Mumbai: Ajax Engineering, a Kedaara Capital-backed concrete equipment manufacturer, is coming out with its IPO priced at Rs 599 to Rs 699 per share – totally aggregating to Rs 1,269 crores — which will be opening on February 10 and closing on February 12.
Ajax Engineering is a leading concrete equipment manufacturer with a comprehensive range of related equipment, services and solutions across the concrete application value chain.
Shubhrabrata Saha, MD & CEO said here recently that this IPO is a complete offer-for-sale (OFS) of 2.01 crore shares with Kedaara Capital offloading 74.37 lakh shares. As the public issue is completely an OFS, Ajax Engineering will not receive any proceeds from the IPO.
Noting that India has headroom for growth in the mechanized concrete equipment space, Saha said the company has its presence in 23 states, besides also exporting to 46 countries.
“We are looking at growing our presence in overseas markets through exports, while also exploring opportunities for inorganic growth,” he said, adding “We have set up the Ajax School of Concrete for skilling people – in line with +Skill India+ — and have launched our AI chatbot called “Concrete AI.”
The Bengaluru-headquartered company, which has four assembling and manufacturing facilities in Karnataka, is well-placed to manufacture all concrete-relate equipment that service diverse users including the railways, industry, logistics, roadways, renewable energy, airports, urban infrastructure, residences and commercial activities.
Ajax Engineering reported FY24 revenue from operations at Rs 1,741 crore with a profit after tax (PAT) of Rs 225 crore.
ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management and SBI Capital Markets are the book running lead managers to the issue.
