Ajwa Projects IPO
Grey Market Premium (GMP)
Last updated: 24 Oct 2026, 8:10 am IST
GMP is an unofficial figure from grey market dealers and is not a guarantee of listing price.
Subscription Status
Subscription data appears once bidding opens.
IPO Details
- Open Date
- 28 Oct 2026
- Close Date
- 30 Oct 2026
- Listing Date
- 4 Nov 2026
- Face Value
- ₹10
- Fresh Issue
- ₹28.53 Cr
- OFS
- ₹7.6 Cr
- Listing On
- BSE
- Registrar
- KFin Technologies (KFintech)
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1,200 | ₹2,43,600 |
| HNI (Min) | 3 | 1,800 | ₹3,65,400 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| NII | 8,90,400 | 50.03% |
| Retail | 8,89,200 | 49.97% |
| Total | 17,79,600 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 34.38 | 2.95 | 5.68 | 8.9 | 25 | 10.85 | — |
| FY 2025 | 36.87 | 3.28 | 6.41 | 12.29 | 25.57 | 7.96 | — |
| FY 2026 | 48.56 | 5.42 | 9.03 | 17.71 | 36.37 | 12.52 | — |
| Jun 2026 (interim) | 12.44 | 1.56 | 2.45 | 19.27 | 41.97 | 13.84 | 13.56 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 14.97x
- P/E (post-issue)
- 17.92x
- RoNW
- 8.42%
- RoE
- 8.42%
- RoCE
- 7.56%
- Debt / Equity
- 0.72
- EPS (pre-issue)
- ₹13.56
- EPS (post-issue)
- ₹11.33
- EBITDA Margin
- 19.71%
- PAT Margin
- 12.55%
- P/BV
- 4.21x
- NAV / share
- ₹48.17
- Market Cap
- ₹111.65 Cr
As of 30 Jun 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding capital expenditure requirements towards acquisition of plant & machinery, transport vehicle/assets | ₹8.1 Cr |
| Repayment or prepayment, in full or in part, of borrowings availed by Company | ₹9.35 Cr |
| Working Capital Requirement | ₹4 Cr |
| General Corporate Purposes | ₹4.43 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees and commissions payable to the LM (including any underwriting commission, brokerage and selling commission | ₹2.7 Cr |
| Fees Payable to Registrar to the Offer | ₹0.07 Cr |
| Fees payable to Legal Advisor | ₹0.05 Cr |
| Fees Payable Advertising, Marketing Expenses and Printing Expenses | ₹2.22 Cr |
| Fees Payable to Regulators including Stock Exchanges and other Intermediaries | ₹0.15 Cr |
| Fees payable to Peer Review Auditor | ₹0.15 Cr |
| Fees Payable to Market Maker | ₹0.03 Cr |
| Others (Fees payable for marketing & distributing expenses, selling commission, brokerage, processing fees | ₹0.34 Cr |
Promoters & Shareholding
Promoters: <p>Mohammad Khurshid Alam Khan, Zarinbegum Khurshid Alam Khan, Riyaz Rafiq Padela</p>
- Holding (pre-issue)
- 98.9%
- Holding (post-issue)
- 65.12%
- Dilution
- 33.78%
Documents
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Ajwa Projects | 13.56 | 44.28 | 14.97x | 36.15% | 4.61x | Restated |
| Atmastco Ltd. | 7.33 | 59.15 | 15.97x | 13.93% | 1.98x | — |
| Samay Project Services Ltd. | 4.77 | 26.02 | 9.52x | 22.64% | 1.73x | — |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
About the Ajwa Projects IPO
The Ajwa Projects SME IPO is open between 28 Oct 2026 and 30 Oct 2026, offered at an issue price of ₹203 per share, and is set to list on BSE. The IPO seeks to raise ₹38.05 crore. Retail investors bid in lots of 600 shares, a minimum application of ₹2,43,600.
Issue structure
The offer combines a fresh issue of ₹28.53 crore with an offer for sale (OFS) of ₹7.6 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward repayment or prepayment, in full or in part, of borrowings availed by company (₹9.35 crore), alongside funding capital expenditure requirements towards acquisition of plant & machinery, transport vehicle/assets (₹8.1 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Ajwa Projects reported revenue of ₹12.44 crore and a net profit of ₹1.56 crore. Revenue declined from ₹34.38 crore in FY2024 to ₹12.44 crore in FY2026 (-64.0%). Net worth stood at ₹19.27 crore at the end of FY2026. At the upper band, that puts the issue at roughly 15.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 17.92× post-issue earnings and 4.21× book value, against a return on net worth of 8.42% and a debt-to-equity ratio of 0.72. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Atmastco Ltd. and Samay Project Services Ltd., with a median peer P/E of about 12.7×. The issue's own post-issue P/E works out to 17.92×.
