Ajax Engineering share price debuts with 8% discount at Rs 629 on NSE; stock down over 2%

The shares of Ajax Engineering listed at a discount of 8.4% on the exchanges on Monday. The stock debuted at Rs 576 on the NSE and Rs 593 on the BSE (a 5.7% discount) against an issue price of Rs 629.

Post listing, shares of the company slipped over 2% on the BSE to Rs 578.30.

The issue, which closed last week, received a healthy response from investors with a subscription of 6 times at close. Institutional investors were the highest subscribed category at 13 times, followed by non-institutional investors at 6 times.


Since the IPO was completely an offer for sale (OFS), the company will not receive any proceeds. The issue was priced at a P/E ratio of 32.1x at the upper price band based on FY24 earnings, which, according to analysts, is comparatively lower than its industry peers.

Ajax Engineering is a leading concrete equipment manufacturer offering a comprehensive range of concrete equipment services and solutions across the value chain.

Its product portfolio includes over 141 concrete equipment variants catering to various needs within the concrete application value chain. Over the last ten years, the company has sold over 29,800 concrete equipment units in India.

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The company’s concrete equipment is used in diverse applications and is deployed across transportation, irrigation, and infrastructure projects. In addition to its SLCM portfolio, the company offers a large and diverse range of non-SLCM equipment

One of the company’s significant innovations is the SLCM equipped with load cell technology, ensuring quality assurance in concrete production. This innovation has been recognized by the Legal Metrology Department of the government and is now widely used by various public sector departments.

In 2019, the company introduced its patented self-propelled boom pump mounted on a 4x4 chassis, designed to combine mobility and flexibility for efficient concrete placement at varying heights and distances.

The company sells its equipment through a network of dealers in India and internationally to a diverse range of customers, including individual contractors, small and mid-sized contracting companies, rental companies, large construction firms, and government construction agencies.