Ajwa Projects Limited

SMEupcomingNSE SME

28 Oct 2026 – 30 Oct 2026

—TO OPEN

Offer Price

₹203

Bid lot

600

Min Application

₹2,43,600

Issue Size

₹38 Cr

Key dates

Open date

28 Oct 2026

in 2 days

Close date

30 Oct 2026

in 4 days

Basis of allotment

02 Nov 2026

in 7 days

Initiation of refunds

02 Nov 2026

in 7 days

Credit to demat

02 Nov 2026

in 7 days

Listing date

04 Nov 2026

in 9 days

Issue reservation

₹38 Cr

HNI (10L+) 23.72%HNI (2-10L) 23.72%Retail 47.5%5.06%

HNI (10L+)

4.4 L sh · ₹9.01 Cr

23.72%

HNI (2-10L)

4.4 L sh · ₹9.01 Cr

23.72%

Retail

8.9 L sh · ₹18.05 Cr

47.5%

Market maker

94,800 sh · ₹1.92 Cr

5.06%

Applications required for 1× subscription

Retail (≤₹2L)

742 forms

S-HNI (₹2–10L)

247 forms

B-HNI (>₹10L)

247 forms

From this issue's reservation split and lot size — the minimum bid each category can place.

BRLM: Wealth Mine Networks Private Limited

Lot ladder — how much to bid

1 lot = 600 shares

Individual · up to ₹2 L2+ lots

Min · 2 lots

1,200 sh · ₹2,43,600

Entry point

₹2,43,600 onward

sHNI · ₹2 L to ₹10 L3+ lots

Min · 3 lots

1,800 sh · ₹3,65,400

Entry point

₹3,65,400 onward

bHNI · Above ₹10 L9+ lots

Min · 9 lots

5,400 sh · ₹10,96,200

Entry point

₹10,96,200 onward

Issue details

Lead managersWealth Mine Networks Private Limited

Fresh issue15,00,000 sh · ₹30 Cr

Offer for sale3,74,400 sh · ₹8 Cr

Face value₹10

Listing onNSE Emerge

RegistrarKfin Technologies Ltd.

Grey-market sentiment

No grey-market data yet.

Financials

Particulars	30-Jun-26	31-Mar-26	31-Mar-25	31-Mar-24
Total Assets	41.97	36.37	25.57	25
Total Income	12.44	48.56	36.87	34.38
PAT	1.56	5.42	3.28	2.95
Net Worth	19.27	17.71	12.29	8.9
Reserves & Surplus	15.27	13.71	8.29	8.81
Total Borrowings	13.84	12.52	7.96	10.85

Objects of the issue

Plant & Machinery, Vehicles and Other Assets: ₹8.10 crore
Debt Repayment/Prepayment: ₹9.35 crore
Working Capital Requirements: ₹4.00 crore
General Corporate Purposes: ₹4.43 crore
Total Net Proceeds: ₹25.88 crore

About the company

Ajwa Projects Limited, incorporated in 2011, is a multidisciplinary industrial services company specializing in fabrication, erection, piping, pressure equipment, prefabricated structures, civil construction, and maintenance. The company manufactures industrial structures, heavy modules, pressure vessels, tanks, precision components, and railway parts, delivering end-to-end solutions for industrial and infrastructure projects.

Its key services include structural and mechanical fabrication, on-site erection, piping installation, pressure equipment manufacturing, civil construction, preventive maintenance, NDT testing, and plant shutdown support.

The company serves diverse sectors, including oil & gas, petrochemicals, refineries, power generation, steel, cement, nuclear energy, bridges, metro rail, and railway infrastructure, supported by a workforce of over 557 skilled and semi-skilled professionals.

Company strengths

Experienced Management Team
Diversified Service Portfolio
Strong Order Book: ₹1,982.05 lakh as of September 30, 2025
Flexible On-Site and Off-Site Execution
Integrated Fabrication and Erection Capabilities
Strong Quality and Safety Standards
Skilled Workforce and Operational Expertise

Promoters

Mohammad Khurshid Alam KhanZarinbegum Khurshid Alam KhanRiyaz Rafiq Padela

Registered office & contact

Ajwa Projects Limited.

Address - M/71,

Silver Spring Near Bhulkabhavan School,

Adajan

Surat, Gujarat, 395009

📞 0261-2786786

✉️ info@ajwaprojects.com

How to apply

1Create your account & log inSign up on Investoyard and complete a quick KYC.

2Pick the IPO & tap ApplyOpen the live IPO and choose your investor category.

3Enter bid & quantityUp to 3 bids · cut-off or price band · retail cap ₹2,00,000.

4Approve the UPI mandateYou receive a fund-block request on your UPI app.

5DoneFunds stay blocked until allotment, then auto-debited (or released).

Frequently asked questions

What is the minimum investment in the Ajwa Projects Limited IPO?

One lot of 600 shares — ₹2,43,600 at the upper price band of ₹203.

How many bids can I place?

Up to 3 bids per application. Retail applications are capped at ₹2,00,000; above that you must apply in the HNI category.

When are the funds debited?

Funds are blocked via a UPI mandate at application and debited only on allotment. If shares are not allotted, the block is released automatically.

When will the shares list?

Tentative listing on 2026-11-04 on NSE SME.

₹203

Bidding opens soon.