Ajax Engineering
Book Building issueMainboardNSE₹1,269 Cr issue
-5.72%
Listing gain over issue price
Issue size
₹1,269 Cr
1 lot at cut-off
₹14,467
Lot size
23shares
Open
10 Feb 2025
Close
12 Feb 2025
Allotment
13 Feb 2025
Listing
17 Feb 2025
Listing performance
Issue price
₹629
Listed at
₹593
Listing-day close
₹595.60
Latest price
₹550.90
Close on 23 Oct 2026
Listing gain
-5.72%
Return since issue
-12.42%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 10 Feb 2025 – 12 Feb 2025
- Listing date
- 17 Feb 2025
- Face value
- ₹1 per share
- Issue price
- ₹629 per share
- Lot size
- 23 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹1,269 Cr
- Market cap at offer price
- ₹7,196 Cr
- Promoter holding
- 93.50% → 80.00% pre-issue → post-issue
- ISIN
- INE274Y01021
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- 253/1, 11th Main Road, 3 rd Phase, Peenya Industrial Area, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 60,30,449 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 23 shares per lot, in multiples, at ₹629
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 23 | ₹14,467 |
| Retail (max) | 13 | 299 | ₹1,88,071 |
| S-HNI (min) | 14 | 322 | ₹2,02,538 |
| S-HNI (max) | 69 | 1,587 | ₹9,98,223 |
| B-HNI (min) | 70 | 1,610 | ₹10,12,690 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
60,30,449
Anchor portion
₹379 Cr
at ₹629 per share
Valuation and performance
Valuation at offer price
₹629 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 19.68 | 17.66 |
| P/E (×) | 31.96 | 35.62 |
| Price to book (×) | 7.84 | — |
| Market cap | — | ₹7,196 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 19.39%
- ROCE
- 32.82%
- Debt / equity
- 0.01
- PAT margin
- 12.65%
- NAV per share
- ₹80.24
- Price to book
- 7.84
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Ajax Engineering
Ajax Engineering Limited, incorporated in 1992 and converted to a public company in 2024, designs, assembles and markets concrete equipment for the construction and infrastructure sectors in India. The company generates 85.13% of its revenue from self-loading concrete mixers (SLCMs), with additional revenue from batching plants, transit mixers, boom pumps, concrete pumps, slip-form pavers, 3D concrete printers, spare parts and after-sales services. The company sells through a dealer network of 51 dealerships across 23 states in India and 25 international distributor relationships, reaching contractors, construction companies, rental companies and government agencies. As of September 30, 2024, the company operates four assembling and manufacturing facilities in Karnataka with one additional facility under construction. For the six months ended September 30, 2024 and Financial Years 2024, 2023, and 2022, the company generated revenue from operations of ₹7,699.85 million, ₹17,414.03 million, ₹11,511.28 million and ₹7,632.89 million respectively.
Company Analysis
from RHPAjax Engineering manufactures and sells self-loading concrete mixers and other concrete equipment including batching plants, transit mixers, boom pumps, concrete pumps, slip-form pavers, and 3D concrete printers for the construction and infrastructure industries in India.
Ajax Engineering Limited, incorporated in 1992 and converted to a public company in 2024, designs, assembles and markets concrete equipment for the construction and infrastructure sectors in India. The company generates 85.13% of its revenue from self-loading concrete mixers (SLCMs), with additional revenue from batching plants, transit mixers, boom pumps, concrete pumps, slip-form pavers, 3D concrete printers, spare parts and after-sales services. The company sells through a dealer network of 51 dealerships across 23 states in India and 25 international distributor relationships, reaching contractors, construction companies, rental companies and government agencies. As of September 30, 2024, the company operates four assembling and manufacturing facilities in Karnataka with one additional facility under construction. For the six months ended September 30, 2024 and Financial Years 2024, 2023, and 2022, the company generated revenue from operations of ₹7,699.85 million, ₹17,414.03 million, ₹11,511.28 million and ₹7,632.89 million respectively.
