The counter hit a high of Rs 203 and a low of Rs 192.85. About 1.58 lakh shares changed hands on the BSE.
Ajwa Projects' IPO was subscribed 1.12 times. The IPO opened for subscription on 28 October 2026 and closed on 30 October 2026. The issue price was fixed at Rs 203 per share.
The IPO comprised a fresh issue of 15 lakh equity shares aggregating to approximately Rs 30.45 crore and an offer for sale (OFS) of 3.74 lakh shares worth Rs 7.60 crore by promoters Mohammad Khurshid Alam Khan and Zarinbegum Khurshid Alam Khan. The total issue size stands at approximately Rs 38.05 crore. The promoter and promoter group shareholding declined to 65.12% after the IPO from 98.90% before the issue.
Ajwa Projects plans to utilise Rs 8.10 crore of the IPO proceeds towards capital expenditure for acquiring plant and machinery, transport vehicles and other assets. A further Rs 9.35 crore will be used for repayment or prepayment of borrowings, while Rs 4 crore will be allocated towards working capital requirements. The remaining Rs 4.43 crore will be used for general corporate purposes.
Incorporated in 2011, Ajwa Projects is a multidisciplinary industrial services company providing integrated solutions across fabrication, erection, piping, pressure equipment, prefabricated structures, civil construction and maintenance. Its operations include manufacturing industrial structures, girders, heavy modules, platforms, crane girders and specialised components for industrial and infrastructure projects.
The company also undertakes the fabrication and installation of process pipelines, pressure vessels, boilers, tanks and other heavy-duty equipment. Its civil construction services include site development, foundations and industrial buildings, while its maintenance operations cover preventive maintenance, pressure safety valve calibration, non-destructive testing, blasting, painting and plant shutdown support.
Ajwa Projects caters to industries such as oil and gas, petrochemicals, refineries, power generation, steel, cement, nuclear power, bridges, metro rail and other infrastructure sectors. As of 30 September 2025, its order book stood at Rs 19.82 crore. The company has a workforce of more than 557 skilled and semi-skilled professionals.
The company's total income increased 31.71% to Rs 48.56 crore in FY2026 from Rs 36.87 crore in FY2025. Profit after tax (PAT) rose 65.24% to Rs 5.42 crore from Rs 3.28 crore,
For the quarter ended 30 June 2026, Ajwa Projects reported total income of Rs 12.44 crore and PAT of Rs 1.56 crore, while EBITDA stood at Rs 2.45 crore. Total borrowings were Rs 13.84 crore, and net worth stood at Rs 19.27 crore.