Ajwa Projects IPO: Listing Price, Share Price Today, Listing Gains and Review

Ajwa Projects IPO listing price and share price today

Ajwa Projects shares opened at ₹203 on BSE SME on 4 November 2026, exactly the fixed issue price, so there was no listing gain (Reported from exchange data by HDFC Sky; the debut was also reported by inkl). Within minutes the stock slipped to about ₹192.85, roughly 5% below the issue price, around 10:08 AM (Reported, HDFC Sky). At that level, a minimum application of 1,200 shares would be down about ₹12,180 (Calculated).

A flat debut was in line with the weak demand during bidding: the issue was only about 1.1 times subscribed and grey-market quotes were nil. SME shares trade thinly, so prices can move sharply. Compare other debuts in our IPO GMP vs listing price tracker and the listed IPO list.

Ajwa Projects IPO overview

Data as of 31 October 2026, 14:00 IST (bidding closed 30 October). Confirmed = red herring prospectus (RHP), SEBI or exchange notice. Reported = media or broker summaries of the RHP. Calculated = our arithmetic. Unofficial = grey-market quotes.

The Ajwa Projects IPO closed on 30 October 2026 1.12 times subscribed (Reported, BSE SME data). It was a fixed-price issue at ₹203 a share on the BSE SME platform, with individual investors applying for 1,200 shares (two lots), or ₹2,43,600. The ₹38.05 crore issue combined ₹30.45 crore of new shares with a ₹7.60 crore offer for sale by the promoters. The basis of allotment was finalised on 2 November and the shares listed on 4 November. Below: allotment status and how to check it, your chances, the GMP and our review.

Ajwa Projects IPO allotment status and final subscription

Investors bid for 19,99,200 shares against 17,79,600 on offer, so the issue closed 1.12 times subscribed (Reported, BSE SME data via HDFC Sky; IPO Guru shows the same total). Demand built slowly, from 0.40x on day 1 to 0.87x on day 2.

Ajwa Projects IPO allotment chances

Individual investors bid 1.93 times their quota, and each successful applicant receives the minimum of 1,200 shares by lottery. That puts the odds at roughly 1 in 2 (Estimate). The NII portion was only 0.32 times subscribed, so NII applicants should receive the shares they bid for, subject to the basis of allotment approved with BSE.

Ajwa Projects IPO details at a glance

What Ajwa Projects does

Ajwa Projects is an industrial services contractor. It fabricates and erects steel structures, lays piping, builds pressure equipment and prefabricated structures, and does civil and maintenance work. It also makes industrial frameworks, girders, heavy modules and platforms. Its clients run oil and gas, petrochemical, refinery, power, steel, cement, nuclear, bridge and metro-rail projects.

The company was incorporated in 2011 and is based in Surat, Gujarat (Reported). It reports a workforce of more than 550 skilled and semi-skilled workers, which is typical for a site-services business. The promoters are Mohammad Khurshid Alam Khan, Zarinbegum Khurshid Alam Khan and Riyaz Rafiq Padela; their stake falls from 98.90% to 65.12% after the issue (two summaries agree).

Ajwa Projects financials: revenue, profit and debt

Growth was slow until FY26: income rose only 7% in FY25, then 32% in FY26 to ₹48.56 crore, and profit rose to ₹5.42 crore, a net margin of about 11% (Calculated). The June 2026 quarter kept roughly that pace. Borrowings went back up to ₹12.52 crore in FY26, about 0.7 times net worth, and rose again in June. Project contractors like Ajwa often wait months to be paid, so cash flow matters more than profit here.

Ajwa Projects IPO valuation: what ₹203 a share implies

FY26 net worth of ₹17.71 crore and a reported NAV of ₹44.28 a share imply 40 lakh shares before the issue; with 15 lakh new shares there will be 55 lakh after (Calculated). At ₹203, Ajwa is worth about ₹112 crore, roughly 20.6 times FY26 profit and about 18 times the annualised June-quarter profit (Calculated). Net worth after the new money is about ₹50 crore, so the price is about 2.2 times book value. Existing holders are diluted by about 27%.

Some RHP summaries quote a much lower market value, which does not fit the share count; ours follows from the reported net worth and NAV. For a contractor with uneven growth, about 21 times earnings is a full price.

How Ajwa Projects will use the IPO money

The ₹9.35 crore repayment would clear most of the FY26 borrowings, which should cut interest costs. About ₹8 crore goes into equipment and vehicles for site work.

Ajwa Projects IPO GMP today

Grey-market quotes for Ajwa Projects were small: two trackers showed ₹2 and ₹5 on 30 October, and one showed ₹1 on 31 October (Unofficial). That implies a listing within about 2.5% of ₹203 (Calculated). GMP is unregulated and not a forecast; in our GMP vs listing price tracker, 8 of 12 recent listings opened below their GMP-implied price.

Ajwa Projects IPO lot size and minimum investment

Ajwa Projects IPO review: strengths and risks

Strengths

• Long operating history: in business since 2011 across many industries.
• Profit growth in FY26: net profit up 65% to ₹5.42 crore.
• Debt reduction: ₹9.35 crore of proceeds repays most borrowings.
• Diverse clients: oil and gas, power, steel, cement and infrastructure.

Risks

• Thin demand: 1.12 times overall, with the NII portion at only 0.32 times.
• Full price: about 21 times FY26 profit (Calculated).
• Uneven growth: income grew just 7% in FY25.
• Partial offer for sale: ₹7.60 crore goes to the promoters.
• Project risk: contract wins, site execution and payment delays drive results.
• SME liquidity: a ₹2,43,600 minimum and thin trading after listing.

Our Scouter Reading: 1,200, Base

We score Ajwa Projects at 2,900 out of 10,000 on our earlier v1 research scale, in the Base band. Points for a long track record, better FY26 profit and planned debt repayment. Points against weak investor demand, a partial offer for sale, a full valuation for a contractor and growth that only picked up in the latest year. The Scouter Reading rates the research case on the information above; it is not a recommendation to apply or avoid.

How to check Ajwa Projects IPO allotment status

The basis of allotment was finalised on 2 November 2026. Check by PAN or application number on the registrar’s site, KFin Technologies, or on the BSE allotment page. Shares should reach demat accounts on 3 November, when blocked money for unsuccessful bids is released. The shares listed on BSE SME on 4 November. Our allotment status guide covers each method.

What to watch before the Ajwa Projects listing

• 2 November, basis of allotment: check your status on KFin Technologies or the BSE page.
• 4 November, listing: BSE SME sets the opening price in a pre-open session; SME stocks can then move up to 5% from that price on day 1.
• Order inflow: any new contract announcements after listing.

Also listing on 4 November: M.K. Sons Fine Jewels and Carver Roboweld. See the allotment status list.

Ajwa Projects IPO: frequently asked questions

Disclaimer: This article is for information and education only and is not investment advice or a recommendation to apply, buy or sell. Figures are from the RHP summaries and exchange data named in the text and may change; read the RHP before investing. SME shares can be thinly traded. GMP is unofficial.