Ajwa Projects IPO 2026: SME Issue Dates, Price Band & Lot Size
· 8 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
Ajwa Projects Limited is launching its ₹38.05 Cr BSE SME IPO from 28 Oct to 30 Oct 2026 at a fixed price of ₹203 per share. Here are the factual details from its offer document.
Direct answer: The Ajwa Projects on BuyUnlistedShares IPO opens for public subscription on 28 Oct 2026 and closes on 30 Oct 2026 on the BSE SME platform. The fixed price issue is priced at ₹203 per equity share with a lot size of 600 shares, aggregating to a total issue size of ₹38.05 Cr.
Source: DRHP filed with BSE.
Ajwa Projects IPO Overview and Key Dates
Ajwa Projects Limited is issuing equity shares on the BSE SME exchange through a fixed price mechanism. The public subscription period opens on 28 Oct 2026 and closes on 30 Oct 2026. Investors tracking SME market filings can reference the broader IPO calendar for listing schedules across platforms.
| Item | Value | As of |
|---|---|---|
| Price band | ₹203 | 24 Oct 2026 |
| Lot size | 600 shares | 24 Oct 2026 |
| Minimum application | ₹1,21,800 | 24 Oct 2026 |
| Issue size | ₹38.05 Cr | 24 Oct 2026 |
| Fresh issue | ₹28.5 Cr | 24 Oct 2026 |
| Offer for sale | ₹7.6 Cr | 24 Oct 2026 |
| Exchange | BSE SME | 24 Oct 2026 |
| Issue type | SME | 24 Oct 2026 |
| Face value | ₹10 | 24 Oct 2026 |
| Opens | 28 Oct 2026 | 24 Oct 2026 |
| Closes | 30 Oct 2026 | 24 Oct 2026 |
| Allotment | 2 Nov 2026 | 24 Oct 2026 |
| Listing | 4 Nov 2026 | 24 Oct 2026 |
| Registrar | Kfin Technologies Ltd. | 24 Oct 2026 |
Per the DRHP filed with BSE, the complete issue schedule and key parameters are outlined below:
The allotment basis is scheduled to be finalized on 02 Nov 2026. Credit of equity shares to demat accounts and initiation of refunds for unallotted applications are planned for 03 Nov 2026. The stock is scheduled to list on the BSE SME platform on 04 Nov 2026. Wealth Mine Networks Ltd. serves as the lead manager, and Kfin Technologies Ltd. is the registrar to the issue.
Issue Structure and Shareholding Pattern
The total issue size is ₹38.05 Cr, comprising 1,779,600 equity shares of face value ₹10 each. The issue consists of two components:
- Fresh Issue: 1,500,000 equity shares raising ₹28.53 Cr.
- Offer for Sale (OFS): 375,000 equity shares raising ₹7.60 Cr contributed by the promoter selling shareholders.
The reservation within the net issue is divided equally between retail and non-institutional categories. A total of 889,200 shares (50% of the net offer) are reserved for Retail Individual Investors, and 890,400 shares (50% of the net offer) are reserved for Non-Institutional Investors (NII/HNI). A market maker reservation portion of 94,800 shares is also set aside.
The minimum retail application lot is 600 shares, requiring a minimum investment of ₹1,21,800 based on the fixed issue price of ₹203 per share (computed as 600 shares × ₹203). High Net-Worth Individual (HNI) applicants must apply for a minimum of 3 lots (1,800 shares), representing ₹3,65,400.
Prior to the offer, the promoters—Mohammad Khurshid Alam Khan, Zarinbegum Khurshid Alam Khan, and Riyaz Rafiq Padela—hold 98.90% of the company's equity share capital. Following the completion of the fresh issue and OFS, promoter shareholding is scheduled to adjust to 65.12%.
For comparative context on SME and mainboard market structures, readers may examine the Wiscon Industries IPO 2026: Dates, Price Band, Lot Size & Key RHP Facts and the Jio Platforms IPO Open 2026: Dates, Price Band, Lot Size & Details.
Business Overview
According to the DRHP filed with BSE, Ajwa Projects Limited was originally incorporated as a private limited entity in March 2011 and converted into a public limited company in June 2025. The company operates as a multi-disciplinary industrial services provider delivering end-to-end solutions in execution and manufacturing.
The company's primary business domains include:
- Structural Fabrication: Manufacturing technological frameworks, industrial buildings, girders, heavy modules, platforms, and crane girders.
- Equipment Fabrication: Manufacturing pressure vessels, boilers, heat exchangers, tanks, chimneys, ducts, and specialized railway components.
- Erection Services: On-site installation, alignment, and integration of structural frameworks, equipment modules, and piping systems.
- Civil Construction & Piping: Earthworks, machinery foundations, superstructures, factory buildings, and process/utility piping networks.
