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₹51 - 54 Amounts at the upper price band.
Axiom Gas Engineering Ltd
Gas DistributionIPOSME
₹51 - 54
Founded in 2007, Axiom Gas Engineering Ltd distributes and retails Auto LPG (liquefied petroleum gas used as automotive fuel) to commercial passenger and light logistics vehicles through a captive network of dispensing stations backed by dedicated storage and bottling infrastructure across western and southern India. The company builds and operates high-pressure Auto LPG Dispensing Stations (ALDS: specialized forecourt retail outlets) fed by regional storage hubs, earning margins on fuel throughput while onboarding local station operators.
Lot2,000Min Invest₹2,16,000Face Value₹5Issue Size₹51 CrFresh Issue₹51 Cr
Timeline
18 Sept
Bidding opens
22 Sept
Bidding closes
23 Sept
Allotment
24 Sept
Refund & demat credit
25 Sept
Listing
Subscription · As of 7:00 PM, 22 Sept
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB1.10x16.85 L18.46 L9.97NII0.99x33.70 L33.20 L17.93Retail1.86x33.70 L62.56 L33.78Total1.37x93.98 L1.29 Cr65.56
Reports
Offer Details
Terms
Issue Size₹51 Cr0.94 Cr shares
Fresh Issue₹51 Cr
Face Value₹5
Lot Size2,000 shares
ReservationQIB 20% · NII 40% · RETAIL 40%
Application Sizes
Retail₹2,16,0001-1 lots
sNII₹2,16,000from 2 lots
bNII₹10,80,000from 10 lots
Managers & Registrar
Lead ManagerSki Capital Services Ltd
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group98.26%72.15%Public1.74%27.85%
Objects of the Issue
- Capital Expenditure
- Prepayment or repayment of a portion of certain outstanding borrowings availed by the Company.
- General Corporate Purposes.
Anchor Book
Bid Price₹54Shares10,70,000Amount₹6 Cr
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 48 | 58 | 75 | 90 | 101 |
| Operating ProfitCr | 4 | 4 | 10 | 13 | 15 |
| OPM% | 7.5 | 7.0 | 13.4 | 14.8 | 15.4 |
| PBTCr | 2 | 2 | 8 | 10 | 13 |
| PATCr | 2 | 2 | 6 | 8 | 9 |
| EPS | 65 | 74 | 230 | 3 | 4 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 0 | 0 | 0 | 13 | 13 |
| ReservesCr | 6 | 8 | 14 | 11 | 20 |
| BorrowingsCr | 16 | 8 | 20 | 12 | 12 |
| Total AssetsCr | 26 | 29 | 52 | 61 | 69 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 1 | 2 | 5 | 8 | 11 |
| Investing Cash FlowCr | -7 | -2 | -13 | -5 | -5 |
| Financing Cash FlowCr | 5 | 0 | 10 | -3 | -2 |
| Net Cash FlowCr | 0 | 0 | 2 | 0 | 4 |
Strengths & Risks
Strengths · as stated in the DRHP
- The business model allows expansion through new stations and increased storage capacity based on market demand.
- The Company has operational experience in managing ALDS facilities, logistics coordination, and adherence to safety protocols.
- The business caters to a steady consumer segment comprising auto-rickshaws, taxis, and small commercial vehicles with predictable daily fuel requirements.
Strategies · as stated in the DRHP
- Network Expansion and Footprint.
- Supply, Procurement, and Logistics.
- Capacity Planning and Utilisation.
- Station Set-Up and Commissioning.
- Operations and Cost Discipline.
- Pricing and Margin Management.
Risks · as stated in the DRHP
- The company is dependent on few suppliers for sourcing its liquified petroleum gas. As of March 31, 2026,the company procured liquified petroleum gas from three suppliers which constituted more than 95% of its total quantity purchased. Any disruption in the receipt of liquified petroleum gas from these third parties, or delay or default in timely sourcing of the liquified petroleum gas could lead to a disruption or failures in the supply of liquified petroleum, gas by the company, which could adversely affect its business, reputation, results of operations and cash flows.
- The company's transportation of LPG is majorly done by its related party i.e. "Prime Fuel Logistics Private Limited" the company's group company. As of March 31, 2026, its transported LPG from the company's group company which constituted more than majority of its total transport cost. Any disruption in the transport of such LPG from the company's group company, or delay or default in timely transportation of the LPG or any mishap happened during transportation could lead to a disruption or failures in the transportation of LPG by the company, which could adversely affect its business, reputation, results of operations and cash flows.
- Transporting LPG is hazardous and could result in accidents, which could adversely affect the company's reputation, business, financial condition, results of operations and cash flows.
- LPG is highly flammable and poses significant safety risks if mishandled. Compliance with strict safety regulations and standards is crucial to mitigate the risk of accidents, fires, and explosions which could adversely affect the company's reputation, business, financial condition, results of operations and cash flows.
- The sale of the company's products & services is concentrated in its core market of Karnataka, Telangana and Maharashtra. Any adverse developments affecting the company operations in such region, could have an adverse impact on its business, financial condition, results of operations and cash flows.
- There have been instances in the past where the company has not made certain regulatory filings with the ROC and there were certain instances of discrepancies in relation to certain statutory filings and corporate records of the company.