Axiom Gas Engineering IPO
Axiom Gas Engineering IPO is an SME IPO raising ₹51 Cr at ₹51 – ₹54 a share. It listed on 25 Sept 2026 at ₹55, +1.4% against its issue price of ₹54, and trades at ₹34 today (−36.7% since issue). It was subscribed 2.07× in total.
2.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs53 + OFS by subtraction from exchange total Rs50 Cr. Checked: exchange issue size Rs50 Cr vs derived Rs50 Cr (0.0% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
Priced 63% below the median multiple of the peers the issuer itself names.
| Listed peer (issuer’s choice) | P/E | RoNW | EPS |
|---|---|---|---|
| Confidence Petroleum India Limited | 26.7× | 6.81% | ₹2.8 |
| Aegis Logistics Limited | 52.81× | 18.37% | ₹25.59 |
| This issue | 14.6× | 28.4% | ₹3.64 |
derived: cut-off price Rs53 / stated EPS Rs3.64 (FY25-26 diluted EPS, standalone (year ended March 31, 2026), as adjusted for changes in capital). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.