Ajax Engineering's Lacklustre Debut At D-Street: Bengaluru-Based Company Lists With 8.43% Discount

Dalal Street is abuzz with another new set of IPO entries. Ajax Engineering, a Bengaluru-based manufacturer of concrete equipment and services, made its debut today, Monday, February 17.

Ajax Engineering Debuts

The company, however, started on a rather underwhelming note, as the index company got listed at a price lower than its issue price. The company was listed on the National Stock Exchange or NSE, at Rs 576, at a discount of 8.43 per cent to its issue price of Rs 629.

Meanwhile, it was listed at Rs 593, down 5.7 per cent at the BSE.

At the time of writing, the index hit a high of Rs 594.00, however, it quickly dropped in value.

At the time of writing, after listing, the company shares were trading at the price of Rs 577.65, having increased in value by Rs 1.65 or 0.29 per cent.

The company was incorporated in 1992, it has 51 dealerships across 23 states in India, providing 114 touchpoints, including 51 headquarters and 63 branches.

IPO Details

The company IPO had a book-built issue of Rs 1,269.35 crores. The IPO had a issue price of Rs 629, with a total issue size of 2,01,80,446 shares.

Despite the weak start, the Bengaluru-based company's IPO closed with strong demand, garnering 6.06 times bids.

The offer received bids for 8.57 crore shares against 1.41 crore shares on offer.

The retail investor segment was booked 1.94 times, while the non-institutional investors (NII) category was subscribed 6.46 times.

The offer opened on Monday, February 10, before closing on Wednesday February 12.

The IPO had a minimum Retail bid of Rs 14,467 for a single of 23 shares. And a maximum retail bid of Rs 1,88,071 for 13 lots of 299 shares. Meanwhile, the minimum bid for HNIs stood at Rs 2,02,538 for 14 lots of 322 shares.