Summary
The SME offering by Axiom Gas Engineering for its IPO has a book value of ₹49.81 crore and is priced at ₹50-₹53 per share, with the offer opening from 18th to 22nd September 2026.
The company uses its network of dispensing stations to distribute Auto LPG and also offers gas engineering solutions.
The IPO involves improving financial performance along with operational and supplier-concentration risks, which investors should assess.
Axiom Gas Engineering Limited is launching a book-built SME IPO of 93,98,000 fresh equity shares with a face value of ₹5 per share, aggregating up to ₹49.81 crore. The IPO price band is set at ₹50 to ₹53 per share, with a lot size of 2,000 shares. The IPO will open for subscription on 18th September 2026 and close on 22nd September 2026. At the upper price band, the minimum investment for one lot is ₹1,06,000. The issue will be listed on NSE SME. There is no offer for sale, and the entire issue comprises a fresh issue of equity shares.
Axiom Gas Engineering IPO Details
The following table sets out the main details of the Axiom Gas Engineering IPO.
| Particulars | Details |
|---|---|
| IPO Open Date | September 18, 2026 |
| Close Date | September 22, 2026 |
| Face Value | ₹5 per equity share |
| Price Band | ₹50 to ₹53 per share |
| Issue Price | Yet to be finalised |
| IPO Lot Size | 2,000 shares |
| Offer for Sale | Nil |
| Fresh Issue | 93,98,000 equity shares, aggregating up to ₹49.81 crore |
| Issue Type | Book-built SME IPO |
| Listing at | NSE SME |
| Total Issue Size | ₹49.81 crore |
| Minimum Investment | ₹2,12,000 for 4,000 shares |
Axiom Gas Engineering IPO Timeline
The table below shows the proposed timetable for the IPO.
| Particulars | Date |
|---|---|
| Anchor Investor Bidding | September 17, 2026 |
| IPO Open Date | September 18, 2026 |
| IPO Close Date | September 22, 2026 |
| Tentative Allotment | September 23, 2026 |
| Initiation of Refunds | September 24, 2026 |
| Credit of Shares to Demat | September 24, 2026 |
| Tentative Listing Date | September 25, 2026 |
| Cut-off time for UPI mandate confirmation | September 22, 2026, 5:00 PM |
Axiom Gas Engineering Key Performance Indicators
The key performance indicators show the company’s profitability, the efficiency of its capital use, and its leverage.
| KPI | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| ROE | 41.45% | 32.52% | 28.40% |
| ROCE | 27.01% | 30.50% | 28.90% |
| Debt Equity | 0.72x | 0.58x | 0.48x |
| RoNW | 24.15% | 26.80% | 28.40% |
| PAT Margin | 7.70% | 8.63% | 9.38% |
| EBITDA Margin | 13.20% | 14.15% | 15.36% |
| Price Book Value | – | – | – |
Axiom Gas Engineering IPO Financials
The following table shows the company’s main financial figures for the three previous financial years.
| Particulars (₹ crore) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | 74.54 | 89.85 | 100.78 |
| Total Assets | 52.37 | 60.83 | 69.38 |
| Profit After Tax | 5.74 | 7.75 | 9.45 |
Axiom Gas Engineering India IPO Subscription Status
| Date | QIB (Ex Anchor) | NII* | Individual Investors | Total |
|---|---|---|---|---|
| Sep 18 (Day 1) | 0.54 | 0.22 | 0.38 | 0.32 |
Axiom Gas Engineering IPO Grey Market Premium (GMP Today)
The most recent GMP data available prior to the IPO opening shows a grey market premium of ₹0; considering the upper price limit of ₹53, the estimated listing price would therefore be ₹53. It should be noted that GMP is unofficial and may change before the listing takes place.
| GMP Date | GMP | Trend Direction | Est. Listing Price (cap price + GMP) | Last Updated |
|---|---|---|---|---|
| 18-09-2026 Open | ₹0 ─ | Initial | ₹54 (0.00%) | 18-Sep-2026 12:57 |
Note that the GMP (Grey Market Premium) figures come from the unofficial grey market and can change quickly in response to demand, subscription levels, and market sentiment. The GMP does not guarantee the actual listing price or the listing gain.
