Ajax Engineering Limited, a prominent manufacturer of concrete equipment, experienced a disappointing debut on the Indian stock exchanges on February 17, 2025. The company’s shares were listed at ₹576 on the National Stock Exchange (NSE), reflecting an 8.43% discount to the issue price of ₹629. On the Bombay Stock Exchange (BSE), the shares opened at ₹593, marking a 5.7% decline from the offer price.

De aandelen van Ajax Engineering maakten een zwak marktdebuut; daling ruim 8%

The initial public offering (IPO) of Ajax Engineering, which was open for subscription from February 10 to 12, 2025, aimed to raise ₹1,269.35 crore through an offer for sale of 2.01 crore shares. Despite the IPO being oversubscribed by 6.06 times—receiving bids for 8.57 crore shares against the 1.41 crore shares on offer—the stock struggled to maintain its value upon listing.

 

Investor interest during the IPO varied across categories:

 

Qualified Institutional Buyers (QIBs): Subscribed 13.04 times

 

Non-Institutional Investors (NIIs): Subscribed 6.46 times

 

Retail Individual Investors (RIIs): Subscribed 1.94 times

 

 

 

 

Analysts have attributed the weak listing performance to several factors, including market volatility and investor caution. Arun Kejriwal, founder of Kejriwal Research and Investment Services, noted that the combination of modest subscription rates and unfavorable market sentiment contributed to the stock’s underperformance on its debut.

 

Ajax Engineering specializes in manufacturing a wide range of concrete equipment, offering over 141 variants as of September 30, 2024. The company operates four manufacturing facilities in Karnataka and has a dealer network spanning 23 states in India.

 

Despite the initial setback, the company’s long-term prospects will depend on its ability to deliver strong operational results and growth. Investors are advised to monitor the company’s performance in the coming quarters to assess its potential for recovery and va lue appreciation.