Azad Engineering share price makes a strong debut; list with over 37% premium at ₹720 apiece on NSE
₹720 apiece on the National Stock Exchange (NSE), a premium of 37.40% to the issue price of ₹524 per share. On BSE, Azad Engineering shares began trading at ₹710.00 apiece, witnessing a premium of 35.50% to the issue price. Azad Engineering IPO received strong demand from investors across all categories as the public issue was subscribed 83.04 times in total.
The IPO received 24.51 times subscription in the retail category and 179.64 times in the Qualified Institutional Buyers’ (QIB) category. The Non-Institutional Investors’ (NII) portion was booked 90.24 times. The bidding for Azad Engineering IPO began on December 20 and concluded on December 22.
The IPO allotment was finalized on December 26 and the Azad Engineering IPO listing date was fixed for today, December 28. The company raised ₹740 crore from the IPO that comprised a combination of fresh issue of 46 lakh equity shares aggregating to ₹240 crore and an offer for sale (OFS) of 95 lakh shares aggregating to ₹500 crore. The shares were sold at a price band of ₹499 to ₹524 per share.
(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) 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 IPO registrar. Azad Engineering is one of the key manufacturers of qualified product lines supplying to global original equipment manufacturers (OEMs) in the energy, aerospace and defence, and oil and gas industries, manufacturing highly engineered, complex and that are mission and life-critical components. AEL has four advanced manufacturing facilities in
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