# Ajwa Projects Debuts Flat on BSE SME at Rs 203 After 1.12x Subscribed IPO

> Ajwa Projects listed at Rs 203 on BSE SME on November 4, matching its IPO price after the Rs 38.05 crore fixed-price issue drew 1.12 times subscription.

- Published: 2026-11-04T06:20:16+00:00
- Section: IPOs & Listings
- Author: News Desk
- URL: https://newsforagent.com/news/2026-11-04/ajwa-projects-flat-bse-sme-listing
- Source: [Business News Today](https://www.moneycontrol.com/news/business/ipo/ajwa-projects-shares-debut-flat-on-bse-sme-at-issue-price-of-rs-203-14068800.html)

## Key takeaways

- Ajwa Projects shares opened at Rs 203 on BSE SME on November 4, level with the IPO price.
- The Rs 38.05 crore issue was subscribed 1.12 times, with retail at 1.93 times and non-institutional investors at 0.32 times.
- Ajwa Projects plans to spend Rs 8.10 crore of net proceeds on capital expenditure and Rs 9.35 crore on repaying borrowings.

Ajwa Projects listed its shares at Rs 203 apiece on BSE SME on November 4, the same price as its initial public offering, after the Rs 38.05 crore fixed-price issue was subscribed 1.12 times. [Business News Today](https://www.moneycontrol.com/news/business/ipo/ajwa-projects-shares-debut-flat-on-bse-sme-at-issue-price-of-rs-203-14068800.html) reported that the flat open left IPO investors with no listing gain or loss.

## Ajwa Projects' Issue Structure and Allotment

The retail portion of the [Ajwa Projects](https://akta.pro/company-profiles/02ia5sf/ajwa-private-limited) IPO drew bids for 1.93 times its allotted portion, while non-institutional investors subscribed 0.32 times. The issue was open from October 28 to October 30, 2026, the basis of allotment was finalised on November 2, and shares were credited to successful applicants' demat accounts on November 3. The offer combined a fresh issue of 15 lakh equity shares worth Rs 30.45 crore with an offer for sale of 3.74 lakh shares worth Rs 7.60 crore. The lot size was 600 shares, with retail applicants required to bid for at least 1,200 shares, or Rs 2.43 lakh, and high-net-worth investors for at least 1,800 shares, or Rs 3.65 lakh. Wealth Mine Networks was book-running lead manager, [KFin Technologies](https://akta.pro/company-profiles/000252d/kfin-technologies) was registrar and Prabhat Financial Services was market maker. [The Times of India](https://economictimes.indiatimes.com/markets/stocks/news/two-sme-ipos-list-today-carver-roboweld-ajwa-projects-shares-make-bse-sme-debut/articleshow/135521212.cms) reported that Carver Roboweld also listed on BSE SME on the same day, after its book-built issue was subscribed 25.80 times, and that both companies plan to use proceeds for capital expenditure and debt repayment.

## Where the Ajwa Projects Proceeds Will Go

According to akta.pro [company records](https://akta.pro/company-data), AJWA PRIVATE LIMITED was founded in 2011, is headquartered in Surat and has a headcount range of 101-250. The company plans to use Rs 8.10 crore of net proceeds for capital expenditure including plant and machinery, transport vehicles and other assets, and Rs 9.35 crore to repay or prepay borrowings in full or in part. A further Rs 4 crore is earmarked for working capital and Rs 4.43 crore for general corporate purposes. Fresh issue proceeds reach the company after issue expenses, while offer-for-sale proceeds go to selling shareholders.

## Ajwa Projects' Path to the Listing

The Times of India reported on October 27, 2026 that Ajwa Projects and Carver Roboweld opened their SME IPOs that day, with Ajwa raising Rs 38.05 crore at a fixed price of Rs 203 per share and Carver Roboweld raising Rs 28.29 crore at a price band of Rs 76 to Rs 80. The Times of India reported on October 26, 2026 that Ajwa Projects was offering a fresh issue cum offer for sale of 0.19 crore shares at Rs 203 each, with the IPO opening on October 28, closing on October 30 and listing on November 4, and that the issue was 80% subscribed at that point.

## Companies in this story

- [AJWA PRIVATE LIMITED company profile](https://akta.pro/company-profiles/02ia5sf/ajwa-private-limited) · website: https://www.ajwaprojects.com
- [KFin Technologies company profile](https://akta.pro/company-profiles/000252d/kfin-technologies) · website: https://www.kfintech.com

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