New Delhi, February 17 (HS): Shares of Ajax Engineering, a company manufacturing concrete equipment, gave a big blow to its IPO investors on Monday. Under the IPO, the company's shares were issued at a price of Rs 629. Today it was listed on BSE at Rs 593 and on NSE at Rs 576. After the weak listing, it fluctuated throughout the day. After the whole day's trading, the company's shares closed at Rs 595.40, down 5.34 percent.

Ajax Engineering's Rs 1,269.35 crore IPO was open for subscription between February 10 and 12. This IPO received a good response from investors, due to which it was subscribed 6.06 times overall. In these, the reserve portion for qualified institutional buyers (QIBs) was subscribed 13.04 times. Similarly, the reserve portion for non-institutional investors (NIIs) was subscribed 6.46 times. Apart from this, the reserve portion for retail investors was subscribed 1.94 times and the employees' calibrium portion was subscribed 2.62 times. Under this IPO, 2,01,80,446 shares with a face value of Rs 10 have been sold through the offer for sale window. No new shares have been issued in this. Talking about the financial condition of the company, as per the claim made in the prospectus, its financial health has continuously strengthened.

In the financial year 2021-22, the company had a net profit of Rs 66.21 crore, which increased to Rs 135.90 crore in the next financial year 2022-23 and Rs 225.15 crore in 2023-24. During this period, the company's revenue grew at a compounded rate of more than 51 percent annually to Rs 1,780.07 crore. During the first half of the current financial year i.e. between April to September 2024, the company has made a net profit of Rs 181.02 crore. Similarly, during this period the company has achieved a revenue of Rs 794.16 crore.

Hindusthan Samachar / Jun Sarkar