Ajax Engineering IPO Price: ₹599 to ₹629 per share
IPO Dates: 10 February 2025 – 12 February 2025
Company Overview
Incorporated in July 1992, Ajax Engineering Limited is a leading manufacturer of concrete equipment, offering a comprehensive range of products and services across the concrete application value chain. Over the past decade, the company has sold more than 29,800 units across India.
Manufacturing & Workforce
As of September 30, 2024, Ajax Engineering operates four manufacturing facilities in Karnataka—Obadenahalli, Gowribidanur, and Bashettihalli—each specializing in different concrete equipment. The company has a dedicated design, engineering, and development team of 79 full-time employees, accounting for 15.96% of its total workforce.
Product Portfolio
Ajax Engineering provides a diverse range of concrete equipment, including:
- Self-loading concrete mixers (SLCMs) – A market-leading product category
- Batching plants – For concrete production
- Transit mixers – For concrete transportation
- Boom pumps & concrete pumps – For concrete placement
- Self-propelled boom pumps – Enhancing mobility in concrete placement
- Slip-form pavers – Used in large-scale infrastructure projects
- 3D concrete printers – First commercialized in-house in 2023
Market Presence & Distribution
Ajax Engineering has built an extensive sales and service network, ensuring strong market penetration across domestic and international markets. In India, the company operates through 51 dealerships across 23 states, offering 114 touchpoints, including 34 service centers that provide after-sales support.
Beyond India, Ajax has expanded its reach with 25 dealers and distributors across South and Southeast Asia, the Middle East, and Africa. With a diversified customer base exceeding 19,000 clients, Ajax continues to reinforce its leadership in the concrete equipment industry.
Applications of Concrete Equipment
Ajax’s products are used in various large-scale infrastructure projects, including:
- Transportation – Roads, railway lines, tunnels, flyovers, and bridges.
- Irrigation – Reservoirs, canals, check dams, and aqueducts.
- Infrastructure – Airports, power plants, factories, and oil & gas terminals.
Technological Edge & Innovation
Ajax Engineering Limited has established itself as a pioneer in concrete equipment innovation. It is the only Indian company to have developed an in-house slip-form paver in 2019, demonstrating its strong engineering expertise. In 2023, Ajax became the first in India to commercialize an in-house 3D concrete printer, further strengthening its position in the market.
The company emphasizes robust in-house design, development, and engineering capabilities, ensuring high-quality and technologically advanced products. Its manufacturing processes are driven by cutting-edge technology, enabling efficient assembly and production.
Competitive Strengths
- Market Leader in the fast-growing self-loading concrete mixer (SLCM) segment, with a 77% market share in FY 2024.
- Comprehensive Product Range covering the entire concrete value chain.
- Robust Dealer-Led Distribution Model with widespread presence.
- Diversified Customer Base with longstanding industry relationships.
- Experienced Management Team backed by skilled professionals.
Ajax Engineering Limited continues to strengthen its position in the concrete equipment market with innovation, superior technology, and a strong distribution network.
Bidding Starts In
Ajax Engineering IPO Specifics:
| IPO Date | February 10, 2025 to February 12, 2025 |
| Listing Date | Monday, February 17, 2025 |
| Face Value | ₹1 per share |
| Price Band | ₹599 to ₹629 per share |
| Lot Size | 23 Shares |
| Total Issue Size | 2,01,80,446 shares (aggregating up to ₹1,269.35 Cr) |
| Offer For Sale | 2,01,80,446 shares (aggregating up to ₹1,269.35 Cr) |
| Employee Discount | ₹59 per share |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 11,44,06,800 shares |
| Share holding post issue | 11,44,06,800 shares |
Ajax Engineering IPO Timetable (Important Dates)
| IPO Open Date | Monday, February 10, 2025 |
| IPO Close Date | Wednesday, February 12, 2025 |
| Basis of Allotment | Thursday, February 13, 2025 |
| Initiation of Refunds | Friday, February 14, 2025 |
| Credit of Shares to Demat | Friday, February 14, 2025 |
| Listing Date | Monday, February 17, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on February 12, 2025 |
Ajax Engineering IPO Lot Size
Bidders have the opportunity to bid for a minimum of 23 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 23 | ₹14,467 |
| Retail (Max) | 13 | 299 | ₹1,88,071 |
| S-HNI (Min) | 14 | 322 | ₹2,02,538 |
| S-HNI (Max) | 69 | 1,587 | ₹9,98,223 |
| B-HNI (Min) | 70 | 1,610 | ₹10,12,690 |
Ajax Engineering IPO Reservation
| QIB Shares Offered | Not more than 50% of the Net offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
Ajax Engineering Limited IPO Financial Information
| Period Ended | 31 Mar 2022 | 31 Mar 2023 | 31 Mar 2024 | 30 Sep 2024 |
|---|---|---|---|---|
| Assets | 735.31 | 966.73 | 1236.14 | 1348.76 |
| Revenue | 771.85 | 1172.57 | 1780.07 | 794.16 |
| Profit After Tax | 66.21 | 135.9 | 225.15 | 101.02 |
| Net Worth | 578.27 | 713.8 | 917.96 | 995.84 |
| Reserves and Surplus | 575.41 | 702.36 | 906.52 | 984.4 |
| Total Borrowing | 7.16 | 10.14 | 6.23 |
Key Performance Indicator – Ajax Engineering IPO
| KPI | Values |
|---|---|
| Market Cap | ₹ 7,196.19 Cr |
| EPS | ₹19.68 |
| P/E (x) | 31.96 |
| ROE | 24.53% |
| ROCE | 32.82% |
| Debt / Equity | 0.01 |
| RoNW | 19.39% |
Objects of the Issue:
The company will not receive any proceeds from the offer. The selling shareholders will receive their respective shares of the proceeds from the Offer for Sale after deducting applicable offer-related expenses and taxes.
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
