Ajax Engineering makes weak debut; lists lower at Rs 593 on BSE

Shares of Ajax Engineering Ltd on Monday listed on the bourses with a discount of over 8 per cent against the issue price of Rs 629. The stock began the trade at Rs 593, a discount of 5.72 per cent on the BSE

New Delhi: Shares of Ajax Engineering Ltd on Monday listed on the bourses with a discount of over 8 per cent against the issue price of Rs 629. The stock began the trade at Rs 593, a discount of 5.72 per cent on the BSE. It later dropped 10.17 per cent to Rs 565.

At the NSE, it listed at Rs 576, registering a decline of 8.42 per cent. The company’s market valuation stood at Rs 6,613.29 crore.

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The initial public offering of concrete equipment manufacturer Ajax Engineering Ltd got fully subscribed on the last day of bidding on Wednesday, ending the three-day share sale with 6.45 times subscription. The initial share sale had a price band of Rs 599-629 per share.

The Bengaluru-headquartered company’s Rs 1,269-crore initial share sale had an offer-for-sale (OFS) component of 2.01 crore shares.

Ajax Engineering is a leading concrete equipment manufacturer with a comprehensive range of related equipment, services and solutions across the concrete application value chain. The company operates four assembling and manufacturing facilities in Karnataka, each specialising in distinct product lines.