New Delhi, Feb 7 (PTI) Kedaara Capital-backed concrete equipment manufacturer Ajax Engineering on Friday said it has mobilised over Rs 379 crore from anchor investors, days before its initial share-sale opening for public subscription.

SBI Mutual Fund (MF), Axis MF, HSBC MF, Edelweiss MF, ITI MF, Amundi Funds New Silk Road and Franklin Templeton Investment Funds are among the anchor investors who have been allocated shares, according to a circular uploaded on BSE's website.

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As per the circular, the company has allotted 60.3 lakh shares to 23 funds at Rs 629 apiece, which is also the upper end of the IPO price band. This aggregates the transaction size to Rs 379.3 crore.

The Bengaluru-headquartered company's Rs 1,269-crore initial share-sale will open for public subscription during February 10 to 12. The company has set a price band of Rs 599 to Rs 629 per share.

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The company's initial public offering (IPO) is a complete offer-for-sale (OFS) of 2.01 crore shares, valued at Rs 1,269 crore at the top of the price range, by its promoters and an investor shareholder.

As part of the OFS, Kedaara Capital will offload 74.37 lakh shares.

Since the public issue is completely an OFS, Ajax Engineering will not receive any proceeds from the IPO.

The company's market capitalisation has been pegged at Rs 7,200 crore at the upper end of the price band.

Ajax Engineering is a leading concrete equipment manufacturer with a comprehensive range of related equipment, services and solutions across the concrete application value chain. The company operates four assembling and manufacturing facilities in Karnataka, each specializing in distinct product lines. Besides, an assembling and manufacturing facility at Adinarayanahosahalli, Karnataka is under construction and expected to become operational in August 2025.

Ajax Engineering reported its FY24 revenue from operations at Rs 1,741 crore with a profit after tax (PAT) of Rs 225 crore.

ICICI Securities, Citigroup Global Markets India, JM Financial, Nuvama Wealth Management and SBI Capital Markets are the book running lead managers to the issue.

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