Ajwa Projects IPO 2026: Latest Update
Ajwa Projects Limited's ₹38.05 crore SME IPO is closing today, October 30, 2026. The company launched its public issue on October 28 at a fixed price of ₹203 per share. The offering consists of a fresh issue of 15 lakh shares worth ₹30.45 crore and an offer for sale of 3.744 lakh shares worth approximately ₹7.60 crore.
The company operates in industrial engineering, fabrication, piping, mechanical maintenance and construction services. Based in Surat, Gujarat, it serves customers across industrial and infrastructure-related sectors.
The IPO is scheduled to list on the BSE SME platform on November 4, 2026.
Ajwa Projects IPO Details
| Particular | Details |
|---|---|
| Company Name | Ajwa Projects Limited |
| IPO Type | SME IPO |
| Issue Type | Fixed Price |
| Opening Date | October 28, 2026 |
| Closing Date | October 30, 2026 |
| Issue Price | ₹203 per share |
| Face Value | ₹10 per share |
| Total Issue Size | ₹38.05 crore |
| Fresh Issue | ₹30.45 crore |
| Offer for Sale | ₹7.60 crore |
| Lot Size | 600 shares |
| Minimum Application | 1,200 shares (2 lots) |
| Minimum Investment | ₹2,43,600 |
| Listing Exchange | BSE SME |
| Expected Allotment | November 2, 2026 |
| Refund/Fund Unblocking | November 3, 2026 |
| Demat Credit | November 3, 2026 |
| Expected Listing Date | November 4, 2026 |
| Lead Manager | Wealth Mine Networks |
| Registrar | KFin Technologies |
| Market Maker | Prabhat Financial Services |
At ₹203 per share, one lot of 600 shares requires ₹1,21,800. The minimum application of two lots requires ₹2,43,600.
Ajwa Projects IPO GMP Today
The grey market premium (GMP) is an unofficial indicator of investor sentiment before an IPO's stock-market listing.
As reported on October 30, 2026, Ajwa Projects IPO GMP was approximately ₹35 per share.
| Particular | Details |
|---|---|
| Issue Price | ₹203 |
| Reported GMP | ₹35 |
| Indicative Listing Price | ₹238 |
| Indicative Premium | Approximately 17.24% |
The indicative listing price is calculated by adding the reported GMP to the issue price. This is an unofficial estimate and does not guarantee listing gains. GMP may change before the shares begin trading.
Ajwa Projects IPO Subscription Status
Ajwa Projects IPO received approximately 0.93 times overall subscription in the reported October 29 closing snapshot.
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIBs) | Not applicable |
| Non-Institutional Investors (NIIs) | 0.29x |
| Retail Individual Investors | 1.57x |
| Overall Subscription | 0.93x |
Retail investors showed stronger demand, with their category subscribed 1.57 times. The non-institutional category remained below full subscription in the reported snapshot.
These figures are from October 29 and are not the final October 30 subscription numbers. Final demand may change when bidding closes.
About Ajwa Projects Limited
Ajwa Projects Limited is a Surat-based engineering and industrial services company. Its operations cover industrial fabrication, piping, structural work, equipment erection, installation and mechanical maintenance.
The company provides services to industries such as oil and gas, power, steel, cement and infrastructure. Its activities include fabrication of industrial structures, installation of equipment and execution of engineering-related projects.
The business depends on securing project contracts, managing skilled labour, procuring materials and completing assignments within agreed timelines. Timely customer payments and efficient project execution are also important for maintaining profitability.
Ajwa Projects IPO Financial Performance
The company has reported consistent growth in revenue and profitability over the last three financial years.
| Financial Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | ₹34.27 crore | ₹36.73 crore | ₹48.42 crore |
| Net Profit | ₹2.95 crore | ₹3.28 crore | ₹5.42 crore |
Revenue increased by approximately 31.8% in FY2026 compared with FY2025, while net profit grew by around 65.2%.
For the first quarter of FY2027, the company reported revenue of approximately ₹12.41 crore and net profit of ₹1.56 crore.
The improvement in profitability is encouraging, but investors should also examine operating cash flow, outstanding receivables, debt levels and working capital requirements.
Objectives of the Ajwa Projects IPO
The company plans to utilise the fresh issue proceeds for the following purposes:
Purchase of machinery and transport assets: Approximately ₹8.10 crore is allocated for capital expenditure to acquire plant, machinery and transport-related assets.
Repayment of borrowings: Around ₹9.35 crore will be used to repay or prepay certain existing borrowings, helping reduce financial obligations.
Working capital requirements: Approximately ₹4 crore is intended to support day-to-day business operations and project requirements.
General corporate purposes: The remaining eligible proceeds will be used for general business requirements.
The OFS portion of ₹7.60 crore will provide an exit opportunity to existing shareholders. This amount will go to the selling shareholders rather than directly to the company.
Growth Opportunities for Ajwa Projects
Industrial infrastructure development: Investment in industrial facilities and infrastructure may create demand for engineering, fabrication and installation services.
Multiple industry exposure: The company's presence across sectors such as steel, power, cement and oil and gas provides opportunities to participate in different types of projects.
Equipment investment: Planned machinery and transport asset purchases could improve project execution capacity.
Improving profitability: The company's recent financial performance shows growth in revenue and profit, which may support future expansion if operational efficiency is maintained.
Debt reduction: Using IPO proceeds to repay borrowings could improve financial flexibility and reduce interest expenses.
Risks of Investing in Ajwa Projects IPO
Investors should consider the following risks before making an investment decision:
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Project execution: Delays and cost overruns can affect profitability.
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Working capital requirements: Engineering projects may require significant upfront expenditure before customer payments are received.
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Customer concentration: Dependence on major customers can affect revenue stability.
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Competition: The company faces competition from other engineering and fabrication service providers.
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Borrowings: Existing financial obligations and interest expenses remain important considerations.
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Industrial demand: Reduced investment in infrastructure or industrial projects could affect new orders.
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SME liquidity: Shares listed on the SME platform may experience higher price volatility and lower trading liquidity.
Investors should carefully review the company's offer documents and risk disclosures.
Ajwa Projects IPO Important Dates
| IPO Event | Date |
|---|---|
| IPO Opens | October 28, 2026 |
| IPO Closes | October 30, 2026 |
| Basis of Allotment | November 2, 2026 |
| Refund/Fund Unblocking | November 3, 2026 |
| Shares Credited to Demat | November 3, 2026 |
| Expected Listing | November 4, 2026 |
Ajwa Projects IPO: Final Overview
Ajwa Projects IPO is a ₹38.05 crore SME offering at a fixed issue price of ₹203 per share. The company operates in industrial engineering and fabrication services and plans to use the fresh issue proceeds for machinery purchases, debt repayment and working capital.
Its FY2026 financial performance shows improved revenue and profitability. However, the reported overall subscription of 0.93 times as of October 29 indicates that demand had not fully covered the issue at that point, despite stronger retail participation.
The reported GMP of ₹35 suggests positive unofficial market sentiment, but it should not be treated as a guaranteed listing return. Investors should assess the company's valuation, project execution capabilities, cash flow and financial risks before making an investment decision.
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