The Ajwa Projects SME IPO closed on 30 October 2026 and is due to list on 4 November 2026 on the BSE. The price band is ₹203 per share and one lot is 600 shares, so the minimum application is ₹1,21,800. The issue size is ₹38.05 crore. It combines a fresh issue of new shares with an offer for sale by existing shareholders.
Kfin Technologies Ltd is the registrar to the issue, and Wealth Mine Networks Ltd is the lead manager.
The issue was subscribed 1.18 times overall.
Incorporated in 2011, Ajwa Projects is an industrial services company offering comprehensive services in fabrication, erection, piping, pressure equipment, prefabricated structures, civil construction, and maintenance. The company focuses on translating project design into physical industrial facilities. The company manufactures technological systems, industrial buildings, girders, heavy modules, platforms, and crane girders that are essential in plant construction and infrastructure projects.
The company also fabricates specialized components such as dish ends, crowns, petals, and customized parts, including diesel engine components for railway purposes that need precision and strict adherence to industry standards. Main Services: Fabrication: Manufacture and supply of structural steel, pressure vessels, boilers, tanks, ducts, and precision parts for different sectors. Erection: On-site erection and installation of heavy structures, equipment, and piping systems with a strict emphasis on safety and precision. Piping:
Manufacture and installation of process and utility pipelines for chemicals, gases, steam, and fluids. Pressure Equipment: Manufacture, 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 and painting, and plant shutdown services. The company employs more than 557 skilled and semi-skilled workers.
As described in the offer document.
Mohammad Khurshid Alam Khan, Zarinbegum Khurshid Alam Khan, Riyaz Rafiq Padela. Promoter holding 98.90% before the issue and 65.12% after.
Work out the listing gain for this SME IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
₹203 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 600 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹1,21,800. After listing, SME shares also trade in lots rather than one share at a time.
₹1,21,800, for one lot of 600 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 28 October 2026 and closed on 30 October 2026.
The basis of allotment is due on 2 November 2026. The registrar, Kfin Technologies Ltd, publishes allotment status searchable by PAN, and the shares are credited to successful applicants' demat accounts the day before listing.
The shares are due to list on 4 November 2026 on the BSE. Trading begins after the special pre-open session on listing morning, in which the opening price is discovered.
The issue size was ₹38.05 crore. The fresh issue was 15,00,000 shares (aggregating up to ₹30.45 crore). The offer for sale was 3,74,400 shares (aggregating up to ₹7.6 crore).
On the registrar's website at https://ipostatus.kfintech.com/, by PAN, application number or demat account, once the basis of allotment is published on 2 November 2026. The Rupix app can also check it by PAN.