Azad Engineering IPO subscribed 66x times on last bidding day so far; GMP holds firms amid volatility
Azad Engineering is raising a total of Rs 740 crore via its initial stake sale in the fixed price band of Rs 499-524 per share in the lot size of 28 equity shares.
- Dec 22, 2023,
- Updated Dec 22, 2023 3:38 PM IST
The initial public offering (IPO) of Azad Engineering continued to witness a strong buying intested from the investors during the third and final day of the bidding process. The issue was subscribed 3.31 times on day one and ended the second day with 11.11 times bidding. Azad Engineering is raising a total of Rs 740 crore via its initial stake sale in the fixed price band of Rs 499-524 per share in the lot size of 28 equity shares and its multiples thereof. Of the block, the manufacturer of aerospace components and turbines is raising Rs 240 crore via fresh issue, while the promoters and other shareholders are selling 95,41,985 equity shares via OFS. According to the data, the investors made bids for 66,60,03,296 equity shares, or 65.79 times, compared to the 1,01,22,705 equity shares offered for the subscription by 3.10 pm on Friday, December 22. The three-day bidding for the issue will conclude today itself. The portion reserved for qualified institutional bidders (QIBs) was booked 138.29, while the allocation for non-institutional investors (NIIs) was subscribed 78.40 times. The portion for retail investors was booked 21.12 times and the quota set aside for employees saw a subscription of 11.68 times as of the same time.
Azad Engineering, incorporated in 1983, is a manufacturer of aerospace components and turbines. The company supplies its products to original equipment manufacturers (OEMs) in the aerospace, defense, energy, and oil and gas industries. Azad Engineering's products are highly engineered, complex, mission-critical, and vital. The company has four manufacturing facilities in Hyderabad, Telangana, India. The company's customer base includes the USA, China, Europe, the Middle East and Japan. These facilities are capable of producing high-precision forged and machined components. Last heard, Azad Engineering was commanding a grey market premium of Rs 370-380 per share, signaling an upside of 72-75 per cent compared to the upper end of the price band. However, the premium in the unofficial market was about Rs 440 during the first day of the bidding. Axis Capital, ICICI Securities, SBI Capital Markets and Anand Rathi Securities are the book running lead managers of the Azad Engineering IPO, while Kfin Technologies is the registrar for the issue. Azad Engineering raised Rs 221 crore from anchor investors.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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The initial public offering (IPO) of Azad Engineering continued to witness a strong buying intested from the investors during the third and final day of the bidding process. The issue was subscribed 3.31 times on day one and ended the second day with 11.11 times bidding. Azad Engineering is raising a total of Rs 740 crore via its initial stake sale in the fixed price band of Rs 499-524 per share in the lot size of 28 equity shares and its multiples thereof. Of the block, the manufacturer of aerospace components and turbines is raising Rs 240 crore via fresh issue, while the promoters and other shareholders are selling 95,41,985 equity shares via OFS. According to the data, the investors made bids for 66,60,03,296 equity shares, or 65.79 times, compared to the 1,01,22,705 equity shares offered for the subscription by 3.10 pm on Friday, December 22. The three-day bidding for the issue will conclude today itself. The portion reserved for qualified institutional bidders (QIBs) was booked 138.29, while the allocation for non-institutional investors (NIIs) was subscribed 78.40 times. The portion for retail investors was booked 21.12 times and the quota set aside for employees saw a subscription of 11.68 times as of the same time.
Azad Engineering, incorporated in 1983, is a manufacturer of aerospace components and turbines. The company supplies its products to original equipment manufacturers (OEMs) in the aerospace, defense, energy, and oil and gas industries. Azad Engineering's products are highly engineered, complex, mission-critical, and vital. The company has four manufacturing facilities in Hyderabad, Telangana, India. The company's customer base includes the USA, China, Europe, the Middle East and Japan. These facilities are capable of producing high-precision forged and machined components. Last heard, Azad Engineering was commanding a grey market premium of Rs 370-380 per share, signaling an upside of 72-75 per cent compared to the upper end of the price band. However, the premium in the unofficial market was about Rs 440 during the first day of the bidding. Axis Capital, ICICI Securities, SBI Capital Markets and Anand Rathi Securities are the book running lead managers of the Azad Engineering IPO, while Kfin Technologies is the registrar for the issue. Azad Engineering raised Rs 221 crore from anchor investors.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Also read: Wipro's share price jumps over 7% to hit one-year high; how strong is this uptrend?
Also read: Hot stocks on December 22: YES Bank, IRFC, RailTel, IIFL Finance and more
Also read: Top 10 stocks to watch on December 22, 2023: GMR Airports, Infosys, LIC, Lupin, R Systems and more