Ajax Engineering is scheduled to finalize the basis of allotment of its shares on Thursday, February 13. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate latest by Friday or latest by weekend. The IPO of the concrete equipment manufacturer had received a muted response from the investors.
The IPO of Ajax Engineering was open for bidding between February 10 and February 12. It had offered its shares in the price band of Rs 599-629 per share with a lot size of 23 shares. The company raised a total of Rs 1,269.35 crore from its IPO, which was entirely an offer-for-sale (OFS) of up to 2,01,80,446 equity shares.
The issue was overall subscribed a decent 6.45 times. The portion for qualified-institutional bidders (QIBs) was subscribed about 14.41 times. The portion for non-institutional investors (NIIs) was booked 6.47 times, while the allocation for retail investors was booked 1.93 times during the three-day bidding. Portion for employees was booked 2.62 times during the process.
Grey market premium (GMP) of Ajax Engineering has seen a minimal recovery following the last minute interest from the QIB investors. Last heard, the company commanded a grey market premium (GMP) of Rs 10 apiece, signaling a mild-to-flat listing of nearly 2 per cent for the investors.
Incorporated in July 1992, Bengaluru-based Ajax Engineering manufactures a wide range of concrete equipment and services across the value chain. As of March 31, 2024, the company has developed 110 concrete equipment variants for the value chain and sold over 27,800 units in India in the last ten years.
ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management and SBI Capital Markets are the book running lead managers of the Ajax Engineering IPO, while Link Intime India is the registrar for the issue. Shares of the company shall list on both BSE and NSE on Monday, February 17.
Investors, who had bid for the issue of Ajax Engineering, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Ajax Engineering Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit search button
Investors can also check the allotment status on the online portal of Link Intime India (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue. 1) Go to the web portal of Link Intime Limited
2) Select the IPO/FPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.