Ajax Engineering Shares Disappoint on Debut, Open 8.4% Below IPO Price

Ajax Engineering Ltd (AJAX.NS) made a lackluster stock market debut on Monday, February 17, 2025, with shares opening at ₹576 on the NSE, 8.4% below its IPO price of ₹629. On the BSE, the stock listed at ₹593, a 5.7% discount. The muted listing aligns with recent grey market trends, where the stock's premium had vanished. The ₹1,269.35 crore IPO, which was subscribed 6.45 times, faced headwinds from broader market volatility and FII selling. Despite the tepid debut, analysts remain optimistic about Ajax's long-term prospects, citing its strong financials and industry position in the concrete equipment manufacturing sector.

 

Sources: Fortune India, Moneycontrol, CNBC TV18