Azad Engineering IPO: GMP, subscription status, should you apply as bidding ends today
Azad Engineering IPO: The initial public offering (IPO) of Azad Engineering Limited opened for subscription on 20th December 2023 and it will remain open for bidding till 22nd December 2023. This means Azad Engineering IPO will close today evening and investors have just one day in their hand to apply for the public issue. The aerospace components and turbines maker company has fixed Azad Engineering IPO price at ₹499 to ₹524 per equity share.
As per Azad Engineering IPO subscription status after two days of bidding, the public issue has received strong response by investors. Meanwhile, Azad Engineering shares continue to trade strong in grey market. According to stock market observers, Azad Engineering shares are trading at a premium of ₹445 in grey market today.
Market observers said that Azad Engineering IPO grey market premium (GMP) today is ₹445, which is around 85 per cent of the Azad Engineering IPO price band of ₹499 to ₹524 per equity share. Observers said that trend reversal on Dalal Street during Thursday deals could be the possible reason for aerospace component maker company's stock holding its ground in unlisted market. By 10:09 AM on day three of bidding, the public issue has been subscribed 11.51 times whereas its retail portion has been subscribed 11.75 times.
The NII portion of the issue has been subscribed 24.07 times while its QIB portion got subscribed 1.53 times. Giving 'subscribe' tag to Azad Engineering IPO, Hem Securities said, "Company is bringing the issue at price band of ₹499-524 per share at p/e multiple of 58x on post issue annualized H1FY24 PAT basis. Company is preferred name in the manufacturing of highly engineered, complex, and mission and life- critical high precision components for
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