Axiom Gas Engineering IPO
Axiom Gas Engineering LtdSME
This IPO has listed.
- Open date
- 18 Sep 2026
- Close date
- 22 Sep 2026
- Min. Investment
- ₹2,16,000
- Lot Size
- -
- Fresh Issue
- ₹50.75 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers1.10x
- Non-Institutional Investors0.99x
- Retail-Individual Investors1.86x
- Total1.37x
Schedule
- Completed: IPO open date18 Sep 2026
- Completed: IPO close date22 Sep 2026
- Completed: Allotment date23 Sep 2026
- Completed: Funds unblock or debit24 Sep 2026
- Completed: Tentative listing date25 Sep 2026
About
Promoter shareholding in Axiom Gas Engineering Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Sadique Abdul Kadar Banani | 1,14,75,000 | 44.23% | 1,14,75,000 | 32.47% |
| Alpeshkumar Naginbhai Patel | 1,14,71,940 | 44.21% | 1,14,71,940 | 32.46% |
| Asma Mohamad Sadique Banani | 12,75,000 | 4.91% | 12,75,000 | 3.61% |
| Kinnari Alpeshkumar Patel | 12,75,000 | 4.91% | 12,75,000 | 3.61% |
| Sushilaben Naginbhai Patel | 1,020 | 0.00% | 1,020 | 0.00% |
| Vedanti Alpeshkumar Patel | 1,020 | 0.00% | 1,020 | 0.00% |
| Naginbhai Nathabhai Patel | 1,020 | 0.00% | 1,020 | 0.00% |
Axiom Gas Engineering IPO Strengths & Risks
- The business model allows expansion through new stations and increased storage capacity based on market demand.
- The Company has operational experience in managing ALDS facilities, logistics coordination, and adherence to safety protocols.
- The business caters to a steady consumer segment comprising auto-rickshaws, taxis, and small commercial vehicles with predictable daily fuel requirements.
- Risks Relating to the Business: The company is dependent on few suppliers for sourcing its liquified petroleum gas. As of March 31, 2026,the company procured liquified petroleum gas from three suppliers which constituted more than 95% of its total quantity purchased. Any disruption in the receipt of liquified petroleum gas from these third parties, or delay or default in timely sourcing of the liquified petroleum gas could lead to a disruption or failures in the supply of liquified petroleum, gas by the company, which could adversely affect its business, reputation, results of operations and cash flows.
- Risks Relating to the Business: The company's transportation of LPG is majorly done by its related party i.e. "Prime Fuel Logistics Private Limited" the company's group company. As of March 31, 2026, its transported LPG from the company's group company which constituted more than majority of its total transport cost. Any disruption in the transport of such LPG from the company's group company, or delay or default in timely transportation of the LPG or any mishap happened during transportation could lead to a disruption or failures in the transportation of LPG by the company, which could adversely affect its business, reputation, results of operations and cash flows.
- Risks Relating to the Business: Transporting LPG is hazardous and could result in accidents, which could adversely affect the company's reputation, business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: LPG is highly flammable and poses significant safety risks if mishandled. Compliance with strict safety regulations and standards is crucial to mitigate the risk of accidents, fires, and explosions which could adversely affect the company's reputation, business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The sale of the company's products & services is concentrated in its core market of Karnataka, Telangana and Maharashtra. Any adverse developments affecting the company operations in such region, could have an adverse impact on its business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: There have been instances in the past where the company has not made certain regulatory filings with the ROC and there were certain instances of discrepancies in relation to certain statutory filings and corporate records of the company.
- Risks Relating to the Business: High fixed-cost structure of storage and dispensing infrastructure associated with your business may adversely impact financial performance during demand downturns.
- Risks Relating to the Business: Unsecured loans taken by the company can be recalled by the lenders thereof at any time.
- Risks Relating to the Business: The company is highly dependent on location footfall at its ALDS and site performance may affect sales volumes and profitability.
- Risks Relating to the Business: The company is dependent on Public Sector Undertakings (PSUs) for cost of Auto LPG supplied. Any updation reflecting shifts in global LPG prices, exchange rates, and local market conditions could adversely affect its business, reputation, operations and cash flows.
- Risks Relating to the Business: The company may faces increasing competition from existing fuel retailers and new ALDS operators in target markets may adversely affect sales volumes and margins.
- Risks Relating to the Business: The company typically requires 7-8 months to generates revenue in its ALDS Business Operations. Any further delay in realizing revenue may affect the company's projections, results of operations and cash flows.
- 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 with the equity shareholders.
- Risks Relating to the Business: An inability to comply with repayment and other covenants in the financing agreements could adversely affect the company's business, financial condition, cash flows and credit rating.
- Risks Relating to the Business: The company is dependent on third parties, including service providers, independent contractors, and suppliers, for the completion of its network infrastructure expansion. Any failures by these third parties to perform their obligations could adversely affect the company's business, results of operations, and cash flows.
- Risks Relating to the Business: Setting up new ALDS requires significant capital investment, which may have an adverse impact on the company's financial condition, results of operations, and cash flows.
- Risks Relating to the Business: The company requires various licenses and approvals for undertaking its businesses and the failures to obtain or retain such licenses or approvals in a timely manner, or at all, may adversely affect the company operations.
- Risks Relating to the Business: While there are various fuel options available for different vehicles, the company currently supply only LPG from its ALDS. Hence, the company's customer base is limited to only customers who drives LPG fuelled vehicles.
