The share of Ajax Engineering Limited was listed on the National Stock Exchange (NSE) at ₹576 apiece which was 8.43% below the issue price of ₹629. On the Bombay Stock Exchange (BSE), the scrip was listed at ₹593, which was also 5.72% below the issue price. This stake sale process was open for bidding from February 10 to February 12 and was subscribed a total of 6.06 times. In the retail category, the IPO was subscribed 1.94 times, in the Qualified Institutional Buyers (QIB) category 13.04x, and in the Non-Institutional Investors (NII) category bids went up 6.46 times. Ajax Engineering's IPO size: ₹1,269.35 crore This issue size of the concreting equipment player, Ajax Engineering Limited was total of ₹1,269.35 crore. Ajax Engineering did not issue any fresh shares. It was 100% Offer for Sale (OFS). Ajax Engineering IPO GMP fell on listing day The company's shares' premium in the grey market has only fallen since the bidding process had kicked-off. Even on the listing day, it further depleted to -₹3 apiece. At the start of the issue it was at ₹16 per share, according to 'Investorgain'. 35% of the issue was reserved for retail investors The company reserved 50% of the IPO for QIBs. Additionally, 35% was reserved for retail investors and the remaining 15% for NIIs. Ajax Engineering Limited was established in 1992 Ajax Engineering Limited was established in 1992, and it is involved in manufacturing concrete equipment and providing related services. Ajax Engineering Limited has a variety of equipment in concrete production, including self-loading concrete mixers, batching plants, transit mixers, boom pumps, concrete pumps, slip-form pavers, and 3D concrete printers. The company has 51 dealerships across 23 states in India, providing services at 114 locations. What is an IPO? When a company issues its shares to the public for the first time, it is called an Initial Public Offering or IPO. A company needs money to expand its business. In such a case, instead of taking a loan from the market, the company raises money by selling some shares to the public or by issuing new shares. For this purpose, the company brings an IPO.Original Article