What is IPO Grey Market Premium (GMP)?

IPO Grey Market Premium (GMP) is an unofficial, over-the-counter premium over the issue price that dealers and investors pay prior to official listing on NSE/BSE.

How is estimated IPO listing price determined?

Estimated Listing Price = Cut-off / Issue Price + Current Grey Market Premium (GMP). For example, an issue price of ₹100 with ₹40 GMP yields an estimated listing price of ₹140 (+40%).

What is Kostak rate in an IPO?

Kostak rate is the fixed profit earned by selling an IPO application before allotment, irrespective of whether the application is allotted shares or not.

What is Subject to Sauda in IPO trading?

Subject to Sauda is an informal contract where payment is made only if the seller receives share allotment in the IPO.

Is IPO Grey Market Premium (GMP) regulated by SEBI?

No. Grey Market transactions are non-exchange over-the-counter commitments and are not officially regulated or endorsed by SEBI. Investors should treat GMP as an informal sentiment indicator.

What is the estimated listing price for Ajax Engineering Limited IPO?

Based on the upper price band of ₹629 and current GMP of ₹-3, the estimated listing price is ₹626 (approx. -0.5% gain).

What is the expected profit per lot for Ajax Engineering Limited IPO?

With a lot size of 23 shares and current GMP of ₹-3, expected profit per retail application lot is approximately ₹-69.

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Grey Market Intelligence

Ajax Engineering Limited

ListedMainboard

Capital Goods / Industrial Engineering · NSE / BSE

Founded in July 1992, Ajax Engineering Limited is one of India’s leading manufacturers of concrete equipment, offering a wide range of products and services across the construction value chain. As of March 2024, the company has developed 110 types of concrete equipment and sold over 27,800 units nationwide in the past decade. It operates four modern manufacturing plants in Karnataka, including a key facility at Obadenahalli. Ajax’s strong network includes 51 dealerships across 23 states with 114 touchpoints, along with 25 international dealers in South and Southeast Asia, the Middle East, and Africa. With over 15,700 customers, the company is supported by a skilled workforce, including 76 design and engineering experts and 83 service professionals dedicated to quality and customer satisfaction.

Price Band

₹599 – ₹629

Issue Size

₹1269 Cr

Lot Size

23 shares

GMP

₹3

-0.5%

Est. Listing

₹626

at current GMP

Subscribed

6.45x

overall

Open

10 Feb 2025

12 Feb 2025

Allotment

13 Feb 2025

Refund

14 Feb 2025

Demat Credit

15 Feb 2025

Listing

17 Feb 2025

Last updated 12 days ago

Overview Live GMP Live Subscription Allotment Status

Live Grey Market Premium

Ajax Engineering Limited GMP Today

Last updated: 19 Oct 2026

Current Premium

₹-3-0.5%

Issue Price (Upper)

₹629

Band: ₹599 – ₹629

Estimated Listing Price

₹626

Upper price + GMP

Lot Size

23 shares

Min investment ₹14,467

Estimated Profit / Lot

Date	GMP (₹)	GMP %	Est. Listing
31 Oct 2026	-₹3	-0.5%	₹626
30 Oct 2026	-₹3	-0.5%	₹626
29 Oct 2026	—	-0.4%	₹626

About Ajax Engineering Limited Public Issue & Market Profile

Ajax Engineering Limited is bringing an initial public offering (IPO) in the Capital Goods / Industrial Engineering sector with an aggregate issue size of ₹1,269.35 Crores. The shares are offered at a price band of ₹599 to ₹629 per equity share on NSE and BSE. Currently, market analysts recommend evaluating the company's financial valuation, price-to-earnings (P/E) multiple, and peer comparison prior to submitting bids.

Public Issue & Pricing Context:

The public offer consists of a fresh issue and offer-for-sale structured under SEBI regulations. Bidding is open to Qualified Institutional Buyers (QIB), Non-Institutional Bidders (NII/HNI), and Retail Individual Investors (RII). Applications can be submitted online using ASBA or UPI mandate through certified stock brokers and net banking portals.

Basis of Allotment & Listing Timeline:

Following the close of bidding on 2025-02-12, the basis of allotment is scheduled to be finalized on 2025-02-13. Investors can verify their application status online by submitting their PAN card number, Application Number, or DP Client ID on the registrar's official portal (Link Intime India Private Limited) or the BSE allotment checking window.

Frequently Asked Questions

What is Ajax Engineering Limited IPO GMP today?

The latest grey market premium for Ajax Engineering Limited IPO is ₹-3, which indicates an expected listing price of ₹626.

What does Kostak Rate and Sauda mean in IPO GMP?

Kostak rate is the profit amount an investor earns by selling their entire IPO application in the grey market before allotment is finalized.

Is Grey Market Premium officially recognized?

No. GMP is an unofficial indicator discovered between dealers outside of SEBI-regulated exchanges. Actual listing price is determined by demand-supply discovery on NSE/BSE during the pre-open auction.