Axiom Gas Engineering IPO Reservation
The table below gives the proposed allocations of shares among the different investor categories.
| Investor Category | Shares Offered |
|---|---|
| Anchor Investors | – |
| QIB Shares Offered excluding Anchor | not more than 17,84,000 shares |
| NII (HNI) Shares Offered | not less than 35,68,000 shares |
| Retail Shares Offered | not less than 35,68,000 shares |
| Market Maker Reservation | – |
| Total Shares Offered | 93,98,000 shares |
The amount allocated to the anchor investor is included in the QIB reservation. The specific names of the anchor investors should be added after the anchor allocation has been announced.
Axiom Gas Engineering IPO Lot Size
The table below gives the minimum and maximum application requirements according to the higher price limit of ₹53 per share.
| Investor Category | Lots | Shares | Amount |
|---|---|---|---|
| Individual Investors (Retail) Min | 2 | 4,000 | ₹2,12,000 |
| Individual Investors (Retail) Max | 2 | 4,000 | ₹2,12,000 |
| S-HNI Min | 3 | 6,000 | ₹3,18,000 |
| S-HNI Max | 9 | 18,000 | ₹9,54,000 |
| B-HNI Min | 10 | 20,000 | ₹10,60,000 |
Retail investors must apply for a minimum of two lots, which is equivalent to 4,000 shares, and these amounts are based on the higher price range of ₹53.
Axiom Gas Engineering IPO Anchor Investors
Anchor bidding for the Axiom Gas Engineering IPO is set to take place on September 17, 2026, a day before the public offering opens.
| Particulars | Details |
|---|---|
| Bid Date | September 17, 2026 |
| Shares Offered | Up to 10,70,400 shares |
| Anchor Portion Size | Up to ₹5.67 crore at ₹53 per share |
| Anchor Investor Names | To be updated after allocation |
| Lock-in for 50% of shares | To be updated after anchor allocation |
| Lock-in for remaining shares | To be updated after anchor allocation |
The anchor investor list must be updated when the company makes the final allocation announcement.
Axiom Gas Engineering IPO Prospectus
For more detailed information regarding the company’s business, its financial performance, the risk factors involved and the proposed use of the proceeds from the IPO, investors are advised to refer to the company’s official IPO documents.
- Axiom Gas Engineering IPO DRHP
- Axiom Gas Engineering IPO RHP
- Axiom Gas Engineering IPO Basis for Issue Price
About Axiom Gas Engineering
Axiom Gas Engineering Limited was set up as Axiom Gas Engineering Private Limited on 24 August 2007 and became a public limited company in 2024. The company is involved in gas and energy engineering, specialising in Auto LPG, CNG and LNG solutions.
The company operates its Auto LPG business through a network of Auto LPG Dispensing Stations and also offers engineering and related solutions in the gas and hydrocarbons sector.
The company’s network currently extends to Telangana, Karnataka and Maharashtra, and its operations involve the provision, storage and distribution of Auto LPG.
Key Management
- Founded: 2007
- Managing Director: Nikhil Tiwari
- Promoters: Alpeshkumar Naginbhai Patel, Kinnari Alpeshkumar Patel, Sadique Abdul Kadar Banani and Asma Mohamad Sadique Banani
- Registered Office: Vadodara, Gujarat
- Corporate Office: Hyderabad, Telangana
The company is certified to ISO 9001:2015 and claims to be an approved parallel marketer, installer, and operator of Auto LPG retail stations, as designated by the Petroleum Explosives Safety Organisation (PESO), Government of India.
| Intermediary | Details |
|---|---|
| Book Running Lead Manager | SKI Capital Services Limited |
| Registrar of the Issue | KFin Technologies Limited |
Objectives of the Axiom Gas Engineering IPO
The company proposes to use the net proceeds from the fresh issue for three main purposes:
| Objective | Amount |
|---|---|
| Capital expenditure | ₹27.60 crore |
| Prepayment or repayment of certain borrowings | ₹9.12 crore |
| General corporate purposes | Balance amount |
The amount allocated to capital expenditure is the greatest named use of the funds from the IPO. The company also intends to reduce some of its existing borrowings.
