Axiom Gas Engineering IPO
Axiom Gas Engineering IPO is a NSE SME book-built issue of approximately ₹49.81 crore, comprising an entirely fresh issue of 93,98,000 equity shares. The price band is ₹50 to ₹53 per share. The IPO is scheduled to open on 18 September 2026 and close on 22
Axiom Gas Engineering IPO Details
Axiom Gas Engineering IPO bidding is scheduled to start on 18 September 2026 and end on 22 September 2026. The issue comprises only a fresh issue of equity shares, with no offer-for-sale component. The shares are proposed to be listed on the NSE Emerge SME platform.
Axiom Gas Engineering IPO GMP
Axiom Gas Engineering IPO GMP is currently reported at around ₹0 per share. Against the upper IPO price band of ₹53, a ₹0 GMP indicates an unofficial estimated price of ₹53. GMP is an unofficial grey-market indicator and does not guarantee the actual listing price. Current market trackers continue to show ₹0 GMP for the upcoming issue.
Axiom Gas Engineering IPO Timeline (Tentative)
Axiom Gas Engineering IPO is scheduled to open on 18 September 2026 and close on 22 September 2026. The basis of allotment is expected on 23 September, followed by refund initiation and credit of shares to successful applicants on 24 September. The shares are proposed to commence trading on NSE SME on 25 September 2026. Anchor investor bidding is scheduled for 17 September 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Fri, Sep 18, 2026 |
| IPO Close Date | Tue, Sep 22, 2026 |
| Basis of Allotment | Wed, Sep 23, 2026 |
| Initiation of Refunds | Thu, Sep 24, 2026 |
| Credit of Shares to Demat | Thu, Sep 24, 2026 |
| Listing Date | Fri, Sep 25, 2026 |
| Anchor Investor Bidding | 17 September 2026 |
| IPO Opens | 18 September 2026 |
| IPO Closes | 22 September 2026 |
| Basis of Allotment | 23 September 2026 |
| Refund Initiation | 24 September 2026 |
| Credit of Shares to Demat | 24 September 2026 |
| Listing Date | 25 September 2026 |
Axiom Gas Engineering IPO Lot Size
The Axiom Gas Engineering IPO lot size is 2,000 shares. Individual investors must apply for a minimum of two lots, or 4,000 shares, requiring ₹2,12,000 at the upper price band. NIIs can bid for a minimum of 6,000 shares.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 4,000 | 2,12,000 |
| 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 |
Axiom Gas Engineering IPO Reservation
Axiom Gas Engineering IPO is structured as a 100% fresh issue. The issue includes a market maker reservation of 4,78,000 shares and a net public issue of 89,20,000 shares. Up to 20% of the Net Issue is available to QIBs, while at least 40% each is available to NIIs and Individual Investors.
Axiom Gas Engineering IPO Subscription
Axiom Gas Engineering IPO is an upcoming issue and subscription bidding has not yet started. Therefore, current QIB, NII, Retail and Total subscription figures are not available.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Axiom Gas Engineering
Axiom Gas Engineering Limited is engaged in the distribution and retailing of Auto Liquefied Petroleum Gas (Auto LPG). The company operates Auto LPG Dispensing Stations (ALDS) and has developed storage and allied infrastructure to support the distribution and supply of Auto LPG.
The company’s network is spread across Telangana, Karnataka and Maharashtra, with its retail operations primarily serving the transport sector. Its business model involves procuring Auto LPG from suppliers, storing and transporting it, and selling the fuel to end consumers through its dispensing stations.
Axiom Gas Engineering was originally incorporated as Axiom Gas Engineering Private Limited in 2007 and was converted into a public limited company in 2024. The company operates in a single business segment and has its registered office in Vadodara, Gujarat.
Strengths
- Established presence in Auto LPG distribution and retailing.
- Network of Auto LPG Dispensing Stations across three states.
- Operations cater to the transport sector and alternative automotive fuel demand.
- Storage and allied infrastructure supports the company's distribution network.
- Revenue increased from ₹74.54 crore in FY2024 to ₹100.76 crore in FY2026.
- PAT increased from ₹5.74 crore in FY2024 to ₹9.45 crore in FY2026.
- EBITDA increased from ₹10.01 crore in FY2024 to ₹15.48 crore in FY2026.
- FY2026 EBITDA margin stood at 15.36%.
- FY2026 ROE stood at 28.40% and ROCE at 28.90%.
- IPO proceeds are intended to support infrastructure expansion and debt repayment.
Risks to Consider
- The company is highly dependent on a few suppliers for sourcing LPG.
- Approximately 99.75% of LPG purchases by value came from three key suppliers as of 31 March 2026.
- LPG transportation is substantially dependent on related party Prime Fuel Logistics Private Limited.