Ajwa Projects caters to sectors such as oil & gas, petrochemicals, refineries, power generation, steel, heavy metals, cement, nuclear power, bridges, metro rail, and high-speed rail. Per disclosures in the offer document, the company employs a workforce of over 550 skilled and semi-skilled professionals. Investors reviewing unlisted and pre-IPO corporates can also check the Unlisted shares screener for financial profiles across private firms.
Objects of the Issue
Per the DRHP filed with BSE, the company will not receive any proceeds from the Offer for Sale portion of ₹7.60 Cr, which goes directly to the selling shareholders. The proceeds from the Fresh Issue component of ₹28.53 Cr (with ₹25.88 Cr net allocation detailed in the DRHP objects section) are planned to be deployed as follows:
- Capital Expenditure: ₹8.10 Cr for purchasing plant & machinery, transport vehicles, and operational assets.
- Debt Repayment: ₹9.35 Cr towards full or partial repayment/prepayment of existing borrowings.
- Working Capital: ₹4 Cr to meet incremental working capital needs.
- General Corporate Purposes: ₹4.43 Cr for general corporate requirements.
Financial Trend and Valuation Ratios
The company's restated financial summary from the offer document reflects performance across recent periods:
Per the DRHP filed with BSE, total income increased from ₹34.38 Cr in FY24 to ₹48.56 Cr in FY26, while profit after tax grew from ₹2.95 Cr in FY24 to ₹5.42 Cr in FY26.
Key financial ratios reported in the DRHP as of 31 Mar 2026 include:
- Return on Net Worth (RoNW): 36.15%
- Return on Capital Employed (ROCE): 34.75%
- EBITDA Margin: 18.66%
- PAT Margin: 11.20%
- Debt-to-Equity Ratio: 0.71x
- Net Asset Value (NAV) per share: ₹44.28
At the issue price of ₹203 per share, the computed valuation ratios are:
- Pre-issue P/E: 15.0x (based on upper band of ₹203 / pre-issue FY26 EPS of ₹13.56).
- Post-issue P/E: 17.9x (based on upper band of ₹203 / post-issue FY26 EPS of ₹11.33).
- P/B Ratio: 4.58x (based on upper band of ₹203 / NAV per share of ₹44.28).
Peer Comparison
The DRHP includes the following peer table listing listed industrial and construction service entities as of 31 Mar 2026:
| Company Name | Basic EPS (₹) | NAV (₹) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|
| Ajwa Projects Ltd. | 13.56 | 44.28 | 14.97 | 36.15 | 4.61 |
| Atmastco Ltd. | 7.33 | 59.15 | 15.97 | 13.93 | 1.98 |
| Samay Project Services Ltd. | 4.77 | 26.02 | 9.52 | 22.64 | 1.73 |
Risk Factors Stated in the DRHP
The offer document outlines several risk factors associated with the company's business and operations, including:
- Statutory and Corporate Records: Discrepancies, omissions, and delays have been identified in past statutory records and filings submitted to the Registrar of Companies (ROC).
- Tax Filings and Compliance: Non-compliances and discrepancies were noted in the filing of returns and payment of statutory tax dues, which could result in regulatory penalties.
- Historical Cash Flows: The company recorded negative cash flows from certain activities in prior financial years per its restated financial statements.
- Leased Operational Assets: The company's registered office and manufacturing workshop premises are operated under lease agreements and are not owned properties.
- Intellectual Property: An application for the trademark registration of "AJWA PROJECTS" has been submitted under the Trade Marks Act, 1999, but failure to secure registration could affect protection against infringement.
- Labor Dependence: Operations depend on the availability and retention of skilled and unskilled workers, including welders, fitters, riggers, and operators.
- Promoter Group Overlap: A promoter group entity (M/s M K Enterprise) operates in business domains similar to those of the company.
- Regulatory Approvals: Business activities rely on statutory licenses and permits, some of which are issued for limited durations and require periodic renewal.
Frequently Asked Questions
When does the Ajwa Projects IPO open and close?
The IPO opens for subscription on 28 Oct 2026 and closes on 30 Oct 2026 on the BSE SME platform.
What is the issue price and lot size for the Ajwa Projects IPO?
The issue price is fixed at ₹203 per equity share. The lot size is 600 shares, requiring a minimum retail application amount of ₹1,21,800.
What is the total issue size of the Ajwa Projects IPO?
The total issue size is ₹38.05 Cr, which includes a Fresh Issue of ₹28.53 Cr (1,500,000 shares) and an Offer for Sale of ₹7.60 Cr (375,000 shares).
Who are the lead manager and registrar for the issue?
Wealth Mine Networks Ltd. is the book running lead manager, and Kfin Technologies Ltd. is the registrar to the issue.
What is the listing schedule for Ajwa Projects shares?
Allotment finalization is scheduled for 02 Nov 2026, demat credit and refunds for 03 Nov 2026, and listing on the BSE SME exchange for 04 Nov 2026.
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Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
