SME
IPO ·
NSE Emerge
Axiom Gas Engineering Ltd
Listed
Vadodara engineering firm for auto LPG, CNG and LNG systems, also running PRIMEFUEL LPG dispensing stations.
Issue details
Price band
₹51 – ₹54
Face value
₹5
Lot size
2,000 shares
Minimum investment
₹2,16,000
Issue size
₹50.75 Cr
Fresh issue
₹50.75 Cr
Offer for sale
—
Issue type
Book Built
Exchange
NSE Emerge
Key dates
Opens
18 Sep 2026
Closes
22 Sep 2026
UPI mandate cut-off
5:00 PM on 22 Sep 2026
Allotment
23 Sep 2026
Refunds
24 Sep 2026
Shares in demat
24 Sep 2026
Listing
25 Sep 2026
Subscription and listing
Subscription
1.44x
Listing price
₹54.75
Registrar
KFin Technologies Ltd
Lead manager
SKI Capital Services Ltd
Subscription by category
Total
1.44x
Total applications
1,765
Anchor investors
Amount raised
₹5.78 Cr
Bid date
17 Sep 2026
50% lock-in ends
23 Oct 2026
Rest lock-in ends
22 Dec 2026
Listing day
Issue price
₹54
Open
₹54.75
High
₹57.00
Low
₹54.00
Day close
₹54.05
Listing gain at open
+1.39%
Issue structure
Shares reserved per category and share of the total issue
QIB
17,84,000
18.98%
Anchor Investor
10,70,000
11.39%
QIB (Ex. Anchor)
7,14,000
7.60%
NII
35,68,000
37.97%
bNII > ₹10L
23,78,000
25.30%
sNII < ₹10L
11,90,000
12.66%
Retail
35,68,000
37.97%
Market Maker
4,78,000
5.09%
Total
93,98,000
100.00%
Finaccle’s quick read
Apply
Income up 12% and PAT up 22% in FY26, continuing steady growth from ₹5.74 Cr PAT in FY24, with ROE of 28.40%, debt/equity of 0.48, post-issue P/E of 20.22 and an all-fresh issue.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Axiom Gas Engineering provides engineering services for auto LPG, CNG and LNG, from turnkey gas installations and bottling plants to testing, certification and maintenance. It also runs more than 20 auto LPG dispensing stations under the PRIMEFUEL name in Telangana, Karnataka and Maharashtra. It reported total income of ₹100.78 Cr in FY26.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
28.40%
ROCE
28.90%
Debt / equity
0.48
PAT margin
9.38%
P/E post issue
20.22
Market cap
₹190.86 Cr
Use of IPO money
Capital expenditure
₹27.60 Cr
Prepayment/repayment of borrowings
₹9.12 Cr
General corporate purposes
₹7.50 Cr
Issue expenses
₹6.53 Cr
Strengths
✓
Steady three-year growth in income and profit
✓
Moderate debt/equity of 0.48 with borrowings falling
✓
Mix of engineering services and owned LPG fuel stations
✓
Entirely fresh issue, part used to cut debt
Risks to watch
!
Revenue growth slowed to 12% in FY26
!
Auto LPG demand faces competition from CNG and EVs
!
Post-issue P/E of 20.22 is not cheap for an SME
!
Pressure vessel work depends on third-party collaborators
!
Shares traded about 37% below issue price within a month
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.