Ajwa Projects IPO
Ajwa Projects LtdSME
This IPO closed on 30 Oct 2026.
- Open date
- 28 Oct 2026
- Close date
- 30 Oct 2026
- Min. Investment
- ₹2,43,600
- Lot Size
- -
- Fresh Issue
- ₹30.45 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers0.00x
- Non-Institutional Investors0.00x
- Retail-Individual Investors0.00x
- Total0.00x
Schedule
- Completed: IPO open date28 Oct 2026
- Completed: IPO close date30 Oct 2026
- Completed: Allotment date2 Nov 2026
- Current step: Funds unblock or debit3 Nov 2026
- Upcoming: Tentative listing date4 Nov 2026
About
Promoter shareholding in Ajwa Projects Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Mohammad Khurshid Alam Khan | 12,99,780 | 32.50% | 11,12,580 | 20.23% |
| Zarinabegum Khurshid Alam Khan | 5,00,000 | 12.51% | 3,12,800 | 5.69% |
| Rriyaz Rafiq Padela | 17,56,200 | 43.91% | 17,56,200 | 31.93% |
| Heena Khan | 4,00,000 | 10.00% | 4,00,000 | 7.27% |
| Arsad Khan | 10 | 0.00% | 10 | 0.00% |
Ajwa Projects IPO Strengths & Risks
- Experienced Management team with proven execution capabilities.
- Quality control.
- Customization as per Contractor Needs.
- Leveraging the Experience of our Promoter.
- Long-term relationships with the Clients.
- Risks Relating to the Business: There are outstanding legal proceedings involving the Company, Promoters and Directors. Any adverse decision in such proceeding may have a material adverse effect on its business, results of operations and financial condition.
- Risks Relating to the Business: A substantial portion of the company's revenues has been dependent upon a limited number of customers. Loss of any of the top customers or any reduction of business from any one of them may affect the financial performance of the Company.
- Risks Relating to the Business: The company depends on its suppliers for raw materials, parts and other materials. Any interruption in the availability of raw materials, parts and other materials, or any disruption, breakdown or shutdown of the company's suppliers or any instability of its supplier base could adversely impact the company operations.
- Risks Relating to the Business: The company's revenue is geographically concentrated, with a significant portion derived from Gujarat, and any adverse development in this region may impact its business.
- Risks Relating to the Business: Certain delays, discrepancies and Omissions have been detected in the company's statutory records, as well as in records related to the submission of returns to the concerned Registrar of Companies.
- Risks Relating to the Business: There are certain discrepancies and non-compliances noticed in filing of returns and deposit of statutory dues with the taxation and other statutory authorities in the past. Any delay in payment of statutory dues by the Company in future, may result in the imposition of penalties, which could adversely impact its financials.
- Risks Relating to the Business: The Company had negative cash flows in the past years, details of which are given below. Sustained negative cash flow could impact the company's growth and business.
- Risks Relating to the Business: The company's Registered Office and Workshop premises from where its operates are on lease basis and not owned by the company which may have adverse effect on its business growth.
- Risks Relating to the Business: The company may not be able to protect its trademark "AJWA PROJECTS" and from infringement.
- Risks Relating to the Business: The company's ability to attract, retain and manage skilled and unskilled labour is critical to its operations, and any shortage, high attrition or labour unrest could adversely affect the company's business and results of operations.
- Risks Relating to the Business: The company's Promoter Group Entities have objects similar to the Company. There are no non- compete agreements between the Company and such Promoter Group Entities. Its cannot assure that the company's Promoter will not favor the interests of such entity over its interest or that the said entities will not expand which may increase the company's competition and may adversely affect business operations and financial condition of the Company.
- Risks Relating to the Business: The company has not commissioned an industry report for the disclosures made in the section titled `its Industry'. These disclosures are based on publicly available data from the internet, which has not been independently verified by the company.
- Risks Relating to the Business: If the company fails to acquire, renew, or sustain the statutory and regulatory licenses, registrations, and approvals necessary for the operation of the company's business, it could significantly negatively impact the company's business, operational results, and financial status.
- Risks Relating to the Business: The Average Cost of Acquisition of Equity Shares by the company's Promoters and Selling Shareholders May Be Lower Than the Offer Price.
- Risks Relating to the Business: The company has taken guarantees from Promoters/Directors in relation to debt facilities provided to the company. Its reliance on guarantees provided by Promoters/Directors for secured debt facilities exposes the company to financing and liquidity risks in case of their withdrawal.
- Risks Relating to the Business: In certain past equity issuances such as rights issues, the issue price was determined internally without obtaining an independent valuation report, which may give rise to perceived concerns regarding pricing transparency.
- Risks Relating to the Business: The company's success largely depends upon the knowledge and experience of its Promoters, Directors, the company's Key Managerial Personnel and its Senior Management. Loss of any of the company's Promoters, Directors, key managerial personnel and Senior Management or its inability to attract and retain them could adversely affect the company's business, operations and financial condition.
