IPO Details

Bidding Dates

10 May '24 - 14 May '24

Minimum Investment

₹1,34,000 / 1 Lot ( 2,000 Shares )

Price Range

₹63 - ₹67

Maximum Investment

₹1,34,000 / 1 Lot ( 2,000 Shares )

Retail Discount

To be announced

Issue Size

₹24.12 Cr

Investor category and sub category

Qualified Institutional Buyers  |   Retail Individual Investors  |   Non-institutional Investor  |  

IPO Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

May 10, 2024

IPO Closing Date

May 14, 2024

Basis of Allotment

May 15, 2024

Initiation of Refunds

May 16, 2024

Credit of Shares to Demat

May 16, 2024

IPO Listing Date

May 17, 2024

Cut-off time for UPI mandate confirmation

May 14, 2024

About Aztec Fluids & Machinery Ltd

Aztec Fluids & Machinery Limited, established in April 2010, specialises in supplying a comprehensive range of printers, printer consumables, and printer spares to various industries. These industries include personal care, food and beverages, pharmaceuticals, construction materials, cables and wires, pipes, metals, automotive, electronics, agrochemicals, chemicals, and petrochemicals.

The company's product lineup features a variety of printers such as continuous inkjet printers (CIJ), Thermal Transfer Over printers (TTO), Drop-on-demand printers (DOD), NIJ printers (piezoelectric), and laser printers. Alongside these, Aztec Fluids & Machinery provides essential printer inks and consumables like makeup and cleaning solvents.

Aztec Fluids & Machinery has a significant international footprint, exporting its products to countries including Sri Lanka, Nepal, Bhutan, Bangladesh, Kenya, and Nigeria. The company operates from its registered office in Ahmedabad and maintains a warehouse in Kheda, Gujarat, which serves as the primary storage facility for imported printers.

As of December 31, 2023, Aztec Fluids & Machinery employs a dedicated team of 28 in sales and marketing and another 51 in after-sales service and support, who work directly at client locations to ensure optimal customer satisfaction.

Industry Outlook:

  1. India's Capital Goods sector contributes 12% to manufacturing output and 1.8% to GDP, with a market valuation of US$ 43.2 billion in FY22.
  2. The Indian electronics manufacturing industry is set to reach US$ 520 billion by 2025, driven by a rising demand projected at US$ 400 billion.

Aztec Fluids & Machinery Ltd IPO Details

Aztec Fluids & Machinery Ltd IPO Dates

Aztec Fluids & Machinery IPO is open from May 10, 2024, to May 14, 2024. The IPO will be listed on BSE SME.

Aztec Fluids & Machinery Ltd IPO Price Band

Aztec Fluids & Machinery is a book built issue IPO. The price band is set at ₹63 to ₹67 per share.

Aztec Fluids & Machinery Ltd IPO Lot Size

The lot size for Aztec Fluids & Machinery Limited’s IPO is 2,000 shares with a minimum investment of ₹1,34,000.

Aztec Fluids & Machinery Ltd IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. Funding of the proposed acquisition of equity shares of Jet Inks Private Limited
  2. Repayment of a portion of certain borrowing availed by the Company
  3. General Corporate Purposes

Peer Details

The only listed company considered by Aztec Fluids & Machinery as its peers is Control Print Ltd.

How to Check the Allotment Status of the Aztec Fluids & Machinery Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the Individual order details page of the IPO that you had applied for.
  • Check the IPO allotment status. As such, Angel One will notify you of your IPO allotment status via push notification, email and SMS.

Contact Details of Aztec Fluids & Machinery Limited IPO

  • Registered office: Part H Plinth,4th Floor, Takshashila Square, Near Krishnabag Four Rd, Maninagar, Ahmedabad, Gujarat 380028
  • Phone: +91-7048333211
  • E-mail:cs@aztecfluids.com

IPO Financials

Particulars 9-Month period Ending on December 31, 2023 Year ending on March 31, 2023 Year ending on March 31, 2022 Year ending on March 31, 2021
Total Revenue (in ₹ lakh) 5182.38 5,452.97 4,642.56 3,467.75
Profit After Tax (PAT) (in ₹ lakh) 450.74 327.38 311.25 246.28
Cash & Cash Equivalents (in ₹ lakh) 83.95 304.52 58.39 43.57
Net Worth (in ₹ lakh) 1,986.34 1,535.60 1,238.56 958.92
Debt Equity Ratio (x) 0.28 0.37 0.45 0.54
Return on Equity (%) 25.60% 23.60% 28.33% 29.40%
Return on Capital Employed (RoCE) (%) 25.38% 22.07% 24.86% 26.51%
Diluted Earning Per Share (EPS)-in absolute ₹ 4.51 3.27 3.11 2.46

Know before investing


  1. The diverse product range includes CIJ, TTO, DOD, NIJ, and laser printers, enhancing the market reach and meeting various industry needs for batch numbering and branding.

  2. Global presence with exports to countries like Sri Lanka, Nepal, and Kenya, broadening market penetration and reducing dependency on domestic sales.

  3. Robust after-sales support with 51 dedicated employees, ensuring high customer satisfaction and repeat business across multiple sectors.

  4. The leadership is empanelled with experienced founders, driving growth with their deep industry knowledge and operational expertise.


  1. Legal proceedings involve 22 cases with disputes totalling ₹463.28 lakhs, potentially affecting net worth, profitability, and management focus.

  2. Exclusive distributorship with Lead Tech risks termination; failure to meet sales targets could jeopardise operations and financial performance.

  3. Dependence on Fluidtech for ink and consumables supply under a 15-year agreement risks disruption if terms change or the agreement ends.

  4. Audit qualifications for FY 2020-21 to 2022-23 highlight potential financial inaccuracies and unquantifiable impacts due to unsegregated expenses and unconfirmed transactions.

  • How to Apply in IPO
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Aztec Fluids & Machinery IPO FAQs

What is Aztec Fluids & Machinery Ltd's IPO?

Aztec Fluids & Machinery Limited IPO is a book-built IPO. The IPO will be open from May 10, 2024, to May 14, 2024.

When will Aztec Fluids & Machinery Ltd's IPO be allotted?

The Basis of Allotment will happen on Wednesday, May 15, 2024.

When will Aztec Fluids & Machinery Ltd's IPO open for subscription?

The IPO subscription window will open on May 10, 2024.

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 2,000 shares.

When will Aztec Fluids & Machinery Ltd list on exchanges?

The listing date for Aztec Fluids & Machinery is Friday, May 17, 2024.

What would be the listing gains on the Aztec Fluids & Machinery Ltd IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

I have finished the application process for the Aztec Fluids & Machinery Ltd IPO, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.

How do I approve the UPI mandate request for Aztec Fluids & Machinery Ltd's IPO?

You must complete the payment process by logging in to your UPI handle and approve the payment mandate.

Can I submit more than one application for the public issue of Aztec Fluids & Machinery Ltd using one PAN?

You can submit only one application using your PAN card.