Engineering/Infra - Listed on 17 February 2025
Ajax Engineering (Engineering/Infra) closed its IPO window in 2025 and listed on NSE and BSE on 17 February 2025 at an upper band issue price of Rs 629, opening at Rs 576 for a listing gain of -8.4% and closing day one at Rs 595.4 (-5.3% on closing basis). The IPO was subscribed 6.43x overall - QIB 14.41x, HNI/NII 6.46x, Retail 1.90x. The total issue size was Rs 1,269.35 Cr (Fresh Issue Rs 0 Cr, OFS Rs 1269.35 Cr). IPO GMP data, subscription trends across Day 1 - Day 3 and Nifty performance around the listing window are detailed below.
Engineering/Infra
Ajax Engineering operates in the Engineering/Infra space. The company’s listed profile is shaped by its operating niche, customer demand and ability to convert that demand into steady cash flows. Investors should read its exchange filings alongside the headline listing numbers for a fuller view of the business.
Issue structure, listing outcome and context
The Ajax Engineering issue was offered at an upper price of Rs 629 and raised approximately Rs 1,269.35 crore. The final outcome reflected a mix of subscription demand, valuation, market conditions and the company’s own operating story. Fresh issue and offer-for-sale details, where available, are shown in the issue metrics below.
Number of times each investor category subscribed by close of Day 3.
How overall subscription built up across the three-day issue window.
Grey market premium (GMP) tracked day-by-day across the IPO window. Absolute GMP is the premium in rupees over the upper issue price; GMP % is that premium as a percent of the issue price.
| Day | GMP (Rs) | GMP % |
|---|---|---|
| Day 1 | Rs 45 | +7.15% |
| Day 2 | Rs 45 | +7.15% |
| Day 3 | Rs 50 | +7.95% |
| Day 4 | Rs 20 | +3.18% |
| Day 5 | Rs 12 | +1.91% |
Comparison between market-based GMP prediction and IPOGyani's AI-powered listing gain prediction.
How the broader market moved around the Ajax Engineering IPO window. Helpful for isolating how much of the listing gain came from company fundamentals vs. market tailwind.
Ajax Engineering IPO listed at -8.4% versus the upper issue price of Rs 629 on 17 February 2025.
Ajax Engineering IPO was subscribed 6.43x overall. QIB portion was subscribed 14.41x, HNI / NII 6.46x and Retail 1.90x.
IPO GMP started at Rs 45 on Day 1 and moved to Rs 12 by the close of the issue window. See the day-by-day GMP table above for the full trajectory.