Promoters
The promoters of the company are <p>Mohammad Khurshid Alam Khan, Zarinbegum Khurshid Alam Khan, Riyaz Rafiq Padela</p>. Promoter holding stands at 98.9% before the issue and comes down to 65.12% after listing.
Grey market premium (GMP)
In the unofficial grey market, Ajwa Projects shares are quoted at a premium of ₹0 implying an expected listing around ₹203, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
What to weigh
When evaluating the Ajwa Projects IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Ajwa Projects
Ajwa Projects is a multi-disciplinary industrial services company delivering end-to-end solutions across fabrication, erection, piping, pressure equipment, prefabricated structures, civil construction, and maintenance. The company specializes in turning project plans into real, functional industrial assets. Key Services: Fabrication: Manufacture and sell structural components, pressure vessels, boilers, tanks, ducts, and precision parts for various industries. Erection: On-site installation and integration of heavy structures, equipment, and piping systems with strict focus on safety and precision. Piping: Fabrication and installation of process and utility pipelines for chemicals, gases, steam, and fluids. Pressure Equipment: Fabrication, assembly, and erection of pressure vessels and related heavy-duty equipment. Civil Construction: Site development, foundations, industrial buildings, silos, tanks, and other civil works. Prefabricated Structures: Modular and portable buildings for industrial and commercial use. Maintenance & Mechanical Services: Preventive maintenance, PSV calibration, NDT testing, blasting & painting, and plant shutdown support. The company caters to a wide range of industries such as oil & gas, petrochemicals, refineries, power generation, steel, heavy metals, cement, nuclear power, bridges, metro rail, bullet train infrastructure, and other industrial and infrastructure projects. It has a workforce of over 550 skilled and semi-skilled professionals. Competitive Strengths: Experienced management team Comprehensive Portfolio with Sectoral Diversity Strong and diverse Order Book: As of Sep 30, 2025, its order book stood at Rs 1,982.05 lakhs. Flexible Execution Model (On-Site and Off-Site) Integrated Fabrication and Erection Expertise Quality and Safety Framework Skilled Workforce and Operational Capability
Ajwa Projects — Contact Details
- Registered office
- M/71,, Silver Spring Near Bhulkabhavan School,, Adajan, Surat, Gujarat, 395009
- Phone
- 0261-2786786
- Website
- www.ajwaprojects.com/
- Registrar (IPO queries)
- ajwa.ipo@kfintech.com
Frequently asked questions
- What is the Ajwa Projects IPO price band?
- The Ajwa Projects IPO price band is ₹203 per share, with a lot size of 600 shares.
- What is the Ajwa Projects IPO GMP today?
- The latest grey market premium for the Ajwa Projects IPO is ₹0, implying an expected listing near ₹203. GMP is an unofficial figure and not a guarantee of the listing price.
- When does the Ajwa Projects IPO open and close?
- The Ajwa Projects IPO opens on 28 Oct 2026 and closes on 30 Oct 2026.
- When is the Ajwa Projects IPO allotment and listing date?
- Allotment is expected on 2 Nov 2026. The shares are scheduled to list on 4 Nov 2026 on BSE.
- What is the reservation split in the Ajwa Projects IPO?
- Of the total shares offered, retail investors get 49.97%, non-institutional investors 50.03%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Ajwa Projects and what is their holding?
- The promoters are <p>Mohammad Khurshid Alam Khan, Zarinbegum Khurshid Alam Khan, Riyaz Rafiq Padela</p>. Promoter holding is 98.9% before the issue and 65.12% after listing.
- What is the P/E ratio of the Ajwa Projects IPO?
- At the upper price band, the Ajwa Projects IPO is valued at 14.97× pre-issue earnings and 17.92× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Ajwa Projects IPO?
- The net proceeds go primarily toward repayment or prepayment, in full or in part, of borrowings availed by company, among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Ajwa Projects IPO?
- The book-running lead manager is Wealth Mine Networks Ltd.. KFin Technologies (KFintech) is the registrar to the issue.
- Is Ajwa Projects a Mainboard or SME IPO?
- Ajwa Projects is an SME IPO, listing on BSE (SME platform).