- By Aditya Pratap Singh
- Thu, 28 Dec 2023 10:40 AM (IST)
- Source:JND
Azad Engineering IPO Listing: The shares of Azad Engineering debuted strong on stock exchanges on December 28. The shares of aerospace component and turbine manufacturers are listed at a premium of 37.4 per cent against their issue price. Azad Engineering stock started trading at Rs 710 on BSE and Rs 720 on NSE. The upper band of the IPO's issue price was Rs 524.
Sachin Tendulkar-backed company's 740 Corore initial public offering attracted good investor interest. The quota reserve for Eligible institutional buyers subscribed 179.66. High-net-worth individuals (non-institutional investors) and retail investors section subscribed 87.55 times and 23.71 times their allotted shares, respectively.
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Azad Engineering Limited was founded in 1983. The company manufactures aerospace components and turbines and supplies its products to original equipment manufacturers (OEMs) in the aerospace, defence, energy and oil and gas industries. Azad Engineering has four manufacturing facilities in Hyderabad.
Out of the fresh issue proceeds, the company will spend Rs 60.4 crore on purchasing plant and machinery and will repay debt of Rs 138.19 crore. As of September 2023, its borrowings stood at Rs. 154.2 crores. The remaining amount will be used for general corporate purposes.
Azad Engineering IPO Details
Lot Size - A bidder had to buy a lot of 28 shares, a minimum investment of rs 13972, to subscribe to Azad Engineering IPO.
Price Range- The company decided on a price range of Rs 499-524 for the offering.
Issue Size- The IPO was brought to raise Rs 740 cr
IPO Subscription Date - The Azad Engineering IPO was opened for subscription on December 20-23.
Azad Engineering IPO Listing Details
Listing Date- The IPO listed on December 28, 2023
Listing Price - Rs 710 on BSE and Rs 720 on NSE
Listing Gain/Loss - Shares of Azad Engineering are listed with a 37 per cent premium against its issue price.
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