The Qualified Institutional Buyers (QIBs) category was subscribed 14.41 times. The Non-Institutional Investors (NIIs) category was subscribed 6.47 times. The Retail Individual Investors (RIIs) category was subscribed 1.93 times.

The issue opened for bidding on 10 February 2025 and it closed on 12 February 2025. The price band of the IPO was fixed between Rs 599 to 629 per share.

The issue comprised only an Offer for Sale (OFS) of up to 2.01 crore equity shares, with 1.27 crore shares offered by the promoter and the remaining by the investor selling shareholder.

The company will not receive any proceeds from the offer. Each of the selling shareholders will be entitled to their respective proportion of the proceeds from the offer for sale after deducting their portion of the offer-related expenses and applicable taxes.

Ahead of the IPO, Ajax Engineering on Friday, 7 February 2025, raised Rs 379.31 crore from anchor investors. The board allotted 60.30 lakh shares at Rs 629 each to 23 anchor investors.

Ajax Engineering, co-founded by Krishnaswamy Vijay, the late Jacob John, and the late Anil Kumar Singh, designs, develops, and engineers innovative, high-quality concrete equipment. These products are sold through dealers in India and abroad to a diverse range of customers, including individual contractors, small and mid-sized contracting companies, rental companies, large construction firms, and government construction agencies. As of 30 September 2024, the company has 51 dealers across 23 states in India and 25 dealers/distributors outside India.

The firm reported a consolidated net profit of Rs 101.02 crore and sales of Rs 769.99 crore for the six months ended on 30 September 2024.

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