Ajwa Projects IPO Details

Fixed Price IPO | ₹38 Cr | Listing at BSE SME | Wed, Oct 28, 2026 - Fri, Oct 30, 2026

Ajwa Projects IPO is a fixed issue price of ₹38.05 crores. The issue is a combination of fresh issue of 15.00 lakh shares aggregating to ₹30.45 crores and offer for sale of 3.74 lakh shares aggregating to ₹7.60 crores.

Ajwa Projects IPO opens for subscription on Oct 28, 2026 and closes on Oct 30, 2026. The allotment for the Ajwa Projects IPO is expected to be finalized on Nov 2, 2026. Ajwa Projects IPO will list on the BSE SME with a tentative listing date fixed as Nov 4, 2026.

Ajwa Projects IPO is set final issue price at ₹203 per share. The lot size for an application is 600 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,43,600 (1,200 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (1,800 shares), amounting to ₹3,65,400.

Wealth Mine Networks Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. The Market Maker of the company is Prabhat Financial Services Ltd.

Refer to Ajwa Projects IPO DRHP for detailed Information.

To be declared

Wed, Oct 28, 2026

IPO Close

Fri, Oct 30, 2026

Price Band

₹203 per share

Market Cap

₹111.65 Cr * on Offer Price

IPO Date

28 to 30 Oct, 2026
Listing Date

Wed, Nov 4, 2026(T)
Face Value

₹10 per share
Issue Price

₹203 per share
Lot Size

600 Shares
Sale Type

Fresh capital cum OFS
Issue Type

Fixed Price IPO
Listing At

BSE SME

Total Issue Size

18,74,400 shares (agg. up to ₹38 Cr)
Reserved for Market Maker

94,800 shares (agg. up to ₹2 Cr) Prabhat Financial Services Ltd.
Fresh Issue(Ex Market Maker)

14,05,200 shares (agg. up to ₹29 Cr)
Offer for Sale

3,74,400 shares of ₹10 (agg. up to ₹8 Cr)
Net Offered to Public

17,79,600 shares (agg. up to ₹36 Cr)
Share Holding Pre Issue

40,00,000 shares
Share Holding Post Issue

55,00,000 shares

IPO Timetable (Tentative)

IPO Open

Wed, Oct 28, 2026
Allotment

Mon, Nov 2, 2026
Credit of Shares

Tue, Nov 3, 2026

IPO Close

Fri, Oct 30, 2026
Refund

Tue, Nov 3, 2026
Listing

Wed, Nov 4, 2026

Issue Reservation

Ajwa Projects IPO comprises a total issue size of 18,74,400 shares. The net offer to the public is 17,79,600 shares, after excluding 94,800 shares allotted on a firm basis. Of the Net offer 8,90,400 (50.03%) allocated to NII 8,89,200 (49.97%) allocated to RII.

Investor Category	Shares	% of Net Issue	% of Total Issue
NII (HNI)	8,90,400	50.03%	47.50%
Retail	8,89,200	49.97%	47.44%
Firm Reservations
Market Maker	94,800		5.06%
Total	18,74,400	100.00%	100.00%

IPO Lot Size

Investors can bid for a minimum of 1,200 shares and in multiples of 600 shares thereof.

Application	Lots	Shares	Amount
Individual investors (IND) (Min)	2	1200	₹2,43,600
Individual investors (IND) (Max)	2	1200	₹2,43,600
HNI (Min)	3	1800	₹3,65,400

About Ajwa Projects Ltd.

Updated on Oct 24, 2026

Incorporated in 2011, Ajwa Projects is a multi-disciplinary industrial services company delivering end-to-end solutions across fabrication, erection, piping, pressure equipment, prefabricated structures, civil construction, and maintenance. The company specializes in turning project plans into real, functional industrial assets. The company manufacture technological frameworks, industrial buildings, girders, heavy modules, platforms, and crane girders that are critical for plant construction and infrastructure projects. They also fabricate specialised components such as dish ends, crowns, petals, and customised parts, including diesel engine components for railway applications that require a high degree of precision and strict compliance with industry standards.

Key Services:

Fabrication: Manufacture and sell structural components, pressure vessels, boilers, tanks, ducts, and precision parts for various industries.
Erection: On-site installation and integration of heavy structures, equipment, and piping systems with strict focus on safety and precision.
Piping: Fabrication and installation of process and utility pipelines for chemicals, gases, steam, and fluids.
Pressure Equipment: Fabrication, assembly, and erection of pressure vessels and related heavy-duty equipment.
Civil Construction: Site development, foundations, industrial buildings, silos, tanks, and other civil works.
Prefabricated Structures: Modular and portable buildings for industrial and commercial use.
Maintenance & Mechanical Services: Preventive maintenance, PSV calibration, NDT testing, blasting & painting, and plant shutdown support.

The company caters to a wide range of industries such as oil & gas, petrochemicals, refineries, power generation, steel, heavy metals, cement, nuclear power, bridges, metro rail, bullet train infrastructure, and other industrial and infrastructure projects.

It has a workforce of over 557 skilled and semi-skilled professionals.