concrete equipment manufacturingconstruction equipmentinfrastructure equipment
Objects of the Issue
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges p.19
- Carry out the Offer for Sale by the Selling Shareholders ₹12,688.84 million p.19
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges and carry out the Offer for Sale of 20,180,446 equity shares by the Selling Shareholders p.104
- Offer for Sale by Selling Shareholders p.320
- Offer for Sale by Selling Shareholders - no proceeds to company p.367
Issue Structure
- Total Issue
- 20,180,446 equity shares of face value ₹1 each aggregating to ₹12,688.84 million
- Fresh Issue
- Not applicable
- Offer for Sale
- 20,180,446 equity shares of face value ₹1 each aggregating to ₹12,688.84 million by Selling Shareholders
- Price Band
- ₹599 to ₹629 per equity share (Floor Price ₹599, Cap Price ₹629)
- Lot Size
- 23 equity shares in multiples of 23 equity shares
- Face Value
- ₹1 per equity share
Business Model
The company generates revenue primarily through the sale of self-loading concrete mixers (81.48% for six months ended September 30, 2024), supplemented by sales of other concrete equipment (10.24%), spare parts (7.45%) and after-sales services (0.70%). Equipment is sold through a dealer network that manages inventory, sales, and service facilities. The company also provides spare parts for equipment sold and facilitates after-sales service through dealers.
Business Segments
Equipment for the production and transportation of concrete with self-loading capability
Batching plants, transit mixers, boom pumps, concrete pumps, self-propelled boom pumps, slip-form pavers, and 3D concrete printers
Spare parts for equipment sold by the company
After-sales service facilitation through dealers
Concrete mixing equipment that loads, mixes, and discharges concrete
Equipment for batching and dispensing concrete
Mobile concrete mixing and transportation equipment
Equipment for pumping and distributing concrete
Concrete pumping equipment with a boom for directional delivery
Equipment for laying and finishing concrete surfaces
SLCMs combine the functions of a loader, mobile batching plant, and transit mixer for small to medium-volume concrete requirements, with the company holding approximately 77% market share in the SLCM market in India.
Other mechanized concrete equipment including batching plants, transit mixers, boom pumps, stationary concrete pumps, slip-form pavers, and 3D concrete printers for concrete production, transportation, placement, and paving.
After-sales services, spare parts, and other revenue-generating activities related to concrete equipment.
Versatile self-loading machines capable of mixing and transporting concrete ingredients, enabling on-site production of concrete. Equipped with self-loading arms with hatch bucket and concrete batch controllers to accurately measure ingredients and produce high quality concrete.
Facilities that facilitate mixing of aggregates, water, cement and additives in precise proportions to enable production of large batches of concrete. Equipped with weight indicators, moisture correction capabilities and supervisory control and data acquisition-based control panels.
Vehicles equipped with rotating drums used to transport freshly mixed concrete from batching plants to construction sites. Equipped with pressurized water tanks and steel extension chutes with wear protection liner.
Truck-mounted pumps that pour large amounts of concrete quickly and at height. Mounted on commercial vehicle chassis featuring a hydraulic arm (boom) that extends and positions a flexible hose to pour concrete.
Stationary pumps designed to efficiently pump concrete from a transit mixer at height. Equipped with hoppers, automatic greasing systems and reversible operator posts.
Off-road mobile concrete pumping machines equipped with a hydraulic arm and mounted on a 4x4 chassis with compact design for navigating narrow urban job sites. Feature 25-meter boom design and 3.5 meter turning radius.
Machines used in road construction that continuously pave concrete to form a uniform and seamless surface. Equipped with dowel bar inserters, smoother, pre-programmed steering systems and string line sensors.
Robotic printers which deposit concrete layer-by-layer in accordance with specified designs. Enable automated building construction to translate computer-aided designs into physical concrete objects including villas, post offices, fire stations and sculptures.
Spare parts for equipment sold by the company, enabling after-sales service.
After-sales services including maintenance, repairs, training and support for customers.
The company manufactures and sells self-loading concrete mixers, concrete batching plants, and concrete pumps. Revenue from sale of machines and spare parts is recognized upon transfer of control of goods to customers.
The company provides service income primarily consisting of revenue from free services promised with sale of machines. Revenue from services is recognized over a period of time as and when the services are rendered.
