IPO Watch: Ajax Engineering Booked 28% on Day 1, Key Details Here

The initial public offering Ajai Engineering Ltd opened on February 10 and has received a tepid response from the investors. The whole issue has been booked 28% on Day 1. The company plans to raise ₹1,269.35 crore via the share sale. The IPO will be closed for bidding on February 12.

Subscription Status

As of 5:20 pm, shares of Ajai Engineering Ltd have been subscribed 28%. The IPO has received bids for 39.1 lakh shares against 1.41 crore shares on offer..

While retail investors have booked for 20.60 lakh shares (29%) out of the allocated 70.35 lakh shares, non-institutional investors (NIIs) have subscribed for 28% (6.62 lakh shares) of the reserved 30.15 lakh shares. Qualified Institutional Buyers (QIBs) placed bids for 10.32 shares, compared to 40.2 lakh shares apportioned for them. Employees' quota has been booked at 54% (42,343 shares) out of the reserved 78,947 shares..

Price Band

The price band has been fixed between ₹599 to ₹629 apiece for which minimum lot size is 23 shares. Retail investors need to apply for at least a single lot, valued at ₹14,467.

Key Dates

The IPO will close on February 13, following which refunds will be issued on February 14. Allottees will also receive shares in their Demat accounts on February 14. The company is set to go public on February 17.

About

Founded in 1992, Ajax Engineering Ltd is involved in the manufacturing of a diverse range of concrete equipment and services across the value chain. The company has 51 dealerships spanning 23 Indian states.