New Ayr boss Robert Connor was denied a winning start when Ross Hamilton hit Alloa's equaliser 11 minutes from the end.
Connor has succeeded Mark Shanks at the troubled club which is currently in the midst of a take-over wrangle. The former Aberdeen and Scotland star looked to be on the way to a debut victory when Paddy Connolly fired Ayr ahead after 22 minutes following good work by strike partner Graeme Brown.
Ayr almost grabbed a second goal soon after when Gareth Wardlaw met a left-wing cross but saw his shot diverted around the post by the legs of keeper James Evans.
Alloa hit back strongly before the interval and Chris Townsley had a shot scrambled away while Iain Nicolson flashed a header just wide from a Richard Walker cross.
Alloa continued to be the more dangerous side in the second half, and home keeper Ludovic Roy made a good save to keep out a firmly- struck shot from Ross Hamilton.
Eventually Alloa's pressure paid off after 79 mintes with a richly-deserved equaliser. Man-of-the-match James Stevenson burst through the Ayr defence and set up the unmarked Hamilton, who had an easy task to tap the ball home from only four yards.
Ayr mounted a late rally in search of all three points, but Alloa comfortably held on.