Axiom Gas Engineering Secures NSE Emerge Approval For IPO

Vadodara-headquartered Axiom Gas Engineering Limited, a Company engaged in the distribution and retailing of Auto Liquefied Petroleum Gas (Auto LPG), has received in-principle approval from NSE Emerge for its proposed Initial Public Offering (IPO), from NSE Emerge.

The Company filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge in September 2025 and is currently in the process of filing the Red Herring Prospectus (RHP) with the Registrar of Companies and NSE Emerge, incorporating updated information.

The proposed IPO comprises a fresh issuance of 94,92,000 Equity Shares each with a face value of ₹5, through the book-building route. SKI Capital Services Limited is the sole Book Running Lead Manager to the issue, and KFIN Technologies Limited is the Registrar.

Axiom Gas Engineering Limited operates in the business of distribution and retailing of Auto LPG through a network of Auto LPG Dispensing Stations (ALDS). In addition to retail outlets, the Company has established storage and allied infrastructure facilities to support the distribution and supply of Auto LPG.

According to DRHP, the Company intends to utilise approximately ₹27 crore of the net IPO proceeds towards capital expenditure requirements and ₹7 crore towards prepayment or repayment of a portion of certain outstanding borrowings availed by the Company. The Company plans to deploy the remaining funds towards general corporate purposes and issue expenses.

Axiom Gas Engineering Limited follows a retail-centric business model, wherein Auto LPG is sold directly to end consumers through its ALDS network. It procures Auto LPG from suppliers and undertakes storage, transportation, and distribution to its dispensing stations. The revenues are primarily derived from the retail sale of Auto LPG at these outlets.

The Company’s operational footprint is currently spread across the states of Telangana, Karnataka, and Maharashtra. Its retail operations are primarily focused on catering to the transportation sector, with Auto LPG being marketed as an alternative automotive fuel. The Company’s infrastructure includes storage, handling, and dispensing facilities designed to comply with regulatory standards applicable to Auto LPG distribution.

Axiom Gas Engineering Limited was founded by its promoter Mr. Alpeshkumar Naginbhai Patel and he was subsequently joined by Mr. Sadique Abdul Kadar Banani in 2012. The promoters possess 48+ years of cumulative experience in the Oil and Gas industry.

The Company reported revenue from operations of ₹89.83 crore and a profit (PAT) of ₹7.74 crore in the financial year 2024-25, as compared to revenue from operations of ₹74.53 crore and a profit (PAT) of ₹5.74 crore in FY24.