Ajax Engineering share price debuts with 8% discount at Rs 629 on NSE; stock down over 2%
The shares of Ajax Engineering listed at a discount of 8.4% on the exchanges on Monday. The stock debuted at Rs 576 on the NSE and Rs 593 on the BSE (a 5.7% discount) against an issue price of Rs 629.
Post listing, shares of the company slipped over 2% on the BSE to Rs 578.30.
The issue, which closed last week, received a healthy response from investors with a subscription of 6 times at close. Institutional investors were the highest subscribed category at 13 times, followed by non-institutional investors at 6 times.
Since the IPO was completely an offer for sale (OFS), the company will not receive any proceeds. The issue was priced at a P/E ratio of 32.1x at the upper price band based on FY24 earnings, which, according to analysts, is…
