GMP IPO Watch
Axiom Gas Engineering IPO opened for subscription on September 18, 2026, and will remain open until September 22. The NSE SME issue comprises a fresh issue of 93.98 lakh equity shares and has an issue size of up to ₹50.75 crore at the revised price band of ₹51–₹54 per share. The company plans to use the IPO proceeds mainly for capital expenditure, repayment of borrowings and general corporate purposes.
| Particular | Details |
|---|---|
| IPO Name | Axiom Gas Engineering IPO |
| IPO Dates | Sep 18–22, 2026 |
| IPO Type | SME |
| Price Band | ₹51–₹54 |
| Issue Size | ₹50.75 Cr |
| Fresh Issue | 93.98 Lakh Shares |
| OFS | Nil |
| Lot Size | 2,000 Shares |
| Retail Minimum | 4,000 Shares |
| Minimum Investment | ₹2,16,000 |
| Allotment | Sep 23, 2026 |
| Refund | Sep 24, 2026 |
| Demat Credit | Sep 24, 2026 |
| Listing Date | Sep 25, 2026 |
| Listing | NSE SME |
| Registrar | KFin Technologies |
| Lead Manager | SKI Capital Services |
Axiom Gas Engineering IPO GMP Today
The latest available GMP trackers are showing ₹0, while Economic Times reported no GMP on the IPO opening day. This means there was no reported grey-market premium at the time of those updates. GMP is unofficial and unregulated, so it can change during the IPO period.
At the upper price band of ₹54, a ₹0 GMP would indicate an unofficial estimated price of around ₹54. However, this should not be treated as a guaranteed listing price.
Axiom Gas Engineering IPO Subscription Status
The IPO opened on September 18, and subscription data was not yet available in the latest Moneycontrol update. The issue will remain open through September 22, giving investors additional time to place bids.
The IPO has reservations for QIBs, NIIs, retail investors and the market-maker portion. The public issue includes 35.68 lakh shares each for NII and retail investors, while 7.136 lakh shares are reserved for QIBs.
Axiom Gas Engineering IPO Lot Size
The minimum lot size is 2,000 shares, while retail investors need to apply for at least two lots, or 4,000 shares. At the upper price band of ₹54, the minimum retail application comes to ₹2.16 lakh.
| Particular | Details |
|---|---|
| Lot Size | 2,000 Shares |
| Retail Minimum | 4,000 Shares |
| Upper Price | ₹54 |
| Minimum Retail Investment | ₹2,16,000 |
| Further Multiples | 2,000 Shares |
Axiom Gas Engineering Business
Axiom Gas Engineering is engaged in the distribution and retailing of Auto Liquefied Petroleum Gas (Auto LPG). The company operates Auto LPG dispensing stations along with storage and allied infrastructure.
Its operations are spread across Telangana, Karnataka and Maharashtra, serving the transport sector by marketing Auto LPG as an alternative automotive fuel for compatible vehicles. The company procures LPG from suppliers, stores and transports it, and sells the fuel through its dispensing stations.
Axiom Gas Engineering Financial Performance
Axiom Gas Engineering has reported steady growth in revenue and profit over the last three financial years.
| Financial Year | Total Income | PAT |
|---|---|---|
| FY24 | ₹74.54 Cr | ₹5.74 Cr |
| FY25 | ₹89.85 Cr | ₹7.75 Cr |
| FY26 | ₹100.78 Cr | ₹9.45 Cr |
FY26 EBITDA was approximately ₹15.50 crore, compared with ₹13.30 crore in FY25 and ₹10.01 crore in FY24. FY26 diluted EPS was ₹3.64.
The company therefore recorded growth in both revenue and profit during FY26, although investors should also consider the relatively concentrated nature of its Auto LPG business.
Axiom Gas Engineering IPO Objects
The company plans to deploy the IPO proceeds across three main areas. Capital expenditure accounts for the largest portion, followed by repayment or prepayment of certain borrowings.
| Use of Funds | Amount |
|---|---|
| Capital Expenditure | ₹27.60 Cr |
| Debt Repayment | ₹9.12 Cr |
| General Corporate Purposes | Balance |
Capital expenditure represents around 55.41% of the estimated issue proceeds, while ₹9.12 crore, or approximately 18.31%, is intended for repayment or prepayment of borrowings.
