Azad Engineering IPO: Issue fully subscribed on day 1, retail, NIIs steal the show; check latest GMP
Azad Engineering IPO opened for subscription today (Wednesday, December 20), and will close on Friday, December 22. Azad Engineering IPO price band has been fixed in the range of ₹499 to ₹524 per equity share of the face value of ₹2. Azad Engineering IPO lot size is 28 equity shares and in multiples of 28 equity shares thereafter.
Azad Engineering IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. Employees portion have been reserved equity shares aggregating up to ₹4 crores.
On day 1, Azad Engineering IPO’s retail investors portion was subscribed 1.37 times, NII portion was subscribed 1.50 times, and QIB portion is yet to be booked. The employee portion is booked 75%.
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Azad Engineering IPO subscription status
Azad Engineering IPO has received bids for 1,02,72,388 shares against 1,01,22,705 shares on offer, at 12:33 IST, according to data from the BSE.
Azad IPO retail investors’ portion received bids for 69,41,760 shares against 50,63,585 shares on offer for this segment.
Azad Engineering IPO’s non-institutional investors’ portion received bids for 32,62,196 shares against 21,70,108 on offer for this segment.
Azad IPO’s QIBs portion received bids for 8,260 shares against 28,08,852 shares on offer for this segment.
Azad Engineering IPO’s employee portion received bids for 60,172 shares against 80,160 on offer for this segment.
Azad Engineering IPO details
Azad Engineering IPO comprises a fresh issue of shares of up to ₹240 crore and an offer for sale (OFS) of up to ₹500 crore by a promoter and others selling shareholders, as per red herring prospectus (RHP). Azad Engineering IPO issue size is ₹740 crore.
Azad Engineering Limited is a producer of turbines and parts for aircraft. The business provides its goods to original equipment manufacturers (OEMs) in the oil and gas, aerospace, defence, and energy sectors.
The book running lead managers of the Azad Engineering IPO are Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited, and Anand Rathi Securities Limited. The registrar of the issue is Kfin Technologies Limited.
Azad Engineering IPO GMP today
Azad Engineering IPO GMP today or Azad Engineering IPO grey market premium is +440. This indicates Azad Engineering share price were trading at a premium of ₹440 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Azad Engineering share price is ₹964 apiece, which is 83.97% higher than the IPO price of ₹524.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 20 Dec 2023, 12:41 PM IST
