Shares of Ajwa Projects made a flat debut on November 4, listing at the company's initial public offering (IPO) price of ₹203 per share on the BSE SME platform. According to reports from Moneycontrol, the stock opened at ₹203 apiece, in line with its issue price, leaving IPO investors with no listing gains or losses. The flat debut came after the company's public issue received an overall subscription of 1.12 times. As per latest reports, the ₹38.05-crore public issue comprised a fresh issue of 18.74 lakh equity shares worth ₹30.45 crore and an offer for sale (OFS) of 3.74 lakh shares worth ₹7.60 crore. The bidding period ran from October 28 to October 30, 2026, with shares credited to successful applicants' demat accounts on November 3.
The ₹38.05-crore public issue received mixed investor response across categories. As reported by Moneycontrol, the individual investors' category was subscribed 1.93 times, while the non-institutional investors (NII) segment received bids for 0.32 times its allotted portion. The IPO was open for subscription between October 28 and October 30, 2026, with the basis of allotment finalised on November 2 and shares credited to successful applicants' demat accounts on November 3.
The fixed-price IPO comprised a fresh issue of 15 lakh equity shares aggregating to ₹30.45 crore and an offer for sale (OFS) of 3.74 lakh shares worth ₹7.60 crore. According to Moneycontrol, the company had fixed the issue price at ₹203 per share, with a lot size of 600 shares. Retail investors were required to apply for a minimum of two lots, or 1,200 shares, amounting to ₹2.43 lakh, while HNI investors needed three lots for a minimum investment of ₹3.65 lakh. The shares were credited to successful applicants' demat accounts on November 3, following the finalisation of the basis of allotment on November 2.
As reported by Moneycontrol, Ajwa Projects plans to utilise ₹8.10 crore from the net proceeds towards capital expenditure, including the purchase of plant and machinery, transport vehicles and other assets. Another ₹9.35 crore has been earmarked for repayment or prepayment of the company's borrowings. Additionally, ₹4 crore will be allocated towards working capital requirements, while ₹4.43 crore is intended for general corporate purposes. The fresh issue proceeds will be available to the company after adjusting for applicable issue-related expenses, while the proceeds from the OFS will go to the selling shareholders. The company, founded in 2011 and based in Surat, Gujarat, provides industrial fabrication, erection, piping, pressure equipment, prefabricated structures, civil construction and maintenance services to clients in oil and gas, petrochemicals, power, steel and metro rail sectors.
Wealth Mine Networks served as the book-running lead manager for the issue, while KFin Technologies was the registrar. According to Moneycontrol, Prabhat Financial Services was appointed as the market maker. The company's shares were credited to successful applicants' demat accounts on November 3, following the finalisation of the basis of allotment on November 2. The company's order book stood at ₹42.43 crore as of the latest financial data.
