Axiom Gas Engineering IPO Day 2: Subscribed 0.83x; Retail jumps 8.7% today
- Axiom Gas Engineering IPO subscription stands at 0.83x on Day 2.
- Retail demand jumps 8.7% to 0.87x, driving the overall increase.
- QIB subscription remains steady at 0.80x throughout the day.
- Issue closes on September 22, 2026, with listing scheduled for September 25.
*this image is generated using AI for illustrative purposes only.
Axiom Gas Engineering IPO subscription ticks up to 0.83x on Day 2. Retail investors drive the momentum with an 8.7% jump to 0.87x, while Qualified Institutional Buyers (QIB) remain steady at 0.80x.
Subscription Status
The IPO saw a marginal increase in overall subscription from Day 1 to Day 2. The total subscribed amount moved from 0.61x on Day 1 (18-09-2026) to 0.83x on Day 2 (21-09-2026). Demand across all categories showed steady progression, with retail interest picking up pace after midday.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 18-09-2026 | 0.80x | 0.49x | 0.58x | 0.63x | 0.61x |
| Day 2 | 21-09-2026 | 0.80x | 0.55x | 0.90x | 0.87x | 0.83x |
Category-wise Breakdown
Qualified Institutional Buyers (QIB) remain the strongest category with a subscription of 0.80x. Retail investors show strong interest, leading the day's momentum at 0.87x. Non-Institutional Buyers (NII) are split between bHNI at 0.55x and sHNI at 0.90x. Employee quota remains unsubscribed at 0x.
Intra-day Timeline
As of 13:15 IST on 21-09-2026, the subscription figures reflected early trading activity for the day. Retail demand jumped significantly between the morning and midday snapshots.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.80x | 0.55x | 0.80x | 0.75x |
| 12:15 | 0.80x | 0.55x | 0.85x | 0.77x |
| 13:15 | 0.80x | 0.55x | 0.87x | 0.83x |
Offer Details
- Price Band: ₹51.00000 - ₹54.00000
- Issue Size: 306000 - 500000
- Min Bid Qty: 4000
- Open Date: 2026-09-18
- Close Date: 2026-09-22
About the Company
Axiom Gas Engineering Limited is engaged in the distribution and retailing of Auto Liquefied Petroleum Gas through a network of Auto LPG Dispensing Stations owned and operated by the Company. The Company's network is presently spread across the states of Telangana, Karnataka, and Maharashtra, with retail operations structured to cater to the transport sector, marketing Auto LPG as an alternative automotive fuel. The business model is based on the sale of Auto LPG to end consumers through its ALDS network, with revenues primarily derived from retail sales at its outlets.
Financial Highlights
The company has shown consistent growth in revenue and profit over the last three years.
| Particulars | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 100.76 | 89.84 | 74.54 |
| Total Profit (₹ crores) | 9.45 | 7.75 | 5.74 |
| Total Assets (₹ crores) | 69.38 | 60.83 | 52.37 |
Objects of the Issue
- Capital Expenditure: ₹27.60 crores
- Prepayment or repayment of a portion of certain outstanding borrowings availed by our Company: ₹9.13 crores
- General Corporate Purposes
Risk Factors
- Dependence on Limited LPG Suppliers: The company is highly dependent on three key suppliers, from whom 99.75% of LPG was procured as of March 31, 2026. Any supply disruption, delay or default could interrupt operations, adversely affecting revenue, cash flows and profitability.
- Dependence on Related-Party LPG Transportation: LPG transportation is majorly undertaken through related party Prime Fuel Logistics Private Limited, which accounted for more than the majority of total transportation cost as of March 31, 2026. Any disruption, delay, default or transportation mishap could adversely affect business continuity and financial performance.
- Hazards Associated with LPG Transportation: Transportation of LPG involves inherent risks of accidents and other hazardous incidents. Such incidents could result in operational disruption, reputational damage and adverse effects on financial condition, results of operations and cash flows.
What's Next
- Allotment Date: 2026-09-23
- Listing Date: 2026-09-25
Will the current retail-driven momentum sustain through the final day of subscription, or is a late-stage QIB surge likely to alter the overall subscription multiple?
Given the heavy reliance on three LPG suppliers for 99.75% of procurement, how might potential supply chain disruptions impact Axiom Gas's post-listing operational stability and margins?
How will the company's strategy to repay ₹9.13 crores in outstanding borrowings influence its debt-to-equity ratio and future borrowing capacity after listing?
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