Ajwa Projects
Price band ₹203 · Issue ₹38.05 Cr
Market attention score 35.2 (how ranked)
IPO alerts
Get notified for open, close, allotment. Delivered in-app, push, and email.
Automated WhatsApp broadcasts aren't available yet — use this to ping yourself or a group.
Capital required
Approximate retail outlay for Ajwa Projects at the issue price band (lot × lots).
Est. capital
₹1,21,800
Lot size 600 · up to ₹203/share
Prefer smaller tickets before listing? Explore unlisted & pre-IPO shares.
Opens
28 Oct 2026
Closes
30 Oct 2026
Allotment
2 Nov 2026
Listing
4 Nov 2026
Lot size
600
GMP
+4.93%
Overview
Ajwa Projects IPO is a fixed issue price of ₹38.05 crores. The issue is a combination of fresh issue of 15.00 lakh shares aggregating to ₹30.45 crores and offer for sale of 3.74 lakh shares aggregating to ₹7.60 crores.
Ajwa Projects IPO opens for subscription on Oct 28, 2026 and closes on Oct 30, 2026. The allotment for the Ajwa Projects IPO is expected to be finalized on Nov 2, 2026. Ajwa Projects IPO will list on the BSE SME with a tentative listing date fixed as Nov 4, 2026.
Ajwa Projects IPO is set final issue price at ₹203 per share. The lot size for an application is 600 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,43,600 (1,200 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (1,800 shares), amounting to ₹3,65,400.
Wealth Mine Networks Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. The Market Maker of the company is Prabhat Financial Services Ltd.
Refer to Ajwa Projects IPO DRHP for detailed Information.
Issue details
IPO Date
28 to 30 Oct, 2026
Listing Date
Wed, Nov 4, 2026
Face Value
₹10 per share
Issue Price
₹203 per share
Lot Size
600 Shares
Sale Type
Fresh capital cum OFS
Issue Type
Fixed Price IPO
Listing At
BSE SME
Lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 1200 | ₹2,43,600 |
| Individual investors (IND) (Max) | 2 | 1200 | ₹2,43,600 |
| HNI (Min) | 3 | 1800 | ₹3,65,400 |
Issue reservation
| Investor Category | Shares | % of Net Issue | % of Total Issue |
|---|---|---|---|
| NII (HNI) | 8,90,400 | 50.03% | 47.50% |
| Retail | 8,89,200 | 49.97% | 47.44% |
| Firm Reservations | |||
| Market Maker | 94,800 | 5.06% | |
| Total | 18,74,400 | 100.00% | 100.00% |
About the company
Incorporated in 2011, Ajwa Projects is a multi-disciplinary industrial services company delivering end-to-end solutions across fabrication, erection, piping, pressure equipment, prefabricated structures, civil construction, and maintenance. The company specializes in turning project plans into real, functional industrial assets. The company manufacture technological frameworks, industrial buildings, girders, heavy modules, platforms, and crane girders that are critical for plant construction and infrastructure projects. They also fabricate specialised components such as dish ends, crowns, petals, and customised parts, including diesel engine components for railway applications that require a high degree of precision and strict compliance with industry standards.
The company caters to a wide range of industries such as oil & gas, petrochemicals, refineries, power generation, steel, heavy metals, cement, nuclear power, bridges, metro rail, bullet train infrastructure, and other industrial and infrastructure projects.
It has a workforce of over 557 skilled and semi-skilled professionals.
- Experienced management team
- Comprehensive Portfolio with Sectoral Diversity
- Strong and diverse Order Book: As of Sep 30, 2025, its order book stood at Rs 1,982.05 lakhs.
- Flexible Execution Model (On-Site and Off-Site)
- Integrated Fabrication and Erection Expertise
- Quality and Safety Framework
- Skilled Workforce and Operational Capability
Financials
| Metric | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 41.97 | 36.37 | 25.57 | 25.00 |
| Total Income | 12.44 | 48.56 | 36.87 | 34.38 |
| Profit After Tax | 1.56 | 5.42 | 3.28 | 2.95 |
| EBITDA | 2.45 | 9.03 | 6.41 | 5.68 |
| NET Worth | 19.27 | 17.71 | 12.29 | 8.90 |
| Reserves and Surplus | 15.27 | 13.71 | 8.29 | 8.81 |
| Total Borrowing | 13.84 | 12.52 | 7.96 | 10.85 |
Amounts in ₹ Crore (restated)
Key performance indicators
| KPI | Jun 30, 2026 | Mar 31, 2026 |
|---|---|---|
| ROE | 8.42% | 36.15% |
| ROCE | 7.56% | 34.75% |
| Debt/Equity | 0.72 | 0.71 |
| RoNW | 8.42% | 36.15% |
| PAT Margin | 12.55% | 11.20% |
| EBITDA Margin | 19.71% | 18.66% |
| NAV | 48.17 | 44.28 |
| P/B (x) | 4.21 | 4.58 |
Valuation
Valuation Metric
Pre IPO
EPS (₹)
13.56
P/E (x)
14.97
Market Cap at Offer Price
₹81.20 Cr.
Objects of the issue
- Funding capital expenditure requirements towards acquisition of plant & machinery, transport vehicle/assets
- Repayment or prepayment, in full or in part, of borrowings availed by Company
- Working Capital Requirement
- General Corporate Purposes
Intermediaries
Registrar
Kfin Technologies Ltd.
Lead manager(s)
Wealth Mine Networks Ltd.
FAQs
How to apply in Ajwa Projects IPO through Zerodha?+
Zerodha customers can apply online in Ajwa Projects IPO using UPI as a payment gateway. Zerodha customers can apply in Ajwa Projects IPO by login into Zerodha Console (back office) and submitting an IPO application form. Steps to apply in Ajwa Projects IPO through Zerodha Visit the Zerodha website and login to Console. Go to Portfolio and click the IPOs link. Go to the ' Ajwa Projects IPO ' row and click the 'Bid' button. Enter your UPI ID, Quantity, and Price. Submit IPO application form. Visit the UPI App (net banking or BHIM ) to approve the mandate. Visit Zerodha IPO Application Process Review for more detail.
When Ajwa Projects IPO will open?+
The Ajwa Projects IPO opens on Wed, Oct 28, 2026 and closes on Fri, Oct 30, 2026.
What is the lot size of Ajwa Projects IPO?+
Ajwa Projects IPO lot size is 600 , and the minimum amount required for application is ₹2,43,600 , with 2 lots being the minimum application size .
How to apply for Ajwa Projects IPO?+
You can apply in Ajwa Projects IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha , Upstox , 5Paisa , Nuvama , HDFC Bank , and SBI Bank .
When is Ajwa Projects IPO allotment?+
The finalization of Basis of Allotment for Ajwa Projects IPO will be done on Monday, November 2, 2026 , and the allotted shares will be credited to your demat account by Tue, Nov 3, 2026 . Check the Ajwa Projects IPO allotment status .
When is Ajwa Projects IPO listing date ?+
The Ajwa Projects IPO listing date is not yet announced. The tentative date of listing is Wed, Nov 4, 2026 .
Aggregated from public IPO filings. GMP is unofficial grey-market chatter, not advice.