Ajax Engineering Files IPO with Sebi to Raise Funds Through OFS

Kedaara Capital-backed Ajax Engineering, a concrete equipment manufacturer, has filed papers with Sebi for an IPO. The IPO is entirely an offer-for-sale, with no proceeds going to the company. Ajax has a strong dealer network in India and international markets, and reported significant revenue and profit in FY24.

Ajax Engineering, a leading concrete equipment manufacturer backed by Kedaara Capital, has filed draft papers with the Securities and Exchange Board of India (Sebi) to initiate an initial public offering (IPO). The IPO is composed entirely of an offer-for-sale (OFS) of 2.28 crore equity shares by promoters and an investor shareholder, as revealed in the draft red herring prospectus (DRHP) submitted on Monday.

As part of the OFS, Kedaara Capital plans to offload 74.37 lakh shares. Since the public issue is fully an OFS, Ajax Engineering will not receive any proceeds from the IPO.

Ajax Engineering, headquartered in Bengaluru, operates four assembling and manufacturing facilities in Karnataka and is currently developing another facility set to open in March 2025. The company reported a revenue of Rs 1,741 crore and a profit after tax of Rs 225 crore for FY24. It has a dealer network spanning 23 states in India and international markets.

(With inputs from agencies.)