GMP IPO Watch
Ajwa Projects IPO
Ajwa Projects IPO details, live grey market premium (GMP), dates, price band, lot size, subscription & review.
Ajwa Projects IPO Details
Key facts at a glance| IPO Open Date | 27 October 2026 | IPO Close Date | 29 October 2026 |
|---|---|---|---|
| Basis of Allotment | 1 November 2026 | Listing Date | 3 November 2026 |
| Price Band | ₹38.05 per share | Face Value | ₹10 per share |
| Market Lot Size | 600 Shares | Min Investment (Retail) | ₹2,43,600 |
| Total Issue Size | ₹38.05 Cr | Issue Type | Book Built Issue IPO |
| Fresh Issue | ₹30.45 Cr | Offer for Sale (OFS) | ₹7.6 Cr |
| Listing At | NSE, BSE | Issue Category | SME Issue |
| Registrar | Kfin Technologies Ltd. | ||
Ajwa Projects IPO Timetable (Tentative Dates)
| Event | Tentative Date | Status |
|---|---|---|
| IPO Open Date | 27 October 2026 | Confirmed |
| IPO Close Date | 29 October 2026 | Confirmed |
| Basis of Allotment | 1 November 2026 | Tentative |
| Initiation of Refunds | 3 November 2026 | Tentative |
| Credit of Shares to Demat | 3 November 2026 | Tentative |
| IPO Listing Date | 3 November 2026 | Tentative |
| Cut-off time for UPI Mandate Confirmation | 30 October 2026 (5:00 PM) | Deadline |
* Note: Timelines are tentative and subject to regulatory confirmation. UPI mandate approvals must be completed by 5:00 PM on the IPO closing day.
Ajwa Projects IPO Lot Size & Investment Details
Application limits for Retail and HNI investors| Application Category | Lots | Shares | Amount (at Cut-off) |
|---|---|---|---|
| Retail (Min) | 2 Lots | 1,200 Shares | ₹2,43,600 |
| Retail (Max) | 2 Lots | 1,200 Shares | ₹2,43,600 |
| S-HNI (Min) | 3 Lots | 1,800 Shares | ₹3,65,400 |
| S-HNI (Max) | 8 Lots | 4,800 Shares | ₹9,74,400 |
| B-HNI (Min) | 9 Lots | 5,400 Shares | ₹10,96,200 |
Ajwa Projects IPO Live GMP & Movement History
Daily unofficial grey market trends₹1 +0.5%
| Date | IPO GMP (₹) | Estimated Listing Price | Estimated Listing Gain (%) |
|---|---|---|---|
| 2 Nov 2026 | ₹1 | ₹204.00 | +0.49% |
| 1 Nov 2026 | ₹1 | ₹204.00 | +0.49% |
| 30 Oct 2026 | ₹2 | ₹205.00 | +0.99% |
| 29 Oct 2026 | ₹15 | ₹218.00 | +7.39% |
| 28 Oct 2026 | ₹38 | ₹241.00 | +18.72% |
| 27 Oct 2026 | ₹10 | ₹213.00 | +4.93% |
| 26 Oct 2026 | ₹0 | ₹203.00 | 0.00% |
Ajwa Projects IPO Subscription Status
Demand breakdown by investor categoryAjwa Projects Company Financials
Restated figures (₹ in Crores)| Period | Total Assets | Total Revenue | Total Expenses | Profit After Tax (PAT) |
|---|---|---|---|---|
| 2024 | 25.67 Cr. | 34.38 Cr. | 30.27 Cr. | 2.95 Cr. |
| 2025 | 26.29 Cr. | 36.87 Cr. | 31.46 Cr. | 3.28 Cr. |
| 2026 | 36.37 Cr. | 48.56 Cr. | 41.11 Cr. | 5.42 Cr. |
| June 2026 | 41.97 Cr. | 12.44 Cr. | 10.34 Cr. | 1.56 Cr. |
* Amounts reported in ₹ Crores as sourced from company regulatory filings (RHP/DRHP).