Equipment for the production and mixing of concrete at construction sites, representing the largest portion of the company's business
Batching plants, transit mixers, boom pumps, concrete pumps, self-propelled boom pumps, slip-form pavers, and 3D concrete printers for concrete transportation, placement and paving
Sale of spare parts and after-sales services for concrete equipment
Manufacturing and sale of self-loading concrete mixers (SLCMs) and concrete boom pumps
Manufacturing and sale of spare parts for concrete equipment
Revenue from warranty and after-sales services provided with machines sold
SWOT Analysis
Strengths
- • Established market position with 32 years of history and diversified product portfolio in concrete equipment(p.18)
- • Strong revenue growth trajectory with SLCM sales representing 85.13% of revenue in FY2024(p.18)
- • Extensive dealer network with 51 dealerships across 23 states in India and 114 customer touchpoints(p.18)
- • Diversified supplier base of 546 suppliers with no single supplier dependency for principal materials(p.35)
- • Strong profitability with restated profit for FY2024 of ₹2,251.49 million, representing 65.67% increase from prior year(p.38)
- • Market leadership in concrete equipment manufacturing(p.47)
- • Significant R&D investment and product development capability(p.38)
- • Strong capacity utilization improvement in flagship SLCM product(p.44)
- • Diversified product portfolio across multiple equipment types(p.44)
- • Improving financial performance with strong profitability(p.74)
- • Market leader in SLCM segment with dominant market share across multiple years(p.107)
- • Comprehensive concrete equipment product portfolio spanning entire value chain(p.107)
- • Strong in-house design and engineering capabilities with patented innovations(p.107)
- • Lean manufacturing model with lowest breakeven among peers(p.107)
- • Largest dealer network among concrete equipment peers in India(p.107)
- • Localized supplier base reducing import dependency(p.107)
- • Second largest mechanized concreting equipment manufacturer by volume(p.137)
- • Pioneer in SLCM market establishment with 32-year track record(p.139)
- • Dominant SLCM market leader with ~77% market share and strong brand recognition(p.150)
- • SLCMs command highest resale value among leading manufacturers(p.150)
- • Comprehensive product portfolio across concrete value chain with 141+ variants(p.145)
- • In-house engineering capability with largest R&D team among peers(p.146)
- • Patented technologies including SLCM with load cell and self-propelled boom pump(p.147)
- • Largest dealer network with 51 dealerships across 23 states and 114 touchpoints(p.153)
- • Large diversified customer base with 19,000+ customers and no customer concentration risk(p.154)
- • Lean manufacturing model with lowest breakeven point among peers(p.147)
- • Comprehensive product portfolio across the concrete application value chain with over 141 equipment variants(p.277)
- • Strong market position with over 29,800 units sold and 19,000+ customers over the last decade(p.279)
- • Established dealer network with 51 dealerships in India and 25 overseas(p.277)
- • Leadership in SLCM market with Obadenahalli facility among the three largest globally(p.281)
- • Non-SLCM sales growing at 25.90% CAGR between FY2022 and September 30, 2024(p.277)
- • Strong localization of supplier base with imports less than 10% of cost of materials consumed(p.278)
- • Significant revenue growth and market demand(p.299)
- • Strong profitability and operating margins(p.300)
- • Robust cash generation from operations(p.302)
- • Zero debt position providing financial flexibility(p.304)
- • Diversified product portfolio across emission norms(p.298)
Weaknesses
- • Extreme concentration of manufacturing with 99.06% of SLCM production at single Obadenahalli facility(p.37)
- • High dependency on single product category with SLCMs representing 85.13% of FY2024 revenue(p.33)
- • Expired leases for two assembling and manufacturing facilities with uncertain ownership prospects(p.40)
- • Material costs comprise 69.61%-73.29% of revenue with exposure to price volatility(p.35)