- Risks Relating to the Business: The company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest.
- Risks Relating to the Business: The company is exposed to counterparty credit risk and any delay in receiving payments or non-receipt of payments may adversely impact its results of operations.
- Risks Relating to the Business: The company may not be awarded new projects or existing orders may be delayed, modified, or cancelled, which could adversely affect its business and financial performance.
- Risks Relating to the Business: The company's inability to manage growth could disrupt its business and reduce the company's profitability.
- Risks Relating to the Business: The company could be harmed by employee or contractor/operator misconduct, negligence, fraud or errors which may be difficult to prevent or detect-and any such incidents could materially and adversely affect its reputation, business operations, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company may be subject to unionization, strikes, work stoppage or increased labour costs, which could adversely affect its business and results of operations.
- Risks Relating to the Business: The company has not declared any dividends till Financial Year 2025-26 and its cannot assure you that the company will be able to pay dividends on its Equity Shares in the future.
- Risks Relating to the Business: The company's indebtedness, including various conditions and restrictive covenants imposed on it under the company's financing agreements and could adversely affect its ability to grow the company's business or react to changes in its business environment.
- Risks Relating to the Business: The Company requires adequate working capital for execution of projects, and any shortfall in meeting these requirements may adversely affect its operations and financial performance.
- Risks Relating to the Business: The objects of the Offer have not been appraised by any bank or financial institution and its cannot assure you that the objects of the Offer will be achieved within the expected time frame, or at all, and any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders approval.
- Risks Relating to the Business: The Company will not receive any proceeds from the Offer for Sale.
- Risks Relating to the Business: Some of the company's Directors (including its Promoters) and Key Management Personnel & Senior Management are interested in the Company to the extent of their shareholding and dividend entitlement in the Company, in addition to normal remuneration, other benefits and reimbursement of expenses.
- Risks Relating to the Business: The company intends to utilize a portion of the Net Proceeds for funding its capital expenditure requirements. The company is yet to place orders 100% of the capital expenditure, as specified in the Objects of the Offer chapter. Any delay in procurement of such capital expenditure may delay the schedule of implementation and may also lead to increase in cost of these capital expenditure, further affecting its revenue and profitability.
- Risks Relating to the Business: The rate of interest for the loans obtained by the company from the banks and Financial Institutions is variable and any increase in interest rates may adversely affect its results of operations and financial condition.
- Risks Relating to the Business: None of the company's directors have prior experience serving as directors in any other listed company in India.
- Risks Relating to the Business: Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders approval.
- Risks Relating to the Business: A Portion of the Net Proceeds is Proposed to be Utilised for General Corporate Purposes, the Exact Deployment of Which is at the Discretion of the company's Management.
- Risks Relating to the Business: The company's Promoters and the Promoter Group will jointly continue to retain majority shareholding in the Company after the Offer, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- Risks Relating to the Business: The schedule of the company's estimated deployment of Net Proceeds is subject to inherent uncertainties.
- Risks Relating to the Business: There are restrictions on daily, weekly and monthly price movement of the equity shares, which may adversely affect the shareholder's ability to sell their shares at desired price at a particular point in time.
- Risks Relating to the Business: The company cannot assure you that its equity shares will be listed on the SME platform of BSE in a timely manner or at all, which may restrict your ability to dispose of the equity shares.
- Risks Relating to the Business: The requirements of being a public listed company may strain its resources and impose additional obligations.
- Risks Relating to the Business: Pursuant to listing of the Equity Shares, the company may be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors.
- Risks Relating to the Business: After this Offer, the price of the Equity Shares may be subject to change, or an active trading market for the Equity Shares may not develop.
- Risks Relating to the Business: There are restrictions on daily movements in the trading price of the Equity Shares, which may adversely affect a shareholder's ability to sell Equity Shares or the price at which Equity Shares can be sold at a particular point in time.
- Risks Relating to the Business: The Offer price of the company's Equity Shares may not be indicative of the market price of its Equity Shares after the Offer and the market price of the company's Equity Shares may decline below the Offer price and you may not be able to sell your Equity Shares at or above the Offer Price.
- Risks Relating to the Business: There is no guarantee that the Equity Shares issued pursuant to the Offer will be listed on the SME Platform of BSE in a timely manner, or at all.
- Risks Relating to the Business: The ability of Indian companies to raise foreign capital may be constrained by Indian law.
- Risks Relating to the Business: There is no existing market for its Equity Shares, and the company does not know if one will develop. Its stock price may be highly volatile after the Offer and, as a result, you could lose a significant portion or all of your investment.
- Risks Relating to the Business: Any future issuance of Equity Shares may dilute your shareholdings, and sale of the Equity Shares by the company's major shareholders may adversely affect the trading price of its Equity Shares.
- Risks Relating to the Business: There is no monitoring agency appointed by the Company to monitor the utilization of the Offer proceeds.
