Concrete gear producer Ajax Engineering, backed by Kedaara Capital, mobilised greater than ₹379 crore from anchor buyers days earlier than its preliminary share-sale opening for public subscription.
The anchor buyers who’ve been allotted the shares are SBI Mutual Fund (MF), Axis MF, HSBC MF, Edelweiss MF, ITI MF, Amundi Funds New Silk Street and Franklin Templeton Funding Funds, in line with a round uploaded on BSE’s web site.
The corporate has allotted 60.3 lakh shares to 23 funds at ₹629 per share, which is the higher finish of the IPO value band. Therefore, it aggregates the transaction measurement to ₹379.3 crore.
The preliminary share sale of ₹1,269 crore for the Bengaluru-based firm will open for public subscription from February 10 to 12. The worth band has been set from ₹599 to ₹629 per share.
Ajax Engineering’s preliminary public providing (IPO) is a whole offer-for-sale (OFS) of two.01 crore shares, valued at ₹1,269 crore on the high of the value vary, by its promoters and an investor shareholder.
Kedaara Capital will offload 74.37 lakh shares as part of its OFS.
Ajax Engineering won’t obtain any proceeds from the IPO as the general public problem is totally an OFS.
On the higher finish of the value band, the corporate’s market capitalisation has been valued at ₹7,200 crore.
Ajax Engineering is a concrete gear producer that gives associated gear, providers, and options. The corporate at present has 4 assembling and manufacturing services in Karnataka, every specialising in a distinct product vary. Along with these items, an assembling and manufacturing facility at Adinarayanahosahalli, Karnataka, is underneath building and is predicted to develop into operational in August 2025.
In FY24, the corporate reported income from operations at ₹1,741 crore with a revenue after tax (PAT) of ₹225 crore.
The e-book operating lead managers to the problem are ICICI Securities, Citigroup World Markets India, JM Monetary, Nuvama Wealth Administration and SBI Capital Markets.
