Ajax Engineering Share Price Live Updates: GMP, analysts hint tepid debut
Source: Live Mint
Ajax Engineering Share Price Live Updates: Ajax Engineering Ltd is set to launch its shares on the stock market today following a decent level of interest in its initial public offering (IPO). The listing of the Ajax Engineering IPO is scheduled for today, February 17. Shares of Ajax Engineering will be available on both the BSE and NSE stock exchanges.
The Ajax Engineering IPO was open for subscription from February 10 to February 12. The allotment of shares for the IPO took place on February 13, with the listing date set for February 17.
Ajax Engineering Ltd, a manufacturer of concrete equipment, saw its initial public offering fully subscribed on the final day of bidding on Wednesday, concluding the three-day sale with a subscription rate of 6.45 times. The share allocation for Qualified Institutional Buyers (QIBs) experienced a subscription rate of 14.41 times, while the portion designated for non-institutional investors was subscribed 6.47 times. Retail Individual Investors (RIIs) showed a subscription rate of 1.93 times.
The company’s IPO consists entirely of an offer-for-sale (OFS) of 2.01 crore shares, amounting to ₹1,269 crore at the highest price point, by its promoters and an investor stakeholder.
As this public issue is solely an OFS, Ajax Engineering will not obtain any funds from the IPO.
Ajax Engineering is recognized as a major manufacturer of concrete equipment, offering a wide array of related machinery, services, and solutions throughout the concrete application value chain.
Ajax Engineering Share Price Live Updates: Here’s what GMP hints ahead of listing
Ajax Engineering IPO GMP today or Ajax IPO GMP is -3. This indicates Ajax Engineering share price was trading at a discount of ₹3 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current discount in the grey market, the estimated listing price of Ajax Engineering share price was indicated at ₹626 apiece, which is 0.48% lower than the IPO price of ₹629 .
According to the activities observed in the grey market over the past 14 sessions, the current IPO GMP indicates a trend towards a discount, and a discounted listing is anticipated. The minimum GMP recorded is ₹-3.00, while the maximum GMP stands at ₹58, as noted by experts from investorgain.com.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
