Axiom Gas Engineering Limited, engaged in the distribution and retailing of Auto Liquefied Petroleum Gas (Auto LPG), has successfully completed its Anchor Book subscription, raising ₹577.80 lakhs through the allotment of 10,70,000 equity shares at ₹54 per share. The Anchor Book attracted participation from VBCUBE VENTURES FUND, ZEAL GLOBAL OPPORTUNITIES FUND and CHANAKYA OPPORTUNITIES FUND I. ZEAL GLOBAL OPPORTUNITIES FUND subscribed to 34.77% of the Anchor Book, followed by CHANAKYA OPPORTUNITIES FUND I with 39.25% and VBCUBE VENTURES FUND with 25.98%.
Axiom Gas Engineering Limited’s initial public offering (IPO) will open on September 18, 2026, and close on September 22, 2026. The Company is looking to raise approximately ₹50.75 crore through the offering. The IPO comprises a fresh issue of 93,98,000 equity shares with a face value of ₹5 each through the book-building route.
The price band has been fixed at ₹51 to ₹54 per equity share. The Company proposes to utilise ₹2,760 lakhs from the fresh issue proceeds towards capital expenditure, including expansion of its Auto LPG Dispensing Station (ALDS) network, enhancement of LPG storage and bottling plants, technological innovation and automation, and energy initiatives. A further ₹912.45 lakhs will be used for the prepayment or repayment, in full or in part, of certain outstanding borrowings. The remaining proceeds are proposed to be deployed towards general corporate purposes and offer expenses.
Of the issue, 4,78,000 equity shares have been allocated for the market maker, while 35,68,000 equity shares are earmarked for Non-Institutional Investors (NIIs), 17,84,000 equity shares for Qualified Institutional Buyers (QIBs), and 35,68,000 equity shares for Individual Investors. Axiom Gas Engineering operates a network of Auto LPG Dispensing Stations across Telangana, Karnataka and Maharashtra. The Company has also developed storage and allied infrastructure facilities to support the distribution and supply of Auto LPG.
Its retail operations cater primarily to the transport sector, positioning Auto LPG as an alternative automotive fuel. The Company’s infrastructure includes storage, handling and dispensing facilities designed to meet applicable regulatory requirements for Auto LPG distribution. Axiom Gas Engineering was founded by its promoter Alpeshkumar Naginbhai Patel, who was subsequently joined by Sadique Abdul Kadar Banani in 2012. The promoters have more than 48 years of cumulative experience in the oil and gas industry.