- • Statutory auditors' reports contained audit modifications including audit trail deficiencies and quarterly bank reconciliation discrepancies(p.36)
- • High dependence on top ten dealers who contributed 51.77% of revenue in H1 FY2025(p.39)
- • Past regulatory non-compliances including delayed RBI Form FC-GPR filing and CSR fund transfer delays(p.42)
- • Dependence on unsecured demand loans that can be recalled anytime(p.43)
- • Promoter inexperience in business operations(p.43)
- • Significant warranty reserve provision requirements(p.50)
- • Inadequately stamped gift deeds creating legal enforceability issues(p.48)
- • Insufficient intellectual property protection(p.57)
- • Concentration of logistics costs and third-party dependency(p.52)
- • High employee attrition rates(p.51)
- • Capacity underutilization in some product lines(p.44)
- • High dependence on SLCM segment for revenue concentration(p.110)
- • Reliance on few key promoters controlling 85.53% of equity(p.92)
- • Limited scale compared to larger construction equipment peers(p.109)
- • Significant dependence on SLCM product line for revenue(p.148)
- • Heavy concentration of manufacturing in Karnataka state(p.147)
- • Lease expiry issues for two manufacturing facilities without ownership guarantee(p.160)
- • Significant inventory holdings relative to sales, with high finished goods inventory days(p.149)
- • Customer concentration among top 10 dealers at 51.77% of revenue(p.162)
- • Some promoters lack adequate business experience(p.202)
- • Incomplete title to KIADB land due to failure to meet construction timeline(p.227)
- • Promoter group member non-cooperation on disclosure obligations(p.204)
- • High capacity utilization volatility with SLCM facility ranging from 17.40% to 93.86%(p.282)
- • Heavy dependence on raw material costs with materials constituting 69-73% of revenue(p.283)
- • Significant inventory buildup with finished goods inventory increasing substantially(p.247)
- • Reliance on purchase orders rather than long-term contracts for raw material sourcing(p.283)
- • Concentrate operations in Karnataka with facility concentration risk(p.281)
- • High inventory buildup and working capital intensity(p.302)
- • Rising raw material costs impacting profitability(p.298)
- • Exposure to contingent liabilities and regulatory disputes(p.304)
- • Dependence on infrastructure spending cycles(p.306)
Opportunities
- • Strong industry growth projected from ₹61 billion in FY2024 to ₹178 billion in FY2029(p.18)
- • Multiple growth drivers from cement consumption growth and increased public/private capital expenditure on infrastructure and housing(p.18)
- • Dealer network expansion opportunity with potential to increase 51 dealerships to serve growing market demand(p.39)
- • New facility under construction at Adinarayanahosahalli with additional assembling/manufacturing capabilities(p.37)
- • Product diversification potential beyond SLCMs into other concrete equipment categories(p.34)
- • New fungible manufacturing facility coming online(p.45)
- • Growth in infrastructure spending and real estate sector(p.60)
- • Expansion into international markets(p.52)
- • Product innovation and new technology integration(p.45)
- • Potential acquisitions and inorganic growth(p.54)
- • Increasing dealer network and market penetration(p.50)
- • Rapid growth of mechanized concrete equipment market in India(p.131)
- • RMC market penetration expansion from 11% to 17% of concrete consumption(p.131)
- • Significant infrastructure investment by central and state governments(p.123)
- • Growth in emerging markets and export opportunities(p.140)
- • Cement consumption growth trajectory providing sustained demand(p.127)
- • Transition from CEV IV to CEV V standards driving equipment replacement cycle(p.135)
- • Rapid mechanization shift in concrete industry with penetration projected to grow from 25% to 41% by FY2029(p.144)
- • Strong concrete equipment market growth projected at 18% CAGR through FY2029(p.142)
- • Mechanized concrete equipment market projected to grow from ₹61 billion to ₹178 billion by FY2029(p.146)
- • Opportunity to leverage existing dealer network and capabilities to expand into broader construction equipment sector(p.142)
- • Cross-selling opportunities within existing SLCM customer base for non-SLCM equipment(p.155)
