India's Ajax Engineering drops in trading debut

AJAX Engineering

17/02/2025 05:15

** Shares of construction equipment maker Ajax Engineering
 AJAX.NS  slide as much as 10% in trading debut
    ** Stock trims some losses to trade 6.5% lower than IPO
price of 629 rupees
    ** Stock had opened at 576 rupees, about 8.4% lower than IPO
price 
    ** Benchmark Nifty 50  .NSEI  down 0.57%
    ** AJAX IPO consists of 20.18 mln shares under offer for
sale from existing shareholders, including private-equity firm
Kedaara Capital 
    ** The public offering did not include fresh issue of shares
    ** Co raised 57.37 bln rupees ($661.4 mln) in IPO, which was
subscribed 6.5 times by close of bids on Feb. 12 
    **  Anchor investors bought shares worth 3.79 bln rupees
ahead of bidding day on Feb. 7
    ** At current levels, AJAX is valued at $771.16 mln
    
($1 = 86.7400 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))