Ajax Engineering Limited: Initial public offering to open on Monday, February 10, 2025
National, February 08, 2025: Ajax Engineering Limited (the “Company”) proposes to open an initial public offering (“Offer”) of its equity share of the face value of ₹1 each (“Equity Shares”) on Monday, February 10, 2025. The Anchor Investor Bidding Date is one Working Day prior to Bid/Offer Opening Date, being Friday, February 7, 2025. The Bid/ Offer Closing Date is Wednesday, February 12, 2025.
The Price Band of the Offer has been fixed from ₹ 599 per Equity Share to ₹ 629 per Equity Share. Bids can be made for a minimum of 23 Equity Shares and multiples of 23 Equity Shares thereafter.
The initial public offering comprises an offer for sale of up to 20,180,446 Equity Shares (“Offered Shares”), consisting of up to 1,716,102 Equity Shares by Krishnaswamy Vijay, up to 1,716,102 Equity Shares by Kalyani Vijay, up to 2,288,136 Equity Shares by Jacob Jiten John, up to 5,593,221 Equity Shares by Jacob Hansen Family Trust, up to 1,430,085 Equity Shares by Susie John, and up to 7,436,800 Equity Shares by Kedaara Capital Fund II LLP.
The Offer is being made in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process and is in compliance with Regulation 6(1) of the SEBI ICDR Regulations wherein in terms of Regulation 32(1) of the SEBI ICDR Regulations, not more than 50% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, and such portion, the “QIB Portion”) provided that our Company in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), of which at least one-third shall be available for allocation to domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares each shall be added to the Net QIB Portion.
Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors) including Mutual Funds, subject to valid Bids being received at or above the Offer Price.
However, if the aggregate demand from Mutual Funds is less than 5% of the QIB Portion, the balance Equity Shares each available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs. Further, not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders out of which (a) one-third of such portion shall be reserved for applicants with application size of more than ₹0.20 million and up to ₹1.00 million; and (b) two-third of such portion shall be reserved for applicants with application size of more than ₹1.00 million provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price
All potential Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective bank accounts (including UPI ID for UPI Bidders using UPI Mechanism) (as defined hereinafter) in which the Bid amount will be blocked by the SCSBs or the Sponsor Banks, as applicable, to participate in the Offer. Anchor Investors are not permitted to participate in the Anchor Investor Portion of the Offer through the ASBA process. Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids received from them at or above the Offer Price.
The Equity Shares of the Company are proposed to be listed on BSE Limited (“BSE“)and the National Stock Exchange of India Limited (“NSE”) (the “Stock Exchanges”).
ICICI Securities Limited, Citigroup Global Markets India Private Limited, JM Financial Limited, Nuvama Wealth Management Limited and SBI Capital Markets Limited are the Book Running Lead Managers (“BRLMs”)to the Offer.
All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in the red herring prospectus dated February 4, 2025.