Ajwa Projects IPO
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Ajwa Projects IPO details
Schedule of Ajwa Projects
| Issue open date | 28 Oct 2026 |
| Issue close date | 30 Oct 2026 |
| UPI mandate deadline | 30 Oct 2026 (5 PM) |
| Allotment finalization | 02 Nov 2026 |
| Refund initiation | 03 Nov 2026 |
| Share credit | 03 Nov 2026 |
| Listing date | 04 Nov 2026 |
| Mandate end date | 14 Nov 2026 |
| Lock-in end date for anchor investors (50%) | 01 Dec 2026 |
| Lock-in end date for anchor investors (remaining) | 30 Jan 2027 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
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.
Financials of Ajwa Projects
Issue size
| Funds Raised in the IPO | Amount (₹ crores) |
| Total issue size | 38.05 |
| Fresh Issue – Proceeds go to the company | 30.45 |
| Offer for sale – Proceeds go to the existing investors |
7.6 |
Utilisation of Proceeds
| Purpose | INR 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%) |
Strengths
- Promoters possess over two decades of extensive industry experience in fabrication and operations.
- Integrated service portfolio spanning fabrication, piping, erection, civil works, and maintenance.
- Robust and diversified order book valued at ₹42.43 Cr across multiple infrastructure sectors.
- Flexible operational execution model utilizing both controlled off-site workshops and on-site locations.
- End-to-end execution expertise seamlessly linking component fabrication to on-site installation.
Risks
- Substantial revenue dependency on a limited client base exposes the company to customer concentration risk.
- High geographic concentration with over 90% of revenues derived from projects located in Gujarat.
- Both registered office and primary workshop properties are held on short-term lease agreements.
- Execution heavily depends on the timely availability and retention of skilled and unskilled labor.
- Operations rely significantly on client-specified and nominated vendors for key raw materials.