- The price Band fixed at ₹ 599 per equity share to ₹ 629 per equity share of the face value of ₹1 each (“Equity Shares”) of Ajax Engineering Limited (the “Company”)
- Anchor Investor Bidding Date – Friday, February 7, 2025
- Bid /Offer Opening Date – Monday, February 10, 2025, and Bid/ Offer Closing Date – Wednesday, February 12, 2025
- Bids can be made for a minimum of 23 Equity Shares and in multiples of 23 Equity Shares thereafter
- Red Herring Prospectus dated February 4, 2025 (“RHP”) link: https://www.ajax-engg.com/investor-relations
INDIA: Ajax Engineering Limited (the “Company”) proposes to open an initial public offering (“Offer”) of its equity shares of the face value of ₹1 each (“Equity Shares”) on Monday, February 10, 2025. The Anchor Investor Bidding Date is one Working Day before the 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 by 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”) by 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 utilize 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.
Disclaimer:
AJAX ENGINEERING LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions, and other considerations, to make an initial public offering of its Equity Shares and has filed the RHP with RoC. The RHP is available on the website of SEBI at www.sebi.gov.in, as well as on the websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, on the website of the Company at www.ajax-engg.com; and on the websites of the BRLMs, i.e. ICICI Securities Limited, Citigroup Global Markets India Private Limited, JM Financial Limited, Nuvama Wealth Management Limited and SBI Capital Markets Limited at www.icicisecurities.com, www.online.citibank.co.in/rhtm/citigroupglobalscreen1.html, www.jmfl.com, www.nuvama.com, and www.sbicaps.com, respectively. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see ‘Risk Factors’ beginning on page 27 of the RHP.
Potential investors should not rely on the DRHP filed with SEBI and the Stock Exchanges, and should instead rely on the RHP, for making any investment decision.
This announcement does not constitute an invitation or offer of securities for sale in any jurisdiction, including India. The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”), or any state law of the United States and, unless so registered, may not be offered or sold within the United States, except under an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold (i) within the United States only to persons reasonably believed to be “qualified institutional buyers”(as defined in Rule 144A under the U.S. Securities Act) under Section 4(a) of the U.S. Securities Act, and (ii) outside the United States in “offshore transactions” as defined in and in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made. There will be no public offering of the Equity Shares in the United States