- • International export expansion opportunity with current presence in only 46 countries(p.156)
- • Emerging technologies such as 3D concrete printing and slip-form pavers with market potential(p.155)
- • Non-SLCM product growth opportunity with strong CAGR and relatively untapped potential(p.151)
- • India's cement consumption projected to grow at 8% CAGR until FY2029 driven by infrastructure investment(p.278)
- • SLCM market share expected to increase from 14% to 24% of total concrete consumption by FY2029(p.278)
- • Mechanized concrete equipment market projected to grow at 24% CAGR from FY2024 to FY2029(p.284)
- • Expanding export opportunities with presence in 46 countries and emerging market demand(p.280)
- • Non-SLCM equipment application potential in large-scale infrastructure projects(p.279)
- • New Adinarayanahosahalli facility becoming operational in August 2025 with fungible capabilities(p.283)
- • Expansion of addressable market through infrastructure investment(p.299)
- • Growth in overseas markets(p.296)
- • Spare parts and after-sales service expansion(p.299)
- • Capital investment in manufacturing capacity(p.305)
Threats
- • Seasonal business cycle dependent on government spending on public infrastructure and private construction cycles(p.34)
- • Material price volatility and supply disruptions with imports at less than 10% of materials but subject to global market risks(p.35)
- • Geographic concentration risk with all assembling and manufacturing facilities located in Karnataka state(p.35)
- • Risk of demand disruption from emergence of new concrete assembling and manufacturing techniques or alternative materials(p.34)
- • Regulatory changes in state-specific labour laws, environmental regulations and emission norms(p.35)
- • Natural disaster and force majeure risks from earthquakes, floods, typhoons affecting Karnataka operations(p.35)
- • KIADB lease price revision demands for leasehold land with ₹79.60 million additional payment notice received(p.40)
- • Intense competition from established players and new entrants(p.47)
- • Rising inflation and material costs(p.62)
- • Regulatory changes including stricter emission standards(p.48)
- • Slowdown in Indian economy and construction sector(p.60)
- • Supply chain disruptions and logistics challenges(p.52)
- • Foreign exchange fluctuations affecting exports(p.65)
- • Labour laws and wage cost pressures(p.59)
- • Cybersecurity and data breach risks(p.55)
- • Product recall liability exposure(p.43)
- • Pending regulatory approvals and compliance requirements(p.48)
- • Cyclical nature of infrastructure and construction sectors(p.140)
- • Competition from established domestic and international players(p.136)
- • Regulatory changes and emission standards compliance requirements(p.134)
- • Reliance on monsoon and seasonal weather patterns for construction activity(p.129)
- • Commodity price inflation impacting equipment costs(p.135)
- • Intense domestic and international competition intensifying with entry of multinational players(p.143)
- • Economic cyclicality affecting demand for concrete equipment and construction materials(p.144)
- • Rapid technological changes requiring continuous innovation to avoid obsolescence(p.143)
- • Supply chain disruptions impacting production schedules and material costs(p.143)
- • Rising material costs from commodity price and currency fluctuations(p.143)
- • CEV V emission norms from January 2025 affecting product model lifecycle and pricing(p.143)
- • Seasonal demand variability impacting revenue predictability(p.144)
- • Raw material price fluctuations beyond company control affecting profitability(p.283)
- • Business seasonality with fluctuations in demand across quarters(p.278)
- • Dependence on overall macroeconomic growth and government spending on infrastructure(p.278)
- • CEV V emission norms transition causing price pressures and cost increases from July 2025(p.284)
- • Regulatory compliance and emission standards requiring substantial capital expenditure(p.284)
- • Per capita cement consumption in India still 50% lower than global average creating demand uncertainty(p.278)
- • Cyclical nature of construction and infrastructure industry(p.306)
