Ajax Engineering and Hexaware Technologies are two significant IPOs hitting the market this week, each from distinct sectors—construction equipment manufacturing and IT services, respectively. While Ajax Engineering is known for its high-quality construction equipment, Hexaware Technologies is a globally recognized provider of IT and BPO services.
If you’re wondering which IPO is worth subscribing to, here’s a detailed comparison based on key parameters such as grey market premium (GMP), price range, allotment dates, and more.
Key Highlights:
Ajax Engineering IPO Overview:
Grey Market Premium (GMP)
The shares of Ajax Engineering are currently trading at a premium of Rs 36 in the grey market. This suggests an expected listing price of Rs 665, which is approximately 5.72% higher than the upper price range of Rs 629.
Price Range and Lot Size
- Price Range: Rs 599 to Rs 629 per share.
- Lot Size: The minimum lot size is 23 shares, requiring a minimum investment of Rs 14,467 for retail investors.
- High Net-worth Individuals (HNI) Investment:
- sNII Category (Small HNIs): Rs 2,02,538 for 14 lots (322 shares).
- bNII Category (Big HNIs): Rs 10,12,690 for 70 lots (1,610 shares).
IPO Timeline
- Subscription Dates: February 10 to February 14, 2025.
- Allotment Date: February 17, 2025.
- Listing Date: February 21, 2025.
Lead Managers and Registrar
ICICI Securities, Axis Capital, and HDFC Bank are the lead managers for this IPO, with Link Intime India handling the registrar services.
Hexaware Technologies IPO Overview:
Grey Market Premium (GMP)
Hexaware Technologies’ shares are trading at Rs 5 in the grey market, implying a modest listing price of Rs 713 per share, which is just 0.71% higher than the maximum price of Rs 708 per share.
Price Range and Lot Size
- Price Range: Rs 674 to Rs 708 per share.
IPO Size
Hexaware Technologies’ IPO is significantly larger, with a size of Rs 8,750 crore, compared to Ajax Engineering’s Rs 1,269.35 crore.
IPO Date
The IPO will open for subscription on February 12, 2025.
Comparison and Analysis:
1. Grey Market Premium (GMP)
Ajax Engineering offers a higher grey market premium of Rs 36, reflecting greater interest and demand compared to Hexaware Technologies, which has a GMP of Rs 5.
2. Sectoral Advantage
- Ajax Engineering: Strong demand for construction equipment amid infrastructure development could boost the company’s prospects.
- Hexaware Technologies: With a robust presence in the IT and BPO sectors, Hexaware offers long-term growth potential, especially with increased digitization across industries.
3. IPO Size and Listing Gains
- Hexaware Technologies: Larger IPO size, more suitable for long-term investors.
- Ajax Engineering: Smaller IPO size and higher GMP suggest a better chance for short-term listing gains.
Choosing between Ajax Engineering and Hexaware Technologies depends on your investment strategy. If you’re seeking short-term listing gains, Ajax Engineering might be the better option given its higher GMP and smaller IPO size. On the other hand, long-term investors may find Hexaware Technologies more appealing due to its stable business model and presence in the growing IT services sector.
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