Ajwa Projects Limited IPO Details
BSE - SMEListed
SMEGMP TodayLive
₹1(+0.5%)
Est. Listing: ₹204
7-Day Trend
7 days ago: ₹1Latest: ₹1
Price Band₹203 - ₹203Lot: 600 Shares
Min Outlay₹1,21,800Retail Category
Closes On30 Oct 2026Bidding Deadline
Total Demand2.35xSubscription Book
Ajwa Projects Limited IPO DetailsCore Specs
IPO Bidding Dates | 28 Oct 2026 to 30 Oct 2026 |
Allotment Date | 02 Nov 2026 |
Listing Date | 04 Nov 2026 |
Issue Price Band | ₹203 - ₹203 |
Market Lot Size | 600 Shares |
Face Value | ₹10 per share |
Total Issue Size | 18,74,400 Shares (₹38.05 Cr) |
Fresh Issue | 15,00,000 Shares (₹30.45 Cr) |
Offer For Sale (OFS) | 3,74,400 Shares (₹7.60 Cr) |
Listing Exchange(s) | BSE |
Pre-Issue Shares | 40,00,000 |
Post-Issue Shares | 55,00,000 |
Market Maker Portion | 94,800 Shares |
Lot(s) Distribution
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 1,200 | ₹2,43,600 |
| sHNI (Min) | 3 | 1,800 | ₹3,65,400 |
Company Financials (In Crores)
| Period Ended | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Assets | 41.97 | 36.37 | 25.57 | 25 |
| Revenue | 12.44 | 48.56 | 36.87 | 34.38 |
| Net Worth | 19.27 | 17.71 | 12.29 | 8.9 |
| Borrowing | 13.84 | 12.52 | 7.96 | 10.85 |
| PAT | 1.56 | 5.42 | 3.28 | 2.95 |
| Reserves | 15.27 | 13.71 | 8.29 | 8.81 |
Key Performance Indicators (KPI)
| Metric | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| ROCE (%) | 7.56 | 34.75 | 31.19 | 35.63 |
| RONW (%) | 8.42 | 36.15 | 30.99 | 39.68 |
| EPS (₹) | 3.89 | 13.56 | - | - |
| P/E Ratio | 17.92 | 14.97 | 8.37 | 7.57 |
Strengths & Growth Drivers
- Experienced Management Team: The Promoters have over 25 and 18 years of experience in fabrication, construction and operations. Their expertise supports integrated fabrication, erection and civil construction services, backed by a skilled technical team focused on quality execution.
- Comprehensive and Diversified Portfolio: The Company provides a wide range of services, including fabrication, piping, erection, pressure equipment, prefabricated structures and civil construction. This enables it to serve multiple stages of industrial projects across sectors such as oil and gas, steel, power, cement, bridges and metro rail.
- Strong and Diverse Order Book: As of October 5, 2026, the Company was executing more than 26 projects with a balance order value of ₹4,243.45 lakhs, as certified by its statutory auditors. This provides revenue visibility and reduces dependence on any single industry.
Risk Factors
- Outstanding Legal Proceedings: The Company faces tax proceedings involving ₹4.90 lakhs, while proceedings against the Promoters involve ₹101.32 lakhs. Any adverse decision could negatively affect the Company’s business, operating results and financial condition.
- Customer Concentration Risk: The Company relies heavily on a limited number of customers. In FY2025-26, its top customer contributed 19.05% of revenue from operations, while the top 10 customers accounted for 86.65%, increasing the risk associated with losing key clients.
- Dependence on Suppliers for Raw Materials: The Company relies on client-nominated or limited vendors for steel, cement and other raw materials. In FY2025-26, its top supplier accounted for 10.08% of the cost of materials consumed, exposing the Company to potential supply disruptions and rising input costs.
Company Promoters
- Mohammad Khurshid Alam Khan
- Zarinbegum Khurshid Alam Khan
- Riyaz Rafiq Padela
Lead Manager(s)
Wealth Mine Networks Private Limited
Current GMP Today+₹1Live Unofficial Premium
Estimated Listing Price₹121801.00Cap Price (₹121800) + GMP (₹1)
Estimated Listing Gain+0.0%Expected ROI per Share
Ajwa Projects Limited Daily GMP Trend HistoryLive Daily Trend
| GMP Date | IPO Price | GMP (₹) | Est. Listing Price | Expected Gain (%) | Last Updated |
|---|---|---|---|---|---|
| 30 Oct 2026 | ₹203 | +₹1 | ₹204.00 | +0.5% | 06:30 PM |
| 29 Oct 2026 | ₹203 | +₹4.25 | ₹207.25 | +2.1% | 06:30 PM |
| 28 Oct 2026 | ₹203 | +₹29.75 | ₹232.75 | +14.7% | 04:31 AM |
| 27 Oct 2026 | ₹203 | +₹21 | ₹224.00 | +10.3% | 04:49 AM |
| 26 Oct 2026 | ₹203 | ₹0 | ₹203.00 | 0.0% | 04:45 AM |
Subscription Details (No. of Shares)Live Demand Book
| Category | Shares Offered | Shares Applied | Subscription Demand |
|---|---|---|---|
| NIB | - | 3,79,200 | 0x |
| RETAIL | 8,90,400 | 17,14,800 | 0x |
| HNIs(10L +) | 8,89,200 | 71,400 | 0x |
Day Wise Subscription Details
| Day | Date | QIB (x) | NII (x) | Retail (x) | Total (x) |
|---|---|---|---|---|---|
| Day 1 | - | 0x | 0x | 0x | 0x |
| Day 2 | - | 0x | 0x | 0x | 0x |
| Day 3 | - | 0x | 0x | 0x | 0x |
IPO Reservation Breakup
| Investor Category | Shares Offered | Allocation (%) |
|---|---|---|
| HNI | 8,89,200 | 47.44% |
| RETAIL | 8,90,400 | 47.5% |
| Market Maker | 94,800 | 5.06% |
Official IPO Documents & Filings
Red Herring Prospectus (RHP)
Complete issue guidelines, risks, financials, and company profile.
Draft Red Herring (DRHP)
Initial draft submitted to SEBI before price discovery.
Ajwa Projects Limited IPO Review & FAQ
Everything you need to know about IPO GMP, Kostak, and listing expectations.
As of today, Ajwa Projects Limited IPO Grey Market Premium (GMP) is trading at ₹1 per share. With an issue cap price of ₹203, the expected listing price is ₹204 (+0.5% gain).
UPCOMING28 OCT
OPEN28 OCT
CLOSE30 OCT
LISTED04 NOV
Quick NavigationAuto-Synced
Issue Key Information
Allotment StatusPrice Band₹203 - ₹203
Issue Cap Price₹203
Market Lot Size600 Shares
Min Retail Outlay₹1,21,800
Total Issue Size₹38.05 Cr
Listing ExchangesBSE
RegistrarKfin Technologies Limited
IPO Lot & Return Calculator
1 Lot(s)
Total Shares Applied:600 shares
Required Investment (At Cap):₹1,21,800
Expected Listing Gain (@ GMP):+₹600
Estimated Portfolio Value:₹1,22,400