Ajwa Projects IPO Day 1: Subscription Opens Today, 28 October 2026

Ajwa Projects Limited, a Surat-based provider of industrial fabrication, erection, piping and civil construction services, has opened its IPO for subscription today, 28 October 2026. The Ajwa Projects IPO is a fixed price SME issue of 18,74,400 equity shares worth about Rs 38.05 crore at Rs 203 per share, made up of a fresh issue of 15,00,000 shares worth about Rs 30.45 crore and an offer for sale of 3,74,400 shares worth about Rs 7.60 crore by promoters Mohammad Khurshid Alam Khan and Zarinabegum Khurshid Alam Khan. Bidding remains open until 30 October 2026, and the shares are proposed to list on the BSE SME platform.

Of the total issue, 94,800 shares are set aside for the market maker, Prabhat Financial Services. The net proceeds of about Rs 25.88 crore are meant for about Rs 8.10 crore of capex, about Rs 9.35 crore of debt repayment, Rs 4 crore of working capital and about Rs 4.43 crore for general corporate purposes. The company reports an order book of Rs 42.43 crore as of 5 October 2026.

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Ajwa Projects IPO Details

The table below sets out the key parameters of the Ajwa Projects IPO, including the price band, lot size and important dates.

Open Date	28 October 2026
Close Date	30 October 2026
Face Value	Rs 10 per share
Issue Price	Rs 203 per share, a fixed price issue
Lot Size	600 shares (minimum application 1,200 shares)
Issue Size	About Rs 38.05 crore (fresh issue Rs 30.45 crore, offer for sale Rs 7.60 crore)
Issue Type	Fixed Price Issue, SME
Listing At	BSE SME
Allotment Date	2 November 2026
Listing Date	4 November 2026

Ajwa Projects IPO Quick Facts

Particulars	Snapshot
Minimum application	Rs 2,43,600 (2 lots, 1,200 shares, at the issue price)
HNI minimum	3 lots, 1,800 shares (Rs 3,65,400)
Order book	Rs 42.43 crore as of 5 October 2026
Promoter holding	98.90 percent before the issue, 65.12 percent after
Market maker portion	94,800 shares
Registrar	KFin Technologies Ltd
Lead Manager	Wealth Mine Networks Ltd

This snapshot is meant as a quick reference alongside the fuller details table above, so investors scanning the issue on mobile can find the essentials without scrolling through the whole page.

Ajwa Projects IPO Share Reservation

The issue is a fixed price issue with no QIB category. Of the net offer of 17,79,600 shares, 8,89,200 shares, about 49.97 percent, are reserved for retail investors and 8,90,400 shares, about 50.03 percent, for other investors, after 94,800 shares for the market maker. Retail bidders must apply for a minimum of 2 lots, or 1,200 shares.

Ajwa Projects IPO Subscription Status Day 1

Bidding for the issue has opened today, 28 October 2026, so the category wise numbers below will fill in as the session progresses. With no QIB category, demand in this issue rests on retail and non-institutional bids, which can arrive at any point through the bidding window.

Investor Category	Subscription Status, Day 1 (28 Oct)
Other Investors (NII)	Bidding just opened, updating through the session
Retail Individual Investors	Bidding just opened, updating through the session
Overall	Bidding just opened, updating through the session

Track Subscription Status for the issue on the Univest Screener

How to Apply for the Ajwa Projects IPO

1. Open a Demat and trading account with a SEBI-registered broker such as Univest if you do not already have one.
2. Select the issue on your broker app or net banking platform and enter your bid quantity at the fixed issue price of Rs 203, with a minimum application of 1,200 shares.
3. Submit the application through the UPI-based ASBA method so the bid amount is blocked rather than debited immediately.
4. Approve the UPI mandate on your phone before the daily cut off time, and remember the issue closes on 30 October.

Download the Univest iOS App or Univest Android App to apply for the issue on its opening day.

