Ajwa Projects IPO
Updated 24 Oct 2026, 6:50 pm.
Minimum investment (Individual investors (IND))
₹2,43,600
2 lots · 1,200 shares at the upper price band
Price band
₹203
Latest GMP
₹0
0.0% of the ₹203 upper band
Est. listing price
₹203
Issue size
₹7.6 Cr
Allotment status
Allotment is due on 2 Nov 2026. Check it on the registrar's page or either exchange with your PAN or application number.
- Allotment finalised2 Nov 2026(upcoming)
- Refunds start3 Nov 2026(upcoming)
- Shares credited to demat3 Nov 2026(upcoming)
- Listing4 Nov 2026(upcoming)
GMP history
Each point is a recorded observation from the scheduled data sync.
| Observed | GMP | Est. listing price |
|---|---|---|
| 24 Oct 2026, 6:50 pm | ₹0 | ₹203 |
| 24 Oct 2026, 6:45 pm | ₹0 | ₹203 |
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- SME
- Price band
- ₹203
- Issue size
- ₹7.6 Cr
- Lot size
- 600
- Opens
- 28 Oct 2026
- Closes
- 30 Oct 2026
- Allotment
- 2 Nov 2026
- Listing
- 4 Nov 2026
- Est. listing price
- ₹203
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- Kfin Technologies Ltd.
- Minimum investment
- ₹2,43,600 (2 lots · 1,200 shares)
- Face value
- ₹10 per share
- Issue type
- Fixed Price IPO
- Sale type
- Fresh capital cum OFS
- Offer for sale
- ₹8 Cr
- Listing at
- BSE SME
- Refunds
- 3 Nov 2026
- Shares credited
- 3 Nov 2026
- Promoter holding
- 98.9% before · 65.12% after
- Lead managers
- Wealth Mine Networks Ltd.
Offer documents & links
Full issue details
Details as published for this issue, read 24 Oct 2026, 9:05 am. Verify against the RHP before applying.
IPO Details
| IPO Date | 28 to 30 Oct, 2026 |
|---|---|
| Listing Date | Wed, Nov 4, 2026 (tentative) |
| 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 |
| Total Issue Size | 18,74,400 shares (agg. up to ₹ 38 Cr) |
|---|---|
| Reserved for Market Maker | 94,800 shares (agg. up to ₹ 2 Cr) Prabhat Financial Services Ltd. |
| Fresh Issue (Ex Market Maker) | 14,05,200 shares (agg. up to ₹ 29 Cr) |
| Offer for Sale | 3,74,400 shares of ₹ 10 (agg. up to ₹ 8 Cr) |
| Net Offered to Public | 17,79,600 shares (agg. up to ₹ 36 Cr) |
| Share Holding Pre Issue | 40,00,000 shares |
| Share Holding Post Issue | 55,00,000 shares |
IPO Timetable (Tentative)
- IPO Open
- Wed, Oct 28, 2026
- IPO Close
- Fri, Oct 30, 2026
- Allotment
- Mon, Nov 2, 2026
- Refund
- Tue, Nov 3, 2026
- Credit of Shares
- Tue, Nov 3, 2026
- Listing
- Wed, Nov 4, 2026
Issue Reservation
- NII (HNI)47.50%
- Retail47.44%
- Market Maker5.06%
| 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% |
Ajwa Projects IPO comprises a total issue size of 18,74,400 shares. The net offer to the public is 17,79,600 shares, after excluding 94,800 shares allotted on a firm basis. Of the Net offer 8,90,400 (50.03%) allocated to NII 8,89,200 (49.97%) allocated to RII .
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 1,200 | ₹2,43,600 |
| Individual investors (IND) (Max) | 2 | 1,200 | ₹2,43,600 |
| HNI (Min) | 3 | 1,800 | ₹3,65,400 |
Investors can bid for a minimum of 1,200 shares and in multiples of 600 shares thereof.
About Ajwa Projects Ltd.
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.
Key Services:
Fabrication: Manufacture and sell structural components, pressure vessels, boilers, tanks, ducts, and precision parts for various industries.
Erection: On-site installation and integration of heavy structures, equipment, and piping systems with strict focus on safety and precision.
Piping: Fabrication and installation of process and utility pipelines for chemicals, gases, steam, and fluids.
Pressure Equipment: Fabrication, assembly, and erection of pressure vessels and related heavy-duty equipment.
Civil Construction: Site development, foundations, industrial buildings, silos, tanks, and other civil works.