Strengths of Axiom Gas Engineering
- The company possesses a well-established network for dispensing LPG to vehicles, together with the associated storage and distribution facilities.
- The company provides integrated gas solutions, including automotive LPG, commercial LPG, industrial LPG, and engineering-related solutions.
- Over the three-year period ending in FY2026, revenue, EBITDA, and profit have all improved.
- The level of leverage decreased because the debt-to-equity ratio fell during the period in question, reducing the debt burden.
Risks of Axiom Gas Engineering
- The level of concentration among suppliers means the company relies on a small number of them for LPG, posing a risk should supply be disrupted.
- There is a strong dependence in the area of transportation, as a logistics company associated with the company is responsible for a large share of LPG transportation.
- There are safety and regulatory risks, as LPG is highly flammable, and accidents or failures during handling, storage, or transport could affect operations.
- The company’s operating performance could be affected by changes in fuel preferences, regulations, competition or demand for Auto LPG.
Axiom Gas Engineering IPO Review
Axiom Gas Engineering has demonstrated steady growth in revenue, profit, and operating margins, together with a reduction in its leverage during the period in question. Moreover, the company’s business benefits from its existing Auto LPG network and its involvement in gas-related engineering services.
Investors ought to take into account the company’s reliance on LPG suppliers, the transportation arrangements with related parties, and the operational risks involved in handling a flammable fuel; furthermore, the SME issue also calls for consideration of valuation and the liquidity after listing.
Other Recent IPO List
Look into the details of other current and forthcoming IPOs in India in order to compare their issue dates, price bands, lot sizes, financial performance, and GMP trends.
| National Stock Exchange IPO | Jindal Supreme IPO |
| Hero Motors IPO | Shakti Polytarp IPO |
| Robokidz Eduventures IPO | Quanto Agroworld IPO |
| Sonaselection India IPO | Vama Wovenfab IPO |
Axiom Gas Engineering IPO FAQs
The SME offering by Axiom Gas Engineering for its IPO has a book-building value of ₹49.81 crore and involves 93,98,000 equity shares; the price per share will be in the range of ₹50 to ₹53, and the shares are intended to be listed on the NSE SME.
Eligible investors have the option of applying via their broker’s IPO platform using UPI or through banking channels that are enabled for ASBA. They must choose the number of lots they want and then carry out the payment or UPI mandate process.
There are advantages to the IPO, for example, improved financial performance, lower leverage, and an established Auto LPG network. At the same time, supplier concentration, dependence on transportation and the operating risks associated with LPG should also be taken into account.
The most recent GMP prior to the issue was ₹0, meaning that there was no estimated premium above the upper price band. Since GMP is unofficial and may vary, it should not be regarded as a guaranteed return on listing.
The Axiom Gas Engineering IPO will open for subscriptions on September 18, 2026, and close on September 22, 2026.
The lot size is 2,000 shares, but the minimum amount that can be applied for is 2 lots, or 4,000 shares, which amounts to ₹2,12,000 at the upper price band of ₹53.
Investors can apply via a broker’s IPO platform or through an ASBA-enabled bank account, and they must submit their application during the bidding period, after which they will need to provide the required UPI mandate confirmation, if applicable.
The tentative allotment date is September 23, 2026.
The shares are tentatively scheduled to list on NSE SME on September 25, 2026.