- Risks Relating to the Business: The company's LPG transmission operations are subject to engineering and design risks which could expose it to liabilities, loss in revenues and increased expenses.
- Risks Relating to the Business: The company's registered office is not located on land owned by it and the company has only leasehold rights. In the event its lose or are unable to renew such leasehold rights, the company's business operations may be adversely affected.
- Risks Relating to the Business: The company presently does not own the trademark or logo under which its currently operates and if third parties infringe the trademark, logo and intellectual property that the company uses, its business and reputation would be adversely affected.
- Risks Relating to the Business: The company's Promoters, Directors, KMPs and SMPs may have interests other than reimbursement of expenses incurred and normal remuneration or benefits in the Company.
- Risks Relating to the Business: Inadequate training and orientation of outlet operators may increase safety, operational, legal and financial risks.
- Risks Relating to the Business: The company does not have succession policy it may be exposing the company to significant risks, especially in the event of unexpected leadership transitions, such as the departure, illness, or retirement of key executives or employees. A lack of succession planning can create uncertainty, disrupt operations, and impact the company's long-term stability and growth.
- Risks Relating to the Business: The company is substantially dependent upon its group company CZAR Metric System Private Limited for machinery and technology to be used in the company's business to keep its operations competitive. Any disruption in the business operations of the company's group companies may expose it to business risks or losses that could adversely affect the company's business prospects, results of operations and financial condition.
- Risks Relating to the Business: The company track certain operational metrics with internal systems and tools. Certain of its operational metrics are subject to inherent challenges in measurement which may adversely affect the company's business and reputation.
- Risks Relating to the Business: The company operations are subject to ongoing compliance with approvals, licenses, and land-use regulations. While all current sites have been developed as per applicable norms and duly endorsed by PESO, future regulatory changes, delays in renewals, or additional requirements could impact timelines or increase compliance costs.
- Risks Relating to the Business: The company has contingent liabilities as on March 31, 2026 and in the future if they materialize, it may affect the company's results of operations, financial condition and cash flows.
- Risks Relating to the Business: Any Errors or Non-Compliance in Income Tax Filings of the company's Promoters or Management Personnel May Result in Regulatory Scrutiny and Adversely Affect the Company.
- Risks Relating to the Business: The company's Promoters have provided personal guarantees for loan facilities obtained by the Company and any failures or default to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them, which may impact their ability to effectively service their role as a promoter and directors and thereby, impact the company's business and operations.
- Risks Relating to the Business: The company's funding requirements and the proposed deployment of Net Proceeds are based on management estimates and the company has not entered into any definitive arrangements to utilize certain portions of the Net Proceeds of the Issue.
- Risks Relating to the Business: The company may be subject to fraud, theft, employee negligence or similar incidents.
- Risks Relating to the Business: Certain insurance policies whose premiums are borne by the Company has been issued in the names of certain of its employees rather than in the name of the Company, which may affect its ability to enforce the company's rights and recover proceeds under such policies.
- Risks Relating to the Business: The company's insurance coverage may not be adequate to cover all losses or liabilities that its may incur in the company's business and operations.
- Risks Relating to the Business: The company may requires to raise additional equity or debt in the future in order to continue to grow its business, which may not be available on favourable terms or at all.
- Risks Relating to the Business: The company may not be able to sustain or manage its growth and the company's past results may not be indicative of its future performance.
- Risks Relating to the Business: The issue may be undersubscribed, and its may not receive sufficient funds pursuant to the Issue for utilization of Net Proceeds towards deployment of the Objects of the Issue.
- Risks Relating to the Business: The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.
- Risks Relating to the Business: Employee misconduct, errors or fraud could expose it to business risks or losses that could adversely affect the company's business prospects, results of operations and financial condition.
- Risks Relating to the Business: The company has not commissioned an industry report for the disclosures made in the section titled `Industry Overview' and made disclosures on the basis of the data available on the internet and such data has not been independently verified by the company.
- Risks Relating to the Business: Some of the company's Immovable Properties are not stamped and registered, its business operations may be adversely affected.
- Risks Relating to the Business: The company's success significantly depends upon the services of its promoters, directors and other key managerial personnel and the company's ability to retain them. Its inability to attract, hire, train and retain key managerial personnel may adversely affect the operations of the Company.
- Risks Relating to the Business: Its Promoters will continue jointly to retain majority control over the Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
- Risks Relating to the Business: Its may not be successful in the company's technological adoptions, which may lead to an adverse effect on its reputation, business, results of operations and cash flows.
- Risks Relating to the Business: The requirements of being a public listed company may strain its resources and impose additional requirements.
- Risks Relating to the Business: The company has certain outstanding litigation against its promoter, an adverse outcome of which may adversely affect the company's business, reputation and results of operations.
- Risks Relating to the Business: The company operations could be adversely affected by strikes, work stoppages or increased wage demands by its employees or any other kind of disputes with the company's employees or contract workers or both.
- Risks Relating to the Business: LPG in India may faces increased competition from importers and alternative sources of energy.
- Risks Relating to the Business: The company's inability to successfully implement its business plan, expansion and growth strategies could have an adverse effect on the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company cannot assure payment of dividends on the Equity Shares in the future.
- Risks Relating to the Business: The company may incur material costs to comply with, or suffer material liabilities as a result of health, safety and environmental laws and regulations.
- Risks Relating to the Business: Managing employee benefit pressures in India may prevent it from sustaining the company's competitive advantage which could adversely affect its business prospects and future financial performance.
- Risks Relating to the Business: The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
