Ajax Engineering IPO
Ajax Engineering Limited (AJAXENGG) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 17 February 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +4.2% (likely range -5% to +14%), day's high +12.0%, chance of a gain 60%. Actual: -8.4% at the open, -3.2% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 40,20,300 | 5,79,46,016 | 14.4x | |
| NII (HNI) total | 30,15,225 | 1,94,95,237 | 6.47x | |
| Big NII (above ₹10 lakh) | 20,10,150 | 1,58,30,509 | 7.88x | |
| Small NII (₹2-10 lakh) | 10,05,075 | 36,64,728 | 3.65x | |
| Retail | 70,35,525 | 1,35,63,767 | 1.93x | |
| Employees | 78,947 | 2,06,931 | 2.62x | |
| Total | 1,41,49,997 | 9,12,11,951 | 6.45x |
Bids on NSE and BSE together, as published by NSE, as of 12 Feb 2025, 07:00 PM. Shares offered exclude the anchor portion. 12% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Ajax Engineering's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Sandhar TechnologiesMar 2018 | 14.5x | 6.39x | 1.42x | 6.19x | ₹515 Cr | +4.2% | +6.0% |
| Honasa ConsumerNov 2023 | 11.5x | 4.02x | 1.35x | 7.61x | ₹1,702 Cr | +1.9% | +5.1% |
| Laurus LabsDec 2016 | 10.5x | 3.58x | 1.67x | 4.57x | ₹1,334 Cr | +14.5% | +16.4% |
| Future Supply Chain SolutionsDec 2017 | 12.4x | 11.2x | 3.28x | 7.56x | ₹650 Cr | 0.0% | +5.3% |
| GPT HealthcareFeb 2024 | 17.3x | 11.0x | 2.44x | 8.52x | ₹525 Cr | +15.6% | +18.2% |
| Blue Jet HealthcareOct 2023 | 13.7x | 13.6x | 2.24x | 7.95x | ₹840 Cr | +9.8% | +20.8% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| ICICI Securities | 109 | +21.3% | 69% |
| Citigroup Global Markets India | 35 | +14.2% | 63% |
| JM Financial | 109 | +22.8% | 75% |
| Nuvama Wealth Management | 35 | +11.9% | 66% |
| SBI Capital Markets | 56 | +16.7% | 61% |
Offer documents (NSE)
Frequently asked
What is the Ajax Engineering IPO price band and lot size? ₹599–629 per share, with a lot of 23 shares, so the smallest retail bid is ₹14,467.
How many times has it been subscribed? 6.45x overall: QIB 14.4x, NII 6.47x, retail 1.93x, employees 2.62x.
How did it list? It opened at ₹576, -8.4% against the issue price of ₹629, and closed its first day -5.3%.