- • Regulatory and compliance risks in multiple jurisdictions(p.304)
- • Intense competition in concrete equipment industry(p.306)
- • Foreign exchange and input price volatility(p.306)
- • Regulatory compliance burden for manufacturing licenses and emissions(p.43)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Krishnaswamy Vijay | Promoter | 6.00% | 4.50% |
| Jacob Jiten John | Promoter | 2.62% | 0.62% |
| Kalyani Vijay | Promoter | 6.48% | 4.97% |
| Madhuri Vijay | Promoter | — | — |
| Prashanth Vijay | Promoter | — | — |
| Rachel Rekha Hansen | Promoter | — | — |
| Savitha Christeena Alexander | Promoter | — | — |
| Sean Alexander | Promoter | — | — |
| Green Haven Trust | Promoter | 18.00% | 18.00% |
| Ohana Trust | Promoter | 18.00% | 18.00% |
| Jacob Hansen Family Trust | Promoter | 15.12% | 10.23% |
| The Johns Loaves Trust | Promoter | 19.31% | 19.31% |
| Krishnaswamy Vijay | Promoter | 6.00% | — |
| Kalyani Vijay | Promoter | 6.48% | — |
| Jacob Jiten John | Promoter | 2.62% | — |
| Jacob Hansen Family Trust | Promoter Group | 15.12% | — |
| Susie John | Promoter Group Shareholder | 5.62% | — |
| Krishnaswamy Vijay | Promoter | 6.00% | 4.50% |
| Jacob Jiten John | Promoter | 2.62% | 0.62% |
| Kalyani Vijay | Promoter | 6.48% | 4.97% |
| Green Haven Trust | Promoter | 18.00% | 18.00% |
| Ohana Trust | Promoter | 18.00% | 18.00% |
| Jacob Hansen Family Trust | Promoter | 15.12% | 10.23% |
| The Johns Loaves Trust | Promoter | 19.31% | 19.31% |
| Susie John | Promoter Group | 5.62% | 4.37% |
| Krishnaswamy Vijay | Co-founder and Promoter | — | — |
| Jacob John | Co-founder | — | — |
| Anil Kumar Singh | Co-founder | — | — |
| Krishnaswamy Vijay | Promoter/Whole-time Director and Executive Chairman | 6.00% | — |
| Jacob Jiten John | Promoter/Whole-time Director | 2.62% | — |
| Kalyani Vijay | Promoter | 6.48% | — |
| Madhuri Vijay | Promoter | — | — |
| Prashanth Vijay | Promoter | — | — |
| Rachel Rekha Hansen | Promoter | — | — |
| Savitha Christeena Alexander | Promoter | — | — |
| Sean Alexander | Promoter | — | — |
| Green Haven Trust | Promoter Trust | — | — |
| Ohana Trust | Promoter Trust | — | — |
| Jacob Hansen Family Trust | Promoter Trust | — | — |
| The Johns Loaves Trust | Promoter Trust | — | — |
| Krishnaswamy Vijay | Promoter | 6.00% | — |
| Jacob Jiten John (Johns' Loaves Trust) | Promoter | 19.31% | — |
| Kalyani Vijay | Promoter | 6.48% | — |
| Jacob Jiten John (Jacob Hansen Family Trust) | Promoter | 17.48% | — |
| Krishnaswamy Vijay (Green Haven Trust) | Promoter | 18.00% | — |
| Kalyani Vijay (Ohana Trust) | Promoter | 18.00% | — |
| Kalyani Vijay | Promoter | — | — |
| Krishnaswamy Vijay | Promoter | — | — |
| Jacob Jiten John | Promoter | — | — |
| The Jacob Hansen Family Trust | Promoter Group | — | — |
| Krishnaswamy Vijay | Promoter/Selling Shareholder | — | — |
| Kalyani Vijay | Promoter/Selling Shareholder | — | — |
| Jacob Jiten John | Promoter/Selling Shareholder | — | — |
| Jacob Hansen Family Trust | Promoter/Selling Shareholder | — | — |
| Kedaara Capital | Selling Shareholder | — | — |
| Susie John | Selling Shareholder | — | — |
| David Hansen | Connected Person/Promoter Group | — | — |
| Krishnaswamy Vijay | Promoter Selling Shareholder | — | — |
| Kalyani Vijay | Promoter Selling Shareholder | — | — |
| Jacob Jiten John | Promoter Selling Shareholder | — | — |
| Susie John | Promoter Group Selling Shareholder | — | — |
| Jacob Hansen Family Trust | Promoter Selling Shareholder | — | — |
| Kedaara Capital Fund II LLP | Investor Selling Shareholder | — | — |
Leadership
Krishnaswamy Vijay · Promoter/Managing Director
Jacob Jiten John · Promoter
Shubhabrata Saha · Managing Director and Chief Executive Officer
Tuhin Basu · Chief Financial Officer
Shruti Vishwanath Shetty · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Ajax Engineering IPO FAQs
What is the lot size of Ajax Engineering IPO?
The minimum lot size of Ajax Engineering IPO is 23 shares. One lot costs ₹14,467 at the cut-off price.
When does Ajax Engineering IPO open and close?
Ajax Engineering IPO opened for subscription on 10 Feb 2025 and closed on 12 Feb 2025.
What is the listing date of Ajax Engineering IPO?
Ajax Engineering IPO listed on 17 Feb 2025.