Ajax Engineering, a Bengaluru-based company that specializes in manufacturing concrete equipment, is starting the bidding process for its Rs 1,269.35 crore IPO today. The company has seen strong demand in the grey market and raised Rs 379.31 crore from anchor investors. It has a wide distribution network in India and abroad with continued growth and profitability. Investors should keep a close eye on this IPO and its potential for listing gains.
Ajax Engineering IPO: A Lucrative Investment Opportunity
Bengaluru-based Ajax Engineering, a leading manufacturer of concrete equipment, has recently initiated the bidding process for its highly anticipated Initial Public Offering (IPO) worth Rs 1,269.35 crore. The company has garnered significant interest in the grey market, raising Rs 379.31 crore from anchor investors.
Background
Ajax Engineering, founded in 1995, has established itself as a formidable player in the concrete equipment industry. The company offers a comprehensive range of products, including concrete batching plants, concrete mixers, and concrete pumps. Ajax Engineering has carved out a niche in the market by providing innovative and cost-effective equipment solutions to its customers.
IPO Details
The company's IPO will comprise a fresh issue of equity shares worth Rs 650 crore and an offer for sale (OFS) of up to 24,347,226 equity shares by existing shareholders. The price band for the IPO has been set at Rs 980-1,000 per share. The issue will close on March 15, 2023.
Strong Grey Market Demand
Ajax Engineering has witnessed robust demand in the grey market. The company's shares are currently trading at a premium of around Rs 60, indicating strong investor interest. This positive sentiment stems from the company's robust financials, continued growth trajectory, and wide distribution network.
Investment Potential
Analysts believe that Ajax Engineering's IPO offers an attractive investment opportunity for the following reasons:
Top 5 FAQs
1. What is the issue size of Ajax Engineering's IPO? Answer: Rs 1,269.35 crore
2. What is the price band for the IPO? Answer: Rs 980-1,000 per share
3. Who are the lead managers of the IPO? Answer: ICICI Securities, Kotak Mahindra Capital, JM Financial, and Axis Capital
4. What is the company's competitive advantage? Answer: Ajax Engineering's competitive advantage lies in its innovative products, cost-effective solutions, and wide distribution network.
5. What is the expected listing date of the IPO? Answer: The tentative listing date for the IPO is March 22, 2023.
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