Ajax Engineering files IPO papers with SEBI
Mumbai: Concrete equipment manufacturer Ajax Engineering, which offers services and solutions across the concrete application value chain, has filed the draft red herring prospectus with capital markets regulator SEBI to float an initial public offering.
According to the draft prospectus, the Initial Public Offering of the Bengaluru headquartered company consists of an Offer for Sale of up to 2.28 crore equity shares by promoters and an investor shareholder.
Incorporated in 1992, Ajax Engineering has developed a comprehensive product portfolio that includes equipment such as self-loading concrete mixers (SLCMs) and batching plants for the production of concrete, transit mixers for the transportation of concrete, boom pumps, concrete pumps and self-propelled boom pumps for the placement of concrete, slip-form pavers for the paving of concrete and 3D concrete printers for depositing concrete.
Co-founded by Krishnaswamy Vijay, Executive Chairman, late Jacob John and late Anil Kumar Singh, Ajax Engineering operates four assembling and manufacturing facilities located at Obadenahalli, Gowribidanur and Bashettihalli in Karnataka, each specializing in distinct product lines.
The assembling and manufacturing facility at Adinarayanahosahalli, Karnataka is currently under construction and expected to become operational in March 2025.
As of March 31, 2024, Ajax’s dealer network comprised of 51 dealerships across 23 states in India and has expanded its global reach with 25 dealers and distributors across South and Southeast Asia, the Middle East, and Africa.
Ajax which is one of the three largest manufacturers of SLCMs in the world, with an approximately 75% market share in the SLCM market in India (in terms of number of SLCMs sold in FY24) reported FY24 revenue from operations at Rs. 1741 crores with a PAT of Rs. 225 crores.
ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management and SBI Capital Markets are the book running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.
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