Ajax Engineering IPO: Shares show signs of recovery after falling on listing

Ajax Engineering Ltd had its shares list at a discount on Monday, February 17, 2025, after its Initial Public Offering (IPO).

The concrete equipment manufacturer’s IPO was entirely an offer for sale (OFS) which closed last week, receiving a healthy response from investors, with institutional investors subscribing 13 times and non-institutional investors subscribing six times.

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However, its shares listed at an 8.4% discount, debuting at ₹576 on the NSE and ₹593 on the BSE, against the issue price of ₹629.

After listing, its shares slipped more than 2% on the BSE to ₹578.30.

However, as of 2:20 pm IST, its share prices have recovered a bit, climbing back to ₹593.20, a rise of ₹0.20 or 0.03%.

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Ajax is noted for its innovations like the Self Loading Concrete Mixers (SLCM) with load cell technology. This is used extensively in public sector projects and has been recognized by the Legal Metrology Department of the government.

The company’s product portfolio includes more than 141 concrete equipment variants and over the last ten years, it has sold over 29,800 concrete equipment units in India.

It also introduced its patented self-propelled boom pump mounted on a 4×4 chassis in 2019, which is designed to combine mobility and flexibility for efficient concrete placement at varying heights and distances.

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The company sells its products through a network of dealers in India and even internationally to a diverse range of customers. They include individual contractors, small and mid-sized contracting companies, rental companies, large construction firms, and government construction agencies.