Nuvama Contribution:

• With Ajax IPO, Nuvama is the Only Banker to have closed 2 IPOs in the Construction Equipment & Allied space in the last one year
• Garnered participation from investors including Mutual Funds and Other Domestic Institutional investors
• Nuvama leveraged its domain expertise by positioning Ajax as leading concrete equipment manufacturer with a comprehensive range of concrete equipment and services across the concrete application value chain
• Worked closely with the Company through the entire IPO process including post issue activities to ensure smooth and successful closure

Deal Details:

• Ajax is one of the three largest manufacturers of self-loading concrete mixer in the world, with an approximately 77% market share in the SLCM market in India^
• IPO was fully subscribed across categories, despite market volatility over past 2 weeks and correction of ~3%^@
• Only INR 1,000 crs+ IPO in CY25 YTD to be fully subscribed across investor categories*

^@Movement of Nifty 50 between 2 weeks high and low prior to launch;
^{^}In terms of number of SLCMs sold during the six months period ended September 30, 2024;
*Before technical Rejections