Ajax Engineering shares are showing some uncertainty before the company’s stock market debut later today. The expected price change (GMP) is Rs 0, which suggests that the shares might not go up much, or could even drop. The company has set the price for its initial public offering (IPO) at Rs 629 for each share at the highest price level.
The IPO attracted a lot of attention and was subscribed 6 times over. Institutional investors (like big companies) showed even more interest, subscribing 13 times. Since this IPO is just an offer for sale (OFS), the company itself won’t receive any money from it. The price was set based on a price-to-earnings (P/E) ratio of 32.1 times expected earnings for FY24, which is lower compared to similar companies.
Ajax Engineering is well-known for making concrete equipment, providing a wide variety of tools and services for concrete construction. They have over 141 different types of concrete equipment that meet various needs. In the last ten years, they have sold more than 29,800 equipment units in India.
Their concrete machines are used in many areas like transportation, irrigation, and building projects. Besides their specialized equipment, they also offer a large range of other equipment.
One of their big innovations is a special concrete machine with load cell technology that ensures top quality. This has been approved by the government and is used by many public sector departments. In 2019, they launched a unique self-propelled boom pump that can move easily and place concrete at different heights.
Ajax Engineering sells its products through a network of dealers in India and around the world. Their customers include individual contractors, small to mid-sized companies, rental businesses, large construction firms, and government agencies.
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