BSE SME platform is preparing to receive a new offer as Ajwa Projects opens its public issue subscription window on October 28, 2026. According to company offering documents, the company aims to raise a total of ₹38.05 crores through a book-built issue framework. The bidding window remains open for three consecutive trading sessions, closing on October 30, 2026, before moving into the share allocation phase.
The offering features a single fixed execution price within the book-building structure at ₹203 per share for equity shares bearing a face value of ₹10 each. With allotment scheduled for November 2, 2026, and a tentative listing date set for November 4, 2026, market participants are evaluating the business based on its operational financial metrics and category allocation structure. Investors seeking a contextual review of SME market offerings can check the Ajwa Projects IPO issue structure and valuation background for broader sector perspectives.
Issue Capital Structure and Component Breakdown
The total capital offer of approximately ₹38.05 crores comprises two primary equity distribution mechanisms: a fresh issue component and an offer for sale (OFS) segment. The fresh issue portion constitutes the majority of the capital raise, amounting to ₹30.45 crores. Capital raised through fresh equity issuance flows directly onto the corporate balance sheet to support business expansion and capital requirements.
The secondary component of the issue is an Offer for Sale comprising up to 3,74,400 equity shares. At the issue price of ₹203 per share, this equity dilution translates to approximately ₹7.60 crores in secondary share sales, based on calculated figures. Proceeds from the OFS portion pass directly to selling shareholders rather than entering the company’s operational treasury.
Investor Category Allocations
A notable characteristic of the Ajwa Projects IPO is its institutional and high-net-worth distribution plan. The reservation quota excludes retail individual investors entirely and concentrates allocations across sophisticated capital pools:
- Qualified Institutional Buyers (QIB): Reserved 50% of the total net issue.
- High Net-Worth Individuals / Non-Institutional Investors (HNI/NII): Reserved 50% of the total net issue.
- Retail Individual Investors (RII): Reserved 0% of the total issue.
Financial Performance and Revenue Trajectory
Financial records reported by the company demonstrate measurable growth in top-line revenue and net operational profitability between fiscal year 2025 and fiscal year 2026. Total income from operations expanded from ₹36.87 crores in FY25 to ₹48.56 crores in FY26.
During the same period, bottom-line profitability experienced parallel expansion. Net profit after tax (PAT) rose from ₹3.28 crores in FY25 to ₹5.42 crores in FY26, indicating an improvement in operational earnings quality leading into the public issue.
Market Analysis and Issue Distribution Impact
The total absence of a retail category allocation (0% quota) sets this SME issue apart from typical retail-heavy small and medium enterprise listings. Allocating 100% of the non-anchor net offer equally between Qualified Institutional Buyers (50%) and High Net-Worth Individuals (50%) shifts market demand dynamics toward larger balance sheets. This institutional-centric focus suggests that price discovery and post-listing trading liquidity will depend on institutional funds and wealth management accounts.
From a demand perspective, concentrating equity among institutional and HNI bidding accounts frequently leads to tighter post-allocation shareholding patterns. While this structural arrangement limits liquidity among smaller retail trading accounts, it creates a concentrated holder base on listing day on the BSE SME board.
Financial Analysis and Profitability Margins
A calculated review of the reported financial metrics highlights strong financial trends across the two reported fiscal periods:
- Top-Line Growth: Revenue grew by 31.71% year-on-year, moving from ₹36.87 crores to ₹48.56 crores.
- Profitability Growth: Net profit expanded by 65.24%, rising from ₹3.28 crores to ₹5.42 crores.
- Net Profit Margin Expansion: Calculated net margins improved from 8.90% in FY25 to 11.16% in FY26, demonstrating improved operational efficiency as revenue scaled.
| Financial Metric | FY2025 | FY2026 | Change / Growth | Analytical Assessment |
|---|---|---|---|---|
| Revenue from Operations | ₹36.87 Cr | ₹48.56 Cr | +31.71% | Solid top-line business expansion year-over-year. |
| Profit After Tax (PAT) | ₹3.28 Cr | ₹5.42 Cr | +65.24% | Bottom-line earnings grew significantly faster than total revenue. |
| Calculated Net Margin | 8.90% | 11.16% | +226 bps | Margin expansion reflects improved cost efficiencies and operating leverage. |
Capital Allocation and Key IPO Parameters
The ratio between fresh capital infusion and secondary share distribution remains heavily tilted toward core corporate growth. Out of the ₹38.05 crore total issue size, ₹30.45 crores (or approximately 80.03%) represents fresh issue proceeds. The remaining ₹7.60 crores (or approximately 19.97%) represents secondary equity liquidation through the OFS route.
| IPO Parameter | Value / Detail | Analytical Perspective |
|---|---|---|
| Issue Price | ₹203 per share | Fixed book-built share price for all applicant categories. |
| Total Issue Size | ₹38.05 crores | Combined value of fresh issue and secondary offer. |
| Fresh Issue Value | ₹30.45 crores | Direct treasury infusion available for corporate growth. |
| Offer for Sale Value | ₹7.60 crores (3,74,400 shares) | Secondary market monetization by existing shareholders. |
| Listing Platform | BSE SME | Dedicated SME segment providing capital market access. |
| Allotment Date | November 2, 2026 | Target date for equity share allocation confirmation. |
| Expected Listing Date | November 4, 2026 | Tentative trading commencement date on BSE SME. |
Key Takeaways
- Bidding Timeline: Subscription opens on October 28, 2026, and closes on October 30, 2026.
- Pricing Details: Equity shares are priced at ₹203 per share with a face value of ₹10.
- Capital Split: Total issue size is ₹38.05 crores, comprising ₹30.45 crores in fresh equity and ₹7.60 crores in secondary OFS (3,74,400 shares).
- Category Allocation: Institutional (QIB) and HNI categories receive 50% each, while the retail category is set at 0%.
- Financial Trajectory: Revenue expanded 31.71% in FY26 to reach ₹48.56 crores, while PAT grew 65.24% to touch ₹5.42 crores.
- Listing Venue: Shares are scheduled to list on the BSE SME platform on November 4, 2026 following share allotment on November 2, 2026.
Frequently Asked Questions
The Ajwa Projects IPO opens for subscription on October 28, 2026, and closes on October 30, 2026.
The share price for the Ajwa Projects IPO is ₹203 per equity share, with a face value of ₹10 per share.
The total issue size is approximately ₹38.05 crores, consisting of a fresh issue of ₹30.45 crores and an offer for sale of up to 3,74,400 equity shares.
The issue reserves 50% for Qualified Institutional Buyers (QIB) and 50% for High Net-Worth Individuals (HNI/NII). The retail quota is set at 0%.
Ajwa Projects will list its equity shares on the BSE SME platform.
The allotment date for the IPO is November 2, 2026, and the tentative listing date on BSE SME is November 4, 2026.
Ajwa Projects reported revenue of ₹48.56 crores in 2026, up from ₹36.87 crores reported in 2025.
Ajwa Projects reported a net profit after tax of ₹5.42 crores in 2026, compared to ₹3.28 crores in 2025.
