Ajax Engineering Shares Make Weak Market Debut; Settle over 5% Lower

Shares of Ajax Engineering Ltd on Monday ended with a discount of over 5 per cent against the issue price of Rs 629.

The stock began the trade at Rs 593, a discount of 5.72 per cent on the BSE. During the day, it dropped 10.17 per cent to Rs 565. Shares of the firm finally ended at Rs 595.60, down 5.31 per cent.

At the NSE, the stock listed at Rs 576, registering a decline of 8.42 per cent. Shares of the firm ended at Rs 595.40, a discount of 5.34 per cent.

The company's market valuation stood at Rs 6,814.07 crore.

In traded volume terms, 6.50 lakh shares of the firm were traded at the BSE and 66.86 lakh shares on the NSE during the day.

The initial public offering of concrete equipment manufacturer Ajax Engineering Ltd got fully subscribed on the last day of bidding on Wednesday, ending the three-day share sale with 6.45 times subscription.

The initial share sale had a price band of Rs 599-629 per share.

The Bengaluru-headquartered company's Rs 1,269-crore initial share sale had an offer-for-sale (OFS) component of 2.01 crore shares.

Ajax Engineering is a leading concrete equipment manufacturer with a comprehensive range of related equipment, services and solutions across the concrete application value chain.

The company operates four assembling and manufacturing facilities in Karnataka, each specialising in distinct product lines.