Competitive Strengths:

Experienced management team
Comprehensive Portfolio with Sectoral Diversity
Strong and diverse Order Book: As of Sep 30, 2025, its order book stood at Rs 1,982.05 lakhs.
Flexible Execution Model (On-Site and Off-Site)
Integrated Fabrication and Erection Expertise
Quality and Safety Framework
Skilled Workforce and Operational Capability

Company Financials (Restated)

Ajwa Projects Ltd.’s revenue increased by 32% and profit after tax (PAT) rose by 65% between the financial year ending with March 31, 2026 and March 31, 2025. (Amount in ₹ Crore )

Period Ended	30 Jun 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	41.97	36.37	25.57	25.00
Total Income	12.44	48.56	36.87	34.38
Profit After Tax	1.56	5.42	3.28	2.95
EBITDA	2.45	9.03	6.41	5.68
NET Worth	19.27	17.71	12.29	8.90
Reserves and Surplus	15.27	13.71	8.29	8.81
Total Borrowing	13.84	12.52	7.96	10.85

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IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

1 Funding capital expenditure requirements towards acquisition of plant & machinery, transport vehicle/assets

8.10
2 Repayment or prepayment, in full or in part, of borrowings availed by Company

9.35
3 Working Capital Requirement

4.00
4 General Corporate Purposes

4.43
Total

25.88

Key Performance Indicator (KPI)

KPI	Jun 30, 2026	Mar 31, 2026
ROE	8.42%	36.15%
ROCE	7.56%	34.75%
Debt/Equity	0.72	0.71
RoNW	8.42%	36.15%
PAT Margin	12.55%	11.20%
EBITDA Margin	19.71%	18.66%
NAV	48.17	44.28
P/B (x)	4.21	4.58

IPO Valuation

Valuation Metric	Pre IPO	Post IPO
EPS (₹)	13.56	11.33
P/E (x)	14.97	17.92
Market Cap at Offer Price	₹81.20 Cr.	₹111.65 Cr.

The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of June 30, 2026 available in RHP.

Shareholding Structure

Category	Pre IPO	Post IPO
Promoter and Promoter Group	98.9%	65.12%
Public	1.10%	34.88%
Total	100%	100%

Company Promoters: Mohammad Khurshid Alam Khan, Zarinbegum Khurshid Alam Khan and Riyaz Rafiq Padela.

Offer For Sale – Selling Shareholders

Name	Category	No. of Shares Offered	Amount (₹ cr.)
Mohammad Khurshid Alam Khan	Promoter	1,87,200	3.80
Zarinabegum Khurshid Alam Khan	Promoter	1,87,200	3.80
Total		3,74,400	7.60

Ajwa Projects IPO Recommendations

Review By	Subscribe	May Apply	Neutral	Avoid
Brokers	0	0	0	0
Members	0	0	0	0

IPO Expenses

#	Issue Expenses	Est Amt (₹ Cr.)
1	Fees and commissions payable to the LM (including any underwriting commission, brokerage and selling commission	2.70
2	Fees Payable to Registrar to the Offer	0.07
3	Fees payable to Legal Advisor	0.05
4	Fees Payable Advertising, Marketing Expenses and Printing Expenses	2.22
5	Fees Payable to Regulators including Stock Exchanges and other Intermediaries	0.15
6	Fees payable to Peer Review Auditor	0.15
7	Fees Payable to Market Maker	0.03
8	Others (Fees payable for marketing & distributing expenses, selling commission, brokerage, processing fees	0.34
	Total	5.71

📰 Ajwa Projects Ltd. – News Updates

Ajwa Projects Ltd. IPO Set to Open Soon – Here’s What to Know

IPO Registrar

Kfin Technologies Ltd.

040-79615565
ajwa.ipo@kfintech.com
Visit Website

IPO Lead Manager(s)

Wealth Mine Networks Ltd.

Lead Manager Reports

Lead Manager Performance Summary
Lead Manager Performance Tracker

Contact Details

Ajwa Projects Ltd. Address

M/71,

Silver Spring Near Bhulkabhavan School,

Adajan

Surat, Gujarat, 395009

0261-2786786
info@ajwaprojects.com
Visit Website

IPO FAQs

What is the Ajwa Projects IPO?

Ajwa Projects IPO is a SME IPO of 18,74,400 equity shares of the face value of ₹10 aggregating up to ₹38 Crores. The issue is priced at ₹203 per share. The minimum order quantity is 600.

The IPO opens on Wed, Oct 28, 2026, and closes on Fri, Oct 30, 2026.

Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.

How to apply in Ajwa Projects IPO through Angel One?

Angel One customers can apply online in Ajwa Projects IPO using UPI as a payment gateway. Angel One customers can apply in Ajwa Projects IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Ajwa Projects IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Ajwa Projects IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

When Ajwa Projects IPO will open?

The Ajwa Projects IPO opens on Wed, Oct 28, 2026 and closes on Fri, Oct 30, 2026.

What is the lot size of Ajwa Projects IPO?

Ajwa Projects IPO lot size is 600, and the minimum amount required for application is ₹2,43,600, with 2 lots being the minimum application size.

How to apply for Ajwa Projects IPO?

You can apply in Ajwa Projects IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

When is Ajwa Projects IPO allotment?

The finalization of Basis of Allotment for Ajwa Projects IPO will be done on Monday, November 2, 2026, and the allotted shares will be credited to your demat account by Tue, Nov 3, 2026. Check the Ajwa Projects IPO allotment status.

When is Ajwa Projects IPO listing date ?

The Ajwa Projects IPO listing date is not yet announced. The tentative date of listing is Wed, Nov 4, 2026.