Ajax Engineering Share Price: New Stock Lists At 8.4% Discount On NSE; What Should Investors Do?

Ajax Engineering Share Price: This stock made its market debut on Monday, February 17. However, Ajax Engineering is listed at nearly a 6% discount on BSE and over an 8% discount on NSE. Currently, the stock price traded below Rs 600 levels. Expert has suggested waiting and watching for better-discounted prices to take the opportunity of buy-on-dips in Ajax Engineering.

Ajax Engineering Share Price BSE:

On BSE, the stock price opened at Rs 593 on February 17, which was at a discount of 5.7% from its IPO issue price of Rs 629. The stock's 52-week high and low are at Rs 593.30 and Rs 565 apiece respectively.

At the time of writing, the stock traded at Rs 576.60 apiece, down by 8.33% from the IPO price, and also lower by 2.8% from its listing price.

Ajax Engineering Share Price NSE:

On NSE, the stock price opened at Rs 576 apiece, which was at an 8.4% discount from its IPO price. On this exchange, Ajax Engineering's 52-week high and low is at Rs 594 and Rs 566 apiece. Currently, the stock traded at Rs 578.75 apiece on NSE, which was down by 8% from its IPO price, but 0.5% from its listing price.

What Should Investors Do?

Prashanth Tapse, Senior VP (Research), Mehta Equities said, "Given market turbulence, Ajax Engineering listing was well below street estimations of flat listing. It had well managed to sail out successfully from investors across all categories."

Tapse added, "Despite weaker openings, we continue to remain optimistic, given the company's virtual monopoly in SLCM and increasing infrastructure development in India with rising demand for automated concrete solutions, we believe Ajax is well-positioned for catering to India's booming construction and infrastructure sector. Hence, looking at all the positive long-term attributes we recommend investors to "HOLD" for Ajax Engineering Ltd IPO on a long-term basis."

He lastly said, "Considering the market trend, those who wish to accumulate the dip should wait and watch for better-discounted prices in this market scenario."

About Ajax Engineering:

Ajax Engineering Ltd. (Ajax) is a leading concrete equipment manufacturer offering a comprehensive range of concrete equipment, services & solutions across the value chain. As of Sep'24, the company has developed over 141 concrete equipment catering to the value chain. The company's product portfolio includes i) Self-loading concrete mixers (SLCM), ii) Batching plants, iii) Transit mixers, iv) Self-propelled boom pumps, v) Concrete slip-form pavers and vi) 3D concrete printers. Ajax's products are sold under the 'Argo' brand and utilize a variety of drum outputs (1.0 to 4.8 cubic meters per batch) which can cater to a wide range of industrial and infrastructure projects.