- Transportation of LPG involves hazardous material and accident-related risks.
- LPG is highly flammable and requires strict safety and regulatory compliance.
- Sales are concentrated in Karnataka, Telangana and Maharashtra.
- The business has a high fixed-cost structure relating to storage and dispensing infrastructure.
- The company depends on location footfall at its Auto LPG Dispensing Stations.
- The company is dependent on Public Sector Undertakings for the cost of Auto LPG supplied.
- The RHP also discloses past instances of regulatory filing and statutory record discrepancies.
Axiom Gas Engineering Financials (₹ Cr)
Axiom Gas Engineering reported consistent growth in revenue and profitability between FY2024 and FY2026. Revenue increased from ₹74.54 crore in FY2024 to ₹100.76 crore in FY2026, while PAT increased from ₹5.74 crore to ₹9.45 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 74.54 | 5.74 | 52.37 | 13.85 |
| FY2025 | 89.84 | 7.75 | 60.83 | 23.83 |
| FY2026 | 100.76 | 9.45 | 69.38 | 33.28 |
KPIs & Valuation
Axiom Gas Engineering reported FY2026 EBITDA of ₹15.48 crore and an EBITDA margin of 15.36%. ROE stood at 28.40%, ROCE at 28.90% and PAT margin at 9.38%. The FY2026 NAV was ₹12.83 per share.
Objects of the Issue
Axiom Gas Engineering proposes to utilise the Net Proceeds from the IPO for capital expenditure, repayment or prepayment of certain borrowings and general corporate purposes.
- The company proposes to utilise the IPO proceeds for:
- ₹27.60 crore towards capital expenditure for expansion of the ALDS network, enhancement of LPG storage and bottling plants, technological innovation and automation, and green energy initiatives.
- ₹9.12 crore towards prepayment or repayment, in full or in part, of certain outstanding borrowings.
- Balance amount towards general corporate purposes.
Promoters, Lead Managers & Registrar
Axiom Gas Engineering Limited is promoted by Alpeshkumar Naginbhai Patel, Kinnari Alpeshkumar Patel, Sadique Abdul Kadar Banani and Asma Mohamad Sadique Banani. SKI Capital Services Limited is the Book Running Lead Manager, while KFin Technologies Limited is the Registrar to the Issue. Sunflower Broking Private Limited is the market maker.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | +91 40 6716 2222/ 1800 309 4001 |
| einward.ris@kfintech.com | |
| Website | https://www.kfintech.com/ |
Axiom Gas Engineering IPO Review
Axiom Gas Engineering operates in the Auto LPG distribution and retailing segment, with a network of Auto LPG Dispensing Stations and supporting storage infrastructure across Telangana, Karnataka and Maharashtra. The business caters primarily to the transport sector and positions Auto LPG as an alternative automotive fuel.
The company has shown consistent improvement in its financial performance. Revenue from operations increased from ₹74.54 crore in FY2024 to ₹89.84 crore in FY2025 and ₹100.76 crore in FY2026. PAT increased from ₹5.74 crore to ₹7.75 crore and then ₹9.45 crore over the same period.
Profitability metrics also remained healthy. FY2026 EBITDA was ₹15.48 crore with an EBITDA margin of 15.36%. ROE stood at 28.40%, while ROCE stood at 28.90%. The company reported a debt-to-equity ratio of approximately 0.48x based on available IPO financial information.
At the upper price band of ₹53, the pre-issue P/E based on FY2026 basic and diluted EPS of ₹3.64 is 14.56x. The post-issue EPS is reported at approximately ₹2.67, implying a post-issue P/E of about 19.85x.
The IPO proceeds are intended to expand the ALDS network, improve storage and bottling infrastructure, introduce technological and automation initiatives, support green energy initiatives and reduce certain borrowings. These investments could support future operating capacity if implemented effectively.
However, investors should carefully consider supplier concentration, dependence on related-party transportation, regional concentration, LPG safety requirements, location footfall and fluctuations in LPG-related costs. The company's exposure to regulatory requirements and the capital-intensive nature of its dispensing infrastructure should also be evaluated.
Overall, Axiom Gas Engineering combines an established Auto LPG distribution network with improving revenue and profitability. The proposed expansion and debt repayment provide potential operational benefits, but investors should evaluate the company's concentration risks, regulatory exposure and valuation before making an investment decision.
How to Apply
Axiom Gas Engineering IPO applications can be made through ASBA or UPI-supported IPO applications.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Axiom Gas Engineering IPO.
- Enter the required number of lots.
- Select the bid price. Eligible investors can use the Cut-off option where available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI application when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will remain blocked in your bank account until allotment. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Official offer documents and disclosures for the Axiom Gas Engineering IPO. Always read the RHP before investing.
Last updated Sep 10, 2026.