Prefabricated Structures: Modular and portable buildings for industrial and commercial use.
Maintenance & Mechanical Services: Preventive maintenance, PSV calibration, NDT testing, blasting & painting, and plant shutdown support.
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.
Competitive Strengths:
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
Company Financials (Restated)
Total Income
Profit After Tax
EBITDA
NET Worth
| Period Ended | 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 |
| Amount in ₹ Crore |
Ajwa Projects Ltd.'s revenue increased by 32% and profit after tax (PAT) rose by 65% between the financial year ending with March 31, 2026 and March 31, 2025.
Recently Listed IPOs in Civil Construction
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|---|---|---|---|---|---|---|---|
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| Vishal Nirmiti Ltd. | Mainboard | ₹178.00 Cr | ₹220 | 17.45 | ₹204.25 | -7.16% | ₹115.90 |
| Swastika Infra Ltd. | Mainboard | ₹160.87 Cr | ₹185 | 11.78 | ₹210.00 | +13.51% | ₹193.86 |
| LCC Projects Ltd. | Mainboard | ₹427.14 Cr | ₹146 | 13.87 | ₹170.10 | +16.51% | ₹119.61 |
| Annu Projects Ltd. | Mainboard | ₹175.06 Cr | ₹99 | 14.33 | ₹75.60 | -23.64% | ₹37.17 |
| Technocraft Ventures Ltd. | Mainboard | ₹251.88 Cr | ₹212 | 14.73 | ₹311.15 | +46.77% | ₹482.00 |
| Om Power Transmission Ltd. | Mainboard | ₹150.06 Cr | ₹175 | 21.13 | ₹193.38 | +10.50% | ₹119.87 |
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding capital expenditure requirements towards acquisition of plant & machinery, transport vehicle/assets | 8.10 |
| 2 | Repayment or prepayment, in full or in part, of borrowings availed by Company | 9.35 |
| 3 | Working Capital Requirement | 4.00 |
| 4 | General Corporate Purposes | 4.43 |
| Total | 25.88 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
ROE
ROCE
RoNW
PAT Margin
EBITDA Margin
| 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 |
Check IPO Peer Comparison here.
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 13.56 | 11.33 |
| P/E (x) | 14.97 | 17.92 |
| Market Cap at Offer Price | ₹81.20 Cr. | ₹111.65 Cr. |
Disclaimer
The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of June 30, 2026 available in RHP.
Shareholding Structure
Pre IPO
- Promoter and Promoter Group98.9%
- Public1.10%
Post IPO
- Promoter and Promoter Group65.12%
- Public34.88%
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 98.9% | 65.12% |
| Public | 1.10% | 34.88% |
| Total | 100% | 100% |
Company Promoters: Mohammad Khurshid Alam Khan, Zarinbegum Khurshid Alam Khan and Riyaz Rafiq Padela.
Offer For Sale - Selling Shareholders
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|---|---|---|
| Mohammad Khurshid Alam Khan | Promoter | 1,87,200 | 3.80 |
| Zarinabegum Khurshid Alam Khan | Promoter | 1,87,200 | 3.80 |
| Total | — | 3,74,400 | 7.60 |
Ajwa Projects IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Expenses
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees and commissions payable to the LM (including any underwriting commission, brokerage and selling commission | 2.70 |
| 2 | Fees Payable to Registrar to the Offer | 0.07 |
| 3 | Fees payable to Legal Advisor | 0.05 |
| 4 | Fees Payable Advertising, Marketing Expenses and Printing Expenses | 2.22 |
| 5 | Fees Payable to Regulators including Stock Exchanges and other Intermediaries | 0.15 |
| 6 | Fees payable to Peer Review Auditor | 0.15 |
| 7 | Fees Payable to Market Maker | 0.03 |
| 8 | Others (Fees payable for marketing & distributing expenses, selling commission, brokerage, processing fees | 0.34 |
| Total | 5.71 |
IPO Registrar
Kfin Technologies Ltd.
040-79615565
ajwa.ipo@kfintech.com
IPO Lead Manager(s)
Wealth Mine Networks Ltd.
Contact Details
Ajwa Projects Ltd. Address
M/71,
Silver Spring Near Bhulkabhavan School,
Adajan
Surat, Gujarat , 395009
0261-2786786
info@ajwaprojects.com
Ajwa Projects IPO in the news
Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.
No coverage found yet.
Ajwa Projects: common questions
Answered from this issue's own record.