Axiom Gas Engineering IPO Strengths
The company has an established Auto LPG dispensing network and operates across multiple states. Its integrated model covers procurement, storage, transportation and retail distribution of Auto LPG.
Key business factors include:
- Auto LPG dispensing station network.
- Presence across Telangana, Karnataka and Maharashtra.
- Integrated storage and distribution infrastructure.
- Established operations in the alternative automotive-fuel segment.
- IPO proceeds planned partly for capacity/infrastructure expansion.
- Part of the proceeds will be used to reduce outstanding borrowings.
Axiom Gas Engineering IPO Risks
Axiom Gas Engineering operates in a business that involves handling and storing LPG, creating operational and safety risks. The company also has significant supplier concentration, with the top three LPG suppliers accounting for approximately 99.75% of sourcing according to the IPO information summarized by Zerodha.
The company also relies substantially on Prime Fuel Logistics for LPG transportation. Regional concentration in Telangana, Maharashtra and Karnataka could affect the business if demand or operating conditions weaken in these markets.
Other factors to monitor include fixed infrastructure costs, fuel-price movements, regulatory requirements, competition and the high minimum investment associated with the SME IPO.
Axiom Gas Engineering IPO Valuation
At the upper price band of ₹54, the issue values the company at a significant multiple of its FY26 earnings. Based on FY26 diluted EPS of ₹3.64, the price-to-earnings multiple at the upper band is approximately 14.8x.
The valuation should be considered together with the company's revenue growth, profitability, debt position, Auto LPG market exposure and planned use of IPO funds.
Axiom Gas Engineering IPO Important Dates
| Event | Date |
|---|---|
| IPO Opens | Sep 18, 2026 |
| IPO Closes | Sep 22, 2026 |
| Allotment | Sep 23, 2026 |
| Refund | Sep 24, 2026 |
| Demat Credit | Sep 24, 2026 |
| Listing | Sep 25, 2026 |
The shares are scheduled to list on the NSE SME platform on September 25, 2026.
Axiom Gas Engineering IPO Key Highlights
- Issue size: ₹50.75 crore
- Price band: ₹51–₹54
- Issue type: 100% fresh issue
- Total shares offered: 93.98 lakh
- Lot size: 2,000 shares
- Retail minimum: 4,000 shares
- Minimum retail investment: ₹2.16 lakh
- Latest GMP: ₹0
- FY26 total income: ₹100.78 crore
- FY26 PAT: ₹9.45 crore
- FY26 EBITDA: ₹15.50 crore
- IPO proceeds include ₹27.60 crore for capital expenditure
- ₹9.12 crore is planned for debt repayment
- IPO closes on September 22, 2026
- Expected NSE SME listing: September 25, 2026
Axiom Gas Engineering IPO Review
Axiom Gas Engineering has a focused Auto LPG distribution and retailing business with operations across three states. Its financial performance has improved over FY24–FY26, with total income rising from ₹74.54 crore to ₹100.78 crore and PAT increasing from ₹5.74 crore to ₹9.45 crore.
The IPO also proposes to invest ₹27.60 crore in capital expenditure and use ₹9.12 crore to reduce borrowings. At the same time, investors should examine supplier concentration, regional dependence, LPG handling risks and the high ₹2.16 lakh minimum retail application.
Axiom Gas Engineering IPO Conclusion
Axiom Gas Engineering IPO is a ₹50.75 crore NSE SME issue priced at ₹51–₹54 per share. The IPO opened on September 18 and closes on September 22, with listing scheduled for September 25, 2026.
The latest reported GMP is ₹0, while subscription data is still developing. The company reported FY26 total income of ₹100.78 crore and PAT of ₹9.45 crore. Investors tracking the IPO should monitor the subscription figures, GMP movement, valuation, debt position and execution of the planned capital expenditure.
Disclaimer: Axiom Gas Engineering IPO GMP is unofficial and unregulated. GMP and subscription figures can change during the IPO period and should not be considered a guaranteed listing price or return. Investors should review the official IPO documents and financial information before making an investment decision.
