GMP IPO Watch
Axiom Gas Engineering IPO Opens to Investors
Axiom Gas Engineering IPO opened for subscription on September 18, 2026, and will remain open until September 22. The NSE SME issue has a price band of ₹51 to ₹54 per share. The issue comprises a fresh issue, with the company raising funds mainly for capital expenditure, debt repayment and general corporate purposes.
| Particular | Details |
|---|---|
| IPO Name | Axiom Gas Engineering IPO |
| IPO Dates | Sep 18–22, 2026 |
| Price Band | ₹51–₹54 |
| Issue Size | ~₹50.75 Cr |
| Issue Type | Fresh Issue |
| Lot Size | 2,000 Shares |
| Minimum Investment | ₹2,16,000 |
| Listing Platform | NSE SME |
| Allotment | Sep 23, 2026 |
| Refund | Sep 24, 2026 |
| Demat Credit | Sep 24, 2026 |
| Listing | Sep 25, 2026 |
| Lead Manager | SKI Capital Services |
| Registrar | KFin Technologies |
Axiom Gas Engineering IPO GMP Today
The latest reported Axiom Gas Engineering IPO GMP is ₹0. No meaningful grey-market premium is currently being reported, indicating that the unofficial market indication is around the upper issue price of ₹54. GMP is an unofficial and unregulated indicator and can change before listing.
| GMP Indicator | Latest Update |
|---|---|
| Current GMP | ₹0 |
| Upper Price Band | ₹54 |
| Indicative Price | ₹54 |
| Indicative Premium | 0% |
Axiom Gas Engineering IPO Subscription Status
The latest Day 2 subscription data shows the issue at around 0.75x overall subscription. QIB and retail investors were at approximately 0.80x each, while the NII category stood at around 0.75x in the latest available Day 2 update.
| Category | Latest Subscription |
|---|---|
| QIB | 0.80x |
| NII | 0.75x |
| Retail | 0.80x |
| Overall | 0.75x |
The subscription figures can change during the remaining bidding period and the final numbers will be available after the IPO closes on September 22.
Axiom Gas Engineering Business Overview
Axiom Gas Engineering operates in the alternative automotive fuel and gas infrastructure segment. Its primary business is the distribution and retailing of Auto Liquefied Petroleum Gas (Auto LPG) through company-operated Auto LPG Dispensing Stations.
The company also provides gas and pipeline engineering, turnkey services, technical consultancy, maintenance, operations and training. Its operations cover Telangana, Karnataka and Maharashtra, with its Auto LPG stations operating under the Primefuel network.
Axiom Gas Engineering Auto LPG Network
The company has developed a network of Auto LPG dispensing stations along with storage and allied infrastructure. Its business model involves procuring Auto LPG, storing and transporting the fuel and selling it through dispensing stations.
Its customer base primarily includes transport users such as auto-rickshaws, taxis and small commercial vehicles using compatible LPG-powered vehicles. The company operates in a single business segment focused on Auto LPG distribution and retailing.
Axiom Gas Engineering Financial Performance
Axiom Gas Engineering has reported consistent growth in revenue and profit during the last three financial years. Total income increased from ₹74.54 crore in FY2024 to ₹100.78 crore in FY2026, while PAT increased from ₹5.74 crore to ₹9.45 crore.
| Financial Year | Revenue | PAT |
|---|---|---|
| FY2024 | ₹74.54 Cr | ₹5.74 Cr |
| FY2025 | ₹89.85 Cr | ₹7.75 Cr |
| FY2026 | ₹100.78 Cr | ₹9.45 Cr |
FY2026 EBITDA was approximately ₹15.50 crore, with an EBITDA margin of around 15.36%. The company reported total assets of approximately ₹69.38 crore at the end of FY2026.
Axiom Gas Engineering IPO Fund Utilisation
The IPO proceeds are mainly planned for expanding the company's operating infrastructure and strengthening its balance sheet.
| IPO Objective | Amount |
|---|---|
| Capital Expenditure | ₹27.60 Cr |
| Debt Repayment/Prepayment | ₹9.12 Cr |
| General Corporate Purposes | ₹13.09 Cr |
Capital expenditure accounts for the largest portion of the proposed utilisation, while ₹9.12 crore is planned for repayment or prepayment of selected borrowings.
Axiom Gas Engineering Financial Ratios
The company's FY2026 financial indicators include a return on equity of around 28.40% and ROCE of approximately 28.90%. Its debt-to-equity ratio was reported at 0.48, while basic EPS stood at ₹3.64.
| Financial Indicator | FY2026 |
|---|---|
| EPS | ₹3.64 |
| ROE | 28.40% |
| ROCE | 28.90% |
| EBITDA Margin | 15.36% |
| PAT Margin | 9.38% |
| Debt-to-Equity | 0.48 |
| NAV | ₹12.83 |
Axiom Gas Engineering IPO Business Strengths
Axiom Gas Engineering has an integrated Auto LPG distribution model covering procurement, storage, transportation coordination and retail dispensing. Its presence across multiple states provides exposure to different regional markets.
The company also has experience operating Auto LPG dispensing stations and related storage infrastructure. Expansion of its station network and infrastructure is an important part of its business growth strategy.
Axiom Gas Engineering IPO Risks
Supplier concentration is an important factor for the company. According to the IPO information, approximately 99.75% of LPG was sourced from its top three suppliers as of March 2026. The company also relies significantly on Prime Fuel Logistics for LPG transportation.
The business is also exposed to risks associated with LPG storage and handling, regional concentration in Telangana, Karnataka and Maharashtra, station-level demand and the fixed costs associated with storage and dispensing infrastructure.
Changes in fuel economics, regulatory requirements and the adoption of alternative vehicle fuels can also influence future demand.
Axiom Gas Engineering IPO Important Dates
The IPO opened on September 18 and is scheduled to close on September 22, 2026. The basis of allotment is expected on September 23, followed by refunds and demat credit on September 24. The NSE SME listing is scheduled for September 25.
| IPO Event | Date |
|---|---|
| IPO Opening | Sep 18, 2026 |
| IPO Closing | Sep 22, 2026 |
| Allotment | Sep 23, 2026 |
| Refund | Sep 24, 2026 |
| Demat Credit | Sep 24, 2026 |
| Listing | Sep 25, 2026 |
Axiom Gas Engineering IPO Latest News Summary
Axiom Gas Engineering IPO is currently in its subscription period with the latest Day 2 data showing around 0.75x overall subscription. The current reported GMP is ₹0, while the IPO price band remains ₹51–₹54 per share.
The company has recorded steady revenue and profit growth through FY2026 and is using a significant portion of the IPO proceeds for capital expenditure. Its Auto LPG network, multi-state operations and infrastructure expansion remain key business areas, while supplier concentration, regional dependence and LPG-related operating risks are important factors to monitor.
Disclaimer: IPO GMP is an unofficial and unregulated market indicator and may change at any time. Subscription figures are subject to updates until the IPO closes. This article is for informational purposes only and should not be considered investment advice.
