Quick Summary: Ajwa Projects Limited is launching its BSE SME public offering worth ₹38.05 crore, consisting of a fresh issue and an offer for sale. The bidding window opens on October 28, 2026, and closes on October 30, 2026, with a fixed issue price set at ₹203 per share.
Last Updated: October 24, 2026 | Status: 🟡 Upcoming (Opens Oct 28)
Surat-based industrial services and civil construction player Ajwa Projects Limited has announced its initial public offering on the BSE SME platform. Specializing in fabrication, erection, industrial piping, pressure equipment, and civil contracting works, the company aims to raise ₹38.05 crore through this issue. This comprehensive review examines the IPO timeline, financial health, utilization of proceeds, and core analytical metrics.
📊 Key Details of the Issue
| Item | Detail |
|---|---|
| Company | Ajwa Projects Limited |
| Issue Size | ₹38.05 crore |
| Fresh Issue | ₹30.45 crore |
| Offer for Sale (OFS) | Up to 3,74,400 equity shares |
| Issue Price | ₹203 per share |
| Lot Size | 1,200 shares (Minimum 2 lots) |
| Minimum Investment (Retail) | ₹2,43,600 |
| Face Value | ₹10 per share |
| Quota Allocation | QIB: 50% | NII (HNI): 50% | Retail: 0% (Note: Retail quota assigned under SME structures split equally or per exchange rules) |
| Subscription Window | October 28, 2026 – October 30, 2026 |
| Listing Date | November 4, 2026 (Tentative) |
| Listing Exchange | BSE SME Platform |
| Registrar | KFin Technologies Limited |
| Lead Manager | Wealth Mine Networks Ltd. |
📅 Important Dates to Remember
| Event | Date |
|---|---|
| Bidding Opens | October 28, 2026 |
| Bidding Closes | October 30, 2026 (5:00 PM) |
| Basis of Allotment | November 2, 2026 |
| Refund Initiation | November 3, 2026 |
| Shares Credit to Demat | November 3, 2026 |
| Listing Day | November 4, 2026 |
💰 Subscription Status (Update Daily)
| Day | QIB | NII (HNI) | Retail | Total |
|---|---|---|---|---|
| Day 1 (Oct 28, 2026) | Upcoming | Upcoming | Upcoming | -- |
| Day 2 (Oct 29, 2026) | Upcoming | Upcoming | Upcoming | -- |
| Day 3 (Oct 30, 2026) | Upcoming | Upcoming | Upcoming | -- |
| Final | -- | -- | -- | -- |
✅ Current Status: Bidding starts on October 28, 2026. Exchange subscription tallies will update here dynamically once the bidding window opens.
📈 Grey Market Premium (GMP) Trend
| Date | GMP (₹) | Estimated Listing Price | Gain (%) |
|---|---|---|---|
| October 23, 2026 | ₹0 | ₹203 | 0.00% |
| October 24, 2026 (Latest) | ₹0 | ₹203 | 0.00% |
⚠️ Grey market premiums are unofficial market indicators that change frequently and should not be used as the sole basis for investment decisions.
🏢 About the Company
Ajwa Projects Limited provides specialized industrial services encompassing heavy fabrication, site erection, industrial piping, pressure equipment manufacturing, and complex civil construction. Operating with over 550 skilled and semi-skilled workers, the company deploys flexible on-site and off-site execution models backed by stringent quality and safety frameworks.
Key Highlights
- Industrial Services Expertise: Comprehensive capabilities spanning fabrication, pressure equipment, piping, and civil infrastructure.
- Flexible Execution Models: Adaptable on-site and off-site operational layouts to suit diverse project requirements.
- Skilled Workforce: Employs over 550 specialized execution workers.
📊 Financial Performance
| Metric (₹ in Crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 34.38 | 36.87 | 48.56 |
| EBITDA | 5.68 | 6.41 | 9.03 |
| Profit After Tax (PAT) | 2.95 | 3.28 | 5.42 |
| Net Worth | 8.90 | 12.29 | 17.71 |
🎯 Objects of the Issue
The net proceeds from the issue will be utilized for:
- Capital Expenditure: Acquiring plant and machinery as well as transport vehicles/assets — ₹8.10 Cr
- Debt Repayment: Full or partial repayment of certain outstanding company borrowings — ₹9.35 Cr
- Working Capital: Meeting ongoing operational requirements — ₹4.00 Cr
- General Corporate Purposes: Supporting general corporate activities — ₹4.43 Cr
⚖️ Strengths & Risks
✅ Strengths
- Consistent Financial Growth: Noticeable year-on-year improvements in top-line revenue and bottom-line profitability.
- Strong Return Metrics: Favorable return ratios including solid RoNW and ROCE performance.
- Experienced Leadership: Managed by industry veterans with deep domain experience in civil and industrial contracting.
⚠️ Risks
- Project Execution Dependency: Industrial and civil contracts are subject to localized delays, site safety risks, and variable order execution timelines.
- Working Capital Intensity: Heavy fabrication and construction businesses require substantial working capital management.
🧑💼 What Analysts Are Saying
| Analyst / Firm | Recommendation | Rationale |
|---|---|---|
| IPO Watch Desk | Apply for Long Term | Solid earnings growth trajectory and purposeful capital deployment support long-term value creation. |
🏁 Listing Performance (Update After Listing)
| Exchange | Opening Price | Premium vs. Issue | Closing Price |
|---|---|---|---|
| BSE SME | Expected Nov 4 | -- | -- |
Verdict: The stock is tentatively scheduled to list on the BSE SME platform on Wednesday, November 4, 2026. Real-time performance tracking will be updated here post-listing.
❓ Frequently Asked Questions (FAQ)
Q1: What is the official issue price of the Ajwa Projects IPO?
A: The fixed issue price is set at ₹203 per equity share.
Q2: What is the minimum lot size and investment for retail investors?
A: The minimum lot size is 1,200 shares (2 lots), requiring an application amount of ₹2,43,600.
Q3: When does the subscription window open and close?
A: The issue opens on October 28, 2026, and closes on October 30, 2026.
Q4: What is the current Grey Market Premium (GMP)?
A: The current GMP stands at ₹0.
Q5: What is the total issue size?
A: The aggregate issue size is ₹38.05 crore.
Q6: How will the net proceeds be utilized?
A: Funds will be utilized for capital expenditure on plant, machinery, and vehicles (₹8.10 Cr), debt repayment (₹9.35 Cr), working capital (₹4.00 Cr), and general corporate purposes (₹4.43 Cr).
Q7: What services does Ajwa Projects offer?
A: Heavy fabrication, erection, industrial piping, pressure equipment, and civil construction work.
Q8: Who is the registrar for the issue?
A: KFin Technologies Limited.
Q9: When is the allotment finalization scheduled?
A: November 2, 2026.
Q10: When will the stock list on the exchange?
A: November 4, 2026, on the BSE SME platform.
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⚠️ Disclaimer: This content is for informational purposes only and does not constitute professional financial advice. Verify all data against official exchange filings before committing capital.