Ajwa Projects IPO Listing: Shares Debut Flat at Issue Price on BSE SME, Check Share Price

Ajwa Projects IPO Listing Today: The IPO closed subscription on 30 October 2026 after a lukewarm response, with retail investors covering their quota but other investors staying cautious. Here is a recap of the offer, the terms of the Ajwa Projects IPO listing, and how the stock traded once it opened on 4 November.

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Ajwa Projects IPO Listing: Issue Details

Ajwa Projects Limited raised about Rs 38.05 crore through a fixed price issue of 18,74,400 equity shares at Rs 203 per share. The issue was a Rs 30.45 crore fresh issue plus a Rs 7.60 crore offer for sale by promoters. The shares listed on the BSE SME platform on 4 November 2026. Bidding ran from 28 to 30 October 2026.

Particular	Detail
Allotment Date	2 November 2026
IPO Open Date	28 October 2026
IPO Close Date	30 October 2026
Refund Initiation	3 November 2026
Issue Size	Rs 38.05 crore (Rs 30.45 crore fresh issue plus Rs 7.60 crore offer for sale)
Lot Size	600 shares (minimum application of 2 lots, or 1,200 shares, for individuals)
Issue Price	Rs 203 per share (fixed price)
Issue Type	Fixed Price Issue
Lead Manager	Wealth Mine Networks Limited
Registrar	Kfin Technologies Limited
Listing At	BSE SME
Listing Date	4 November 2026

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Ajwa Projects IPO Listing Price and Performance

Shares of the Ajwa Projects IPO listing opened at Rs 203 on the BSE SME platform, the same as the Rs 203 issue price, so the listing gain was zero. An individual investor applying for the minimum 1,200 shares had put in Rs 2,43,600, and the paper position at the listing price was unchanged. The same holds for an HNI application of 1,800 shares costing Rs 3,65,400. A flat debut fits the weak demand seen during bidding.

About the Ajwa Projects IPO

Ajwa Projects Limited, founded in 2011 and based in Surat, Gujarat, provides industrial fabrication, erection, piping, pressure equipment, prefabricated structures, civil construction and maintenance services to clients in oil and gas, petrochemicals, power, steel and metro rail. Its order book stood at Rs 42.43 crore. Mohammad Khurshid Alam Khan, Zarinbegum Khurshid Alam Khan and Riyaz Rafiq Padela are the promoters. Wealth Mine Networks was the lead manager and Kfin Technologies is the registrar. Investors weighing the Ajwa Projects IPO listing should note that about Rs 9.35 crore of the proceeds repays borrowings and Rs 8.10 crore funds plant, machinery and vehicles.

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Ajwa Projects Financials

Here is how the company has performed financially, useful context for anyone checking the Ajwa Projects share price today after the Ajwa Projects IPO listing.

Year Ended	31 Mar 2026 (Rs cr.)	31 Mar 2025 (Rs cr.)	31 Mar 2024 (Rs cr.)
Revenue from Operations	48.56	36.87	34.38
Profit After Tax	5.42	3.28	2.95

Explanation
Revenue from operations rose about 32 percent in FY26 to Rs 48.56 crore and profit after tax grew about 65 percent to Rs 5.42 crore, a PAT margin of about 11 percent. The issue was priced at about 15 times FY26 earnings, but contract based fabrication work can bring delayed payments and customer concentration, which investors should weigh after the Ajwa Projects IPO listing.

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

FAQs

What was the Ajwa Projects IPO listing price?

Ans. Ajwa Projects shares listed at Rs 203 on the BSE SME platform, exactly at the Rs 203 fixed issue price.

Was the Ajwa Projects IPO listing a premium or a discount?

Ans. It was a flat listing, with the stock opening at the issue price and no premium or discount.

How much was the Ajwa Projects IPO subscribed?

Ans. The IPO drew muted demand. Retail investors were subscribed about 1.57 times by the second day of bidding, while other investors lagged well below full subscription.

What is the issue price of the Ajwa Projects IPO?

Ans. The issue price was fixed at Rs 203 per share, as this was a fixed price issue rather than a book built offer.

What is the lot size of the Ajwa Projects IPO?

Ans. The lot size was 600 shares, and individual investors needed a minimum of two lots, or 1,200 shares, costing Rs 2,43,600.

Who is the registrar for the Ajwa Projects IPO?

Ans. Kfin Technologies Limited is the registrar.

What does Ajwa Projects do?

Ans. Ajwa Projects provides industrial fabrication, erection, piping, civil construction and maintenance services from Surat, Gujarat.

Where can I check the Ajwa Projects share price today?

Ans. You can check the Ajwa Projects share price today on the BSE SME platform, or through the Univest platform.

Should I hold shares after the Ajwa Projects IPO listing?

Ans. That depends on your own risk appetite and time horizon. Worth weighing the profit growth and reasonable valuation against weak demand and the risk of delayed payments before deciding whether to hold or exit after the Ajwa Projects IPO listing.