Grey market premium (GMP) is an unofficial, unregulated indicator for the issue that is not endorsed by SEBI, NSE, or BSE. Investors looking for indicative GMP data can go through other relevant sources, though such figures should never be the sole basis for an investment decision.

About Ajwa Projects Limited

Ajwa Projects Limited, founded in 2011 and based in Surat, Gujarat, provides industrial engineering, fabrication, erection, piping, maintenance and civil construction services to oil and gas, refinery, power, steel, cement and chemical customers, with a workshop at Ichchapore GIDC and a workforce of 557. Revenue was Rs 34.26 crore in FY24, Rs 36.73 crore in FY25 and Rs 48.42 crore in FY26, while profit after tax rose from Rs 2.95 crore to Rs 3.28 crore and Rs 5.42 crore. For the period ended June 2026, total income was Rs 12.44 crore and profit after tax Rs 1.56 crore, and borrowings stood at Rs 13.84 crore. Gujarat contributed about 94 percent of FY26 revenue. Promoters hold 98.90 percent before the issue and 65.12 percent after it, and the issue price implies a market capitalisation of about Rs 111.65 crore.

Conclusion

The issue has opened for bidding today, 28 October 2026, offering SME exposure to an industrial fabrication company with a Rs 42.43 crore order book. Investors considering the issue should weigh the Rs 2,43,600 minimum application, the dependence on a few customers and on Gujarat, the negative operating cash flow in FY26 and the delayed statutory filings disclosed in the offer document, and read the RHP on bseindia.com before applying after independent due diligence.

FAQs

What is the Ajwa Projects IPO subscription status on Day 1?

Ans. The issue opened for bidding today, 28 October 2026, so Day 1 category wise figures are still filling in through the trading session. Investors can track the live numbers on BSE as the day progresses.

When does the Ajwa Projects IPO open and close?

Ans. The issue opened for subscription today, 28 October 2026, and will close on 30 October 2026.

What is the Ajwa Projects IPO price band and lot size?

Ans. The issue is a fixed price issue at Rs 203 per share, with a lot size of 600 shares. The minimum application is 2 lots, or 1,200 shares, which is about Rs 2,43,600.

What is the issue size and structure of the Ajwa Projects IPO?

Ans. The issue is worth about Rs 38.05 crore, made up of a fresh issue of 15,00,000 shares worth about Rs 30.45 crore, including 94,800 shares for the market maker, and an offer for sale of 3,74,400 shares worth about Rs 7.60 crore by the promoters.

What is the Ajwa Projects IPO GMP?

Ans. Grey market premium (GMP) is an unofficial, unregulated indicator for the issue that is not endorsed by SEBI, NSE, or BSE. Investors looking for indicative GMP data can go through other relevant sources, though such figures should never be the sole basis for an investment decision, especially this early in the bidding window.

How do I apply for the Ajwa Projects IPO?

Ans. You can apply for the issue through your SEBI-registered broker or UPI-enabled banking app using the ASBA method, enter your bid quantity at the fixed issue price of Rs 203, with a minimum application of 1,200 shares, then approving the UPI mandate before the daily cut off.

When will the Ajwa Projects IPO be allotted and listed?

Ans. The issue allotment is expected to be finalised on 2 November 2026, and the shares are tentatively scheduled to list on the BSE SME platform on 4 November 2026.

What does Ajwa Projects Limited do?

Ans. Ajwa Projects Limited provides industrial engineering, structural fabrication, piping, erection, maintenance and civil construction services, and manufactures equipment such as pressure vessels, boilers, heat exchangers and tanks for industrial customers.

How will Ajwa Projects use the IPO proceeds?

Ans. Ajwa Projects plans to use about Rs 8.10 crore for capex, about Rs 9.35 crore to repay or prepay borrowings, Rs 4 crore for working capital and about Rs 4.43 crore for general corporate purposes.

Who are the registrar and lead manager for the Ajwa Projects IPO?

Ans. KFin Technologies Ltd is the registrar for the issue, Wealth Mine Networks Ltd is the book running lead manager, and Prabhat Financial Services Ltd is the market maker.