[Fresh Issue NIL + OFS 1269.35 Cr]

Ajax engineering ipo price is INR INR 599 – 629 per share

Ajax Engineering: History

The Company was incorporated as Ajax Fiori Engineering (India) Private Limited on July 3, 1992, in Bengaluru (Karnataka, India) as a private limited company under the Companies Act, 1956.

Ajax was converted to a public limited company (under a shareholders’ resolution on August 9, 2024) and the name of the Company changed to “Ajax Engineering Limited”

Ajax Engineering Business Details

Ajax Engineering is a leading concrete equipment manufacturer offering an extensive range of concrete equipment, services, and solutions across the concrete application value chain.

Established 32 years ago, the company has developed a diverse range of products, and as of September 30, 2024, Ajax engineering limited products portfolio includes –

• Self-Loading Concrete Mixers (SLCMs)
• 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)

As of September 30, 2024, Ajax Engineering has developed over 141 concrete equipment variants (catering to the concrete application value chain), and over the past 10 years, the company has sold over 29,800 concrete equipment in India.

The image below illustrates Ajax’s concrete equipment portfolio and its uses.

Market Share

Ajax Engineering is a leading manufacturer of SLCMs (Self-Loading Concrete Mixers) in India with a market share of 77 percent, 75 percent, and 86 percent for the FY 2024, 2023, and 2022 respectively (Source: Redseer Report).

Moreover, during FY 2024, 12 percent of the total concrete production in India was through the company’s SLCMs (Source: Redseer Report).

Ajax Engineering Manufacturing Facilities

The company is headquartered in Bangalore (Karnataka) and has state-of-the-art manufacturing facilities at –

1. Doddaballapur, and
2. Gowribidanur

Ajax Engineering Dealer Network

As of September 30, 2024, the company has a dealer network with a widespread distribution model and 51 dealerships across 23 states in India.

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Ajax Engineering’s Competitors

The company faces competition from both local and multinational construction equipment manufacturers.

Some of the listed players manufacturing industrial equipment include –

• Action Construction Equipment Limited,
• Bharat Earth Movers Limited (BEML), and
• Escorts Kubota Limited

Competitive Strengths

1. Market leader in a large and booming SLCM market
2. Engineering-focused concrete equipment company with strong in-house design and development capabilities
3. Tech-oriented assembly & manufacturing processes and a strong supplier network
4. Diversified client base with longstanding relationships in the concrete equipment market
5. Experienced and qualified management team

Strategies Ahead

• Maintain leadership position in the SLCM portfolio
• Grow market share of SLCM products by developing innovative products (cater to new untapped markets)
• Strengthen capabilities and increase the market share of the non-SLCM portfolio
• Improving operational efficiencies
• Increase the company’s reach in the international markets through exports
• Explore opportunities for inorganic growth

Company Promoters

1. Krishnaswamy Vijay,
2. Kalyani Vijay,
3. Jacob Jiten John,
4. Jacob Hansen Family Trust,
5. Susie John

IPO Details

Ajax engineering ipo date = 10 Feb to 12 Feb 2025

Minimum Amount = INR 14,467

Minimum Bid = 23 Shares

Face Value (FV) = INR 1

Listing On = NSE, BSE

Book Running Lead Managers

ICICI Securities Limited,

Citigroup Global Markets India Private Limited,

Jm Financial Limited,

Nuvama Wealth Management Limited,

SBI Capital Markets Limited

FINANCIALS

CONCLUSION

FinBlab recommends ‘SUBSCRIBE‘ ratings on Ajax engineering ipo

Disclaimer: The contents and data presented here are just for your information & personal use only. While much effort is made to provide the information, I ( Vishal Dalwadi ) or “FinBlab” do not guarantee the accuracy, correctness, completeness or reliability of any information or data displayed herein and shall not be held responsible.

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