Ajwa Projects Shares Flatline on BSE SME Debut

Mumbai, November 04: Ajwa Projects shares were listed at ₹203 apiece on the BSE SME platform on November 4, 2026, matching the IPO issue price of ₹203. The stock subsequently declined to ₹192.85, down 5% from its listing price, according to the latest displayed market snapshot at 10:08 AM IST.

The company made its market debut following a ₹38.05 crore IPO, which received an overall subscription of 1.12 times during its three-day bidding period from October 28 to October 30, 2026.

Ajwa Projects Share Price Movement After Listing

Ajwa Projects opened at ₹203 on the listing day, in line with its issue price. The stock initially traded at ₹203 before moving lower.

At 10:08 AM IST, shares were trading at ₹192.85, representing a decline of ₹10.15, or 5%, from the listing price. The displayed market data also showed a low of ₹192.85 and a VWAP of ₹202.88.

Ajwa Projects IPO Issue Details

The Ajwa Projects IPO was a fixed-price issue worth ₹38.05 crore, comprising a fresh issue of 15 lakh shares aggregating to ₹30.45 crore and an offer for sale of 3.74 lakh shares worth ₹7.60 crore.

The IPO was priced at ₹203 per share, with a face value of ₹10. The lot size was 600 shares. The minimum retail investment was ₹2,43,600 for 1,200 shares, while the minimum HNI investment was ₹3,65,400 for 1,800 shares.

The issue opened on October 28 and closed on October 30, 2026. The basis of allotment was finalised on November 2, while the shares were scheduled to list on November 4.

Ajwa Projects IPO Subscription Status

The IPO was subscribed 1.12 times overall by the close of bidding. The retail investor category received 1.91 times subscription, while the non-institutional investor (NII) portion was subscribed 0.62 times.

The issue received 1,538 applications. Investors applied for 19,93,800 shares against 17,79,600 shares offered to the public, as per the final subscription data.

Fresh Issue And Offer For Sale Components

The fresh issue comprised 15 lakh shares, aggregating to ₹30.45 crore. The company also offered 3.74 lakh existing shares through the offer-for-sale component, amounting to ₹7.60 crore.

The fresh issue proceeds will form part of the capital raised by the company, while the OFS proceeds will go to the selling shareholders. The total issue comprised 18,74,400 shares, including the market-maker reservation of 94,800 shares.

Ajwa Projects shares were trading 5% below their listing price at the latest displayed snapshot of ₹192.85 at 10:08 AM IST on November 4, 2026.

Source:

• https://www.bseindia.com/stock-share-price/ajwa-projects-ltd/ajwa/545016