Ajwa Projects IPO Valuation & KPIs
Key metrics pre-issueAjwa Projects Peer Group Comparison
Listed industry peers| Company Name | P/E | EPS (₹) | RoNW (%) | NAV (₹) | Total Income |
|---|---|---|---|---|---|
| Atmastco Limited | 15.97 | 7.33 | 13.93% | 59.15 | 2.93 Cr. |
| Samay Project Services Limited | 9.52 | 4.77 | 22.64% | 26.02 | 0.50 Cr. |
About Ajwa Projects
Ajwa Projects engages in industrial services comprising fabrication, piping, erection, pressure equipment installation, prefabricated structures, blasting and painting, maintenance and mechanical services, and civil construction works. The company converts approved engineering plans into functional industrial assets across diverse sectors including oil and gas, refineries, power generation, steel, heavy metals, cement, and transport infrastructure. Its fabrication operations involve machining, welding, and assembling raw materials into structural frameworks, girders, pressure vessels, tanks, ducts, chimneys, and precision components. Erection activities include on-site positioning, alignment, and integration of heavy equipment modules and piping networks. The company also undertakes civil construction works such as site preparation, earthworks, foundations for heavy machinery, and superstructures for industrial facilities. Operating through off-site workshop manufacturing and on-site project execution, Ajwa Projects generates its revenue primarily from contracting services across multiple project sites in India.
Ajwa Projects IPO Important Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 28 Oct 2026 |
| IPO Close Date | 30 Oct 2026 |
| Basis of Allotment | 02 Nov 2026 |
| Refunds | 03 Nov 2026 |
| Credit to Demat Account | 03 Nov 2026 |
| IPO Listing Date | 04 Nov 2026 |
Note: The timeline for Ajwa Projects IPO is tentative and subject to change.
Ajwa Projects Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
|---|---|
| Capital expenditure for plant, machinery, and transport assets | 8.1 (26.60%) |
| Repay or pre-pay certain borrowings availed by the Company | 9.35 (30.71%) |
| Working capital requirements | 4 (13.14%) |
| General corporate purposes | 4.43 (14.55%) |
| Issue-related expenses | 4.57 (15%) |
Note: Objectives are as specified in the DRHP/RHP documents of Ajwa Projects.
Ajwa Projects Company Financial Report
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 34.38 Cr. | 30.27 Cr. | 2.95 Cr. | 25.67 Cr. |
| 2025 | 36.87 Cr. | 31.46 Cr. | 3.28 Cr. | 26.29 Cr. |
| 2026 | 48.56 Cr. | 41.11 Cr. | 5.42 Cr. | 36.37 Cr. |
| June 2026 | 12.44 Cr. | 10.34 Cr. | 1.56 Cr. | 41.97 Cr. |
Note: Financial numbers for Ajwa Projects are in ₹ Crores unless stated otherwise.
Ajwa Projects Company Valuation & Key Performance Indicators
| KPI | Values |
|---|---|
| ROE | 36.15% |
| ROCE | 34.75% |
| EBITDA Margin | 18.66% |
| PAT Margin | 11.20% |
| Debt to Equity Ratio | 0.71 |
| Earning Per Share (EPS) | 13.56 (Basic) |
| Price/Earning P/E Ratio | 14.97 |
| Return on Net Worth (RoNW) | 36.15% |
| Net Asset Value (NAV) | 44.28 |
Note: Valuation KPIs for Ajwa Projects are computed for FY2026.
Ajwa Projects Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Atmastco Limited | 7.33 | 15.97 | 13.93% | 59.15 | 2.93 Cr. |
| Samay Project Services Limited | 4.77 | 9.52 | 22.64% | 26.02 | 0.50 Cr. |
Note: Peer group comparisons for Ajwa Projects are sourced from DRHP filings.
Ajwa Projects IPO FAQs
Ajwa Projects IPO opens for subscription on 27 October 2026 and closes on 29 October 2026.
The price band for Ajwa Projects IPO is set at ₹38.05 per share.
The minimum market lot size is 600 shares. A retail investor can apply for a minimum of 1 lot requiring an investment of 1,200 Shares (₹2,43,600).
The latest Grey Market Premium (GMP) for Ajwa Projects IPO is ₹1. GMP represents the unofficial premium at which shares trade prior to listing.
The basis of allotment for Ajwa Projects IPO is tentatively scheduled for 1 November 2026, and shares are expected to list on the stock exchanges on 3 November 2026.
Kfin Technologies Ltd. is the official registrar for Ajwa Projects IPO. Investors can check their IPO allotment status directly on the registrar's portal once finalized.