Details of Ajax Engineering Limited’s initial public offering (IPO)
By Rajan Chaurasiya February, 05 2025 10:56 AMAjax Engineering IPO is a book-built issue of Rs 1,269.35 crores. The issue is entirely an offer for sale of 2.02 crore shares.
Ajax Engineering Limited was founded in July 1992 and produces a variety of concrete equipment and services along the value chain.
As of September 30, 2024, the company has sold over 29,800 concrete equipment units in India over the past ten years, and it has produced 141 concrete equipment types across the value chain.
79 full-time staff members, or roughly 15.96% of the workforce, are part of the design, engineering, and development team as of September 30, 2024.
Ajax Engineering Limited has four facilities in Karnataka as of September 30, 2024: Obadenahalli, Gowribidanur, and Bashettihalli. Each plant specializes in a distinct product, with the Obadenahalli facility being the most notable.
Ajax Engineering IPO opens for subscription on February 10, 2025 and closes on February 12, 2025. The allotment for the Ajax Engineering IPO is expected to be finalized on Thursday, February 13, 2025. Ajax Engineering IPO will list on BSE, NSE with tentative listing date fixed as Monday, February 17, 2025.
Ajax Engineering IPO price band is set at ₹599 to ₹629 per share. The minimum lot size for an application is 23. The minimum amount of investment required by retail investors is ₹14,467. The minimum lot size investment for sNII is 14 lots (322 shares), amounting to ₹2,02,538, and for bNII, it is 70 lots (1,610 shares), amounting to ₹10,12,690.
As of September 30, 2024, The company has 51 dealerships across 23 states in India, providing 114 touchpoints, including 51 headquarters and 63 branches, 34 of which also serve as service centers.
As of September 30, 2024, the company has established 25 dealers and distributors across South and Southeast Asia, the Middle East, and Africa.
As of September 30, 2024, the company has sold concrete equipment and spare parts to over 15,700 customers.
ICICI Securities Limited, Citigroup Global Markets India Private Limited, JM Financial Limited, Nuvama Wealth Management Limited, SBI Capital Markets Limited are the Book Running Lead Managers to Ajax Engineering IPO while Link Intime India Private Limited is the Registrar to the Issue.
Product Portfolio:
- Self-loading concrete mixers
- Batching plants
- Transit mixers
- Boom pumps
- Concrete pumps
- Self-propelled boom pumps
- Slipform pavers
- 3D concrete printer
As of September 30, 2024, the service team included 85 employees, such as coordinators, managers, specialists, and customer service executives supporting our dealer network.
Competitive Strength
- Market leader in a large and fast-growing SLCM market
- Leading concrete equipment company with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain
- Strong in-house design, development and engineering capabilities
- Technology-led assembly and manufacturing processes and robust supplier network
- Large dealer network with widespread distribution model
- Diversified customer base with longstanding relationships in the concrete equipment market
- Experienced management team supported by qualified and experienced personnel.
Ajax Engineering Limited Financial Information
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 1,348.76 | 1,236.14 | 966.73 | 735.31 |
| Revenue | 794.16 | 1,780.07 | 1,172.57 | 771.85 |
| Profit After Tax | 101.02 | 225.15 | 135.9 | 66.21 |
| Net Worth | 995.84 | 917.96 | 713.8 | 578.27 |
| Reserves and Surplus | 984.4 | 906.52 | 702.36 | 575.41 |
| Total Borrowing | 6.23 | 10.14 | 7.16 |
Ajax Engineering IPO Details
| IPO Date | February 10, 2025 to February 12, 2025 |
| Listing Date | [.] |
| Face Value | ₹1 per share |
| Price Band | ₹599 to ₹629 per share |
| Lot Size | 23 Shares |
| Total Issue Size | 2,01,80,446 shares (aggregating up to ₹1,269.35 Cr) |
| Offer for Sale | 2,01,80,446 shares of ₹1 (aggregating up to ₹1,269.35 Cr) |
| Employee Discount | 59.00 |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 11,44,06,800 shares |
| Share Holding Post Issue | 11,44,06,800 shares |
Timeline for Ajax Engineering’s IPO
Ajax Engineering IPO opens on February 10, 2025, and closes on February 12, 2025
| IPO Open Date | Monday, February 10, 2025 |
| IPO Close Date | Wednesday, February 12, 2025 |
| Basis of Allotment | Thursday, February 13, 2025 |
| Initiation of Refunds | Friday, February 14, 2025 |
| Credit of Shares to Demat | Friday, February 14, 2025 |
| Listing Date | Monday, February 17, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on February 12, 202 |
Ajax Engineering IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII (HNI) Shares Offered | Not more than 15% of the Net Offer |
Ajax Engineering IPO Promoter Holding
The Promoters of the company are Krishnaswamy Vijay, Jacob Jiten John, Kalyani Vijay, Madhuri Vijay, Prashanth Vijay, Rachel Rekha Hansen, Savitha Christeena Alexander, Sean Alexander, Green Haven Trust, Ohana Trust, Jacob Hansen Family Trust and The Johns Loaves Trust.
| Share Holding Pre Issue | 93.50% |
| Share Holding Post Issue |
Ajax Engineering IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 23 | ₹14,467 |
| Retail (Max) | 13 | 299 | ₹1,88,071 |
| S-HNI (Min) | 14 | 322 | ₹2,02,538 |
| S-HNI (Max) | 69 | 1,587 | ₹9,98,223 |
| B-HNI (Min) | 70 | 1,610 | ₹10,12,690 |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 24.53% |
| ROCE | 32.82% |
| Debt/Equity | 0.01 |
| RoNW | 19.39% |
| PAT Margin | 12.65 |
| Price to Book Value | 7.84 |
| KPI | Values |
|---|---|
| ROE | 24.53% |
| ROCE | 32.82% |
| Debt/Equity | 0.01 |
| RoNW | 19.39% |
| PAT Margin | 12.65 |
| Price to Book Value | 7.84 |
| KPI | Values |
|---|---|
| ROE | 24.53% |
| ROCE | 32.82% |
| Debt/Equity | 0.01 |
| RoNW | 19.39% |
| PAT Margin | 12.65 |
| Price to Book Value | 7.84 |
| KPI | Values |
|---|---|
| ROE | 24.53% |
| ROCE | 32.82% |
| Debt/Equity | 0.01 |
| RoNW | 19.39% |
| PAT Margin | 12.65 |
| Price to Book Value | 7.84 |
Objects of the Issue
The Company will not receive any proceeds of the Offer. Each of the Selling Shareholders will be entitled to the respective proportion of proceeds of the Offer for Sale after deducting its portion of the Offer-related expenses and the relevant taxes thereon.
conclusion
Ajax Engineering Ltd. (AEL) is a leading concrete equipment manufacturer with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain (Source: Red Seer Report). As of September 30, 2024, it has developed over 141 concrete equipment variants catering to the concrete application value chain, and over the last ten years, it has sold over 29,800 concrete equipment in India. Since its inception 32 years ago, the company has developed a comprehensive product portfolio that includes equipment such as self-loading concrete mixers (“SLCMs”) and batching plants for the production of concrete, transit mixers for the transportation of concrete, boom pumps, concrete pumps and self-propelled boom pumps for the placement of concrete, slip-form pavers for the paving of concrete and 3D concrete printers for depositing concrete.
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