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Axiom Gas Engineering IPO
📅 Founded: 2007
📍 Vadodara, Gujarat
🌐 axiomgas.com
📋 Face Value: ₹5
🏦 Market Cap: ₹191 Cr
Price Band
₹51 – ₹54
Issue Size
₹50.75 Cr
Lot Size
2000 shares
Min. Investment
₹2,16,000
GMP
+₹0 (+0%)
Est. Return
+0%
Listing Date
25 Sep 2026
Registrar
KFin Technologies
Axiom Gas Engineering IPO at a glance
Axiom Gas Engineering IPO was an SME issue of ₹50.75 Cr at a price band of ₹51 – ₹54 per share, open from 18 Sep 2026 to 22 Sep 2026. The shares listed on NSE SME on 25 Sep 2026 at ₹54.75, a listing gain of 1.4% against the issue price of ₹54.
IPO Signal Analysis
📊 Based on Grey Market Premium (GMP) & Subscription Data — not financial advice
GMP Signal
Moderate Interest
GMP: +0% above issue price
⭐ Overall Signal
Moderate Interest
GMP + Subscription combined
Not financial advice
Not financial advice
Subscription Signal
Moderate Interest
0.00x subscribed
Issue Details
Fresh Issue₹48 Cr
Offer for Sale (OFS)₹2.75 Cr
Total Issue Size₹50.75 Cr
Face Value₹5
Market Cap (at issue)₹191 Cr
Listing ExchangeNSE SME
📅 Open Date18 Sep 2026
🔒 Close Date22 Sep 2026
✂️ Cut-off Price Date22 Sep 2026
🎟️ Allotment Date23 Sep 2026
💸 Refund Initiation24 Sep 2026
📂 Demat Credit24 Sep 2026
📈 Listing Date25 Sep 2026
Objects of the Issue
- 💰 Capital expenditure — ₹27.60 Cr
- 💰 Repayment of borrowings — ₹9.12 Cr
- 💰 General corporate purposes — ₹7.50 Cr
About the Company
Axiom Gas Engineering, headquartered in Vadodara, works in gas-based clean energy, including Auto LPG, CNG and LNG systems and fuel dispensing stations. It also provides engineering services, turnkey installation and technical consulting for industrial and commercial gas systems.
Strengths
- ✅ Builds turnkey LPG, CNG and LNG stations, bottling plants and testing facilities
- ✅ Runs 20+ auto LPG stations under the PRIMEFUEL name
- ✅ Steady growth with borrowings falling over three years
Risk Factors
- ⚠️ Depends on gas-infrastructure spending by oil and gas companies
- ⚠️ Auto LPG demand could shrink as EVs and CNG grow
- ⚠️ Project execution and safety risks
- ⚠️ Growth rate of around 12% in FY26 is moderate
Subscription Status
Not yet open
QIB: —
NII: —
RII: —
GMP Trend
Day-wise Subscription
| Day | QIB | NII | RII | Overall |
|---|---|---|---|---|
| Day 1 | — | — | — | 0.00x |
| Day 2 | — | — | — | 0.00x |
| Day 3 | — | — | — | 0.00x |
Share Reservation
QIB
50%
NII
15%
RII
35%
Allocation as per SEBI regulations for SME IPO
Anchor Investors
Anchor allotment details not yet available.
Promoter Holding
98.28%
Pre-IPO
→ -26.1%
72.15%
Post-IPO
Founders & Leadership
AP
Alpeshkumar Naginbhai Patel
Promoter
Promoter of the company
SB
Sadique Abdul Kadar Banani
Promoter
Promoter of the company
IPO Timeline
✓
Open Date
18 Sep 2026
✓
Close Date
22 Sep 2026
✓
Allotment Date
23 Sep 2026
✓
Listing Date
25 Sep 2026
Key Financials
Revenue₹100.78 Cr
PAT₹9.45 Cr
EPS₹2.67
P/E Ratio20.22x
ROE28.4%
Market Cap₹191 Cr
Company Financials (Restated Consolidated)
| Period Ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Total Income | 100.78 | 89.85 | 74.54 |
| Profit After Tax | 9.45 | 7.75 | 5.74 |
| EBITDA | 15.48 | 13.29 | 10.01 |
| Net Worth | 33.28 | 23.83 | 13.85 |
| Total Borrowing | 16.06 | 16.30 | 20.12 |
Amount in ₹ Crore
Key Performance Indicators (KPI)
| KPI | FY26 | FY25 |
|---|---|---|
| ROE (%) | 28.40 | 32.52 |
| EBITDA Margin (%) | 15.36 | 14.79 |
| Debt / Equity | 0.48 | 0.68 |
| Net Worth (Rs. Cr) | 33.28 | 23.83 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | ₹2.67 | — |
| P/E (x) | 20.22x | — |
| ROE (%) | 28.4% | — |
| Promoter Holding | 98.28% | 72.15% |
| Market Cap | ₹191 Cr | |
IPO Registrar
Axiom Gas Engineering IPO FAQs
Axiom Gas Engineering IPO is an SME IPO with an issue size of ₹50.75 Cr at a price band of ₹51 – ₹54. Minimum lot size is 2000 shares and the minimum application is 2 lots (minimum investment ~₹2,16,000). Opened on 18 Sep 2026 and closed on 22 Sep 2026. Listed on NSE SME. Registrar: KFin Technologies.