Debutant Ajax Engineering by Morgan Stanley Block Deal Rs. Sells shares of 45 crores

Morgan Stanley on Monday paid Rs. 7.58 lakh shares of 45 crore were sold. Load was flown at a price of 588.74 per share by the stock block deal. Morgan Stanley sold shares to the company through Morgan Stanley IFSC Fund.

Ajax Engineering was listed today at a discount of 8.4% on exchanges. The stock costs Rs 576 on NSE and Rs 5 on BSE (5.7% discount). The issue of 629 was introduced.

However, Ajax Engineering’s shares expired at Rs 593.40 on the NSE, which increased 3% above the list price while the BSE increased by Rs 595.60, 0.44%.

Commenting on stock lists, Mehta Equities Senior VP (Research) Prashant Tapas said the market volatility was better below the street estimate of the Debut Flat Listing. “Despite the weak opening, we continue to be optimistic to increase the company’s virtual monopoly in the SLCM and increase infrastructure development in India, with the increasing demand for automatic concrete solutions, we believe that India’s boom is well located for catering and catering for the construction of the infrastructure. Given all the positive long -term features that we recommend keeping investors on a long -term basis, “Tapus said.

Considering the trend of the market, those who want to sink should wait and see better exemplary prices in this market scenario. “

The issue, which closed last week, received a healthy response from investors, with a subscription 6 times. Institutional investors were 13 times the most subscribed category, followed by non-institutional investors 6 times.

Since the IPO is fully for sale, the company will not get any money. The cost of this issue is a P/E ratio of 32.1x on a high price band based on the earnings of FY 24, which, according to analysts, is comparatively lower than its industry colleagues.

Ajax Engineering is a leading concrete equipment manufacturer that offers a wide range of concrete equipment services and solutions in the value chain.

Its product portfolio includes more than 141 concrete equipment types of different requirements within the concrete application value chain. In the last ten years, the company has sold over 29,800 concrete equipment units in India.

The company’s solid devices are used in various applications and are deployed in transport, irrigation and structural projects. In addition to its SLCM portfolio, the company offers a wide and varied range of non-SLCM equipment

One of the company’s significant innovations, is SLCM equipped with load cell technology, which guarantees quality of concrete production. This innovation has been recognized by the government’s legal metrology department and is now widely used by various public sector departments.

In 2019, the company introduced its patented self-powered boom pump mounted on 4×4 chassis, which is designed to combine mobility and flexibility for efficient concrete placement at various Ights nodding and distance.

The company sells its devices to various customers, including dealers network and internationally individual contractors, small and medium -sized contract companies, rental companies, large construction companies and government construction agencies.

(Disclaimer: The recommendations, suggestions, opinions and views given by experts are their own. This does not represent the views of the economic time)