Azad Engineering IPO listing date today. GMP, experts see over 50% gain for allottees
Azad Engineering IPO: Listing date for the initial public offering (IPO) of Azad Engineering Limited has been finalised on 28th December 2023 i.e. today. As per the information available on BSE website, Azad Engineering share price will become available for trade on BSE and NSE during Thursday deal after listing of shares in special pre open session, which will begin around 9:45 AM today. Azad Engineering shares will become available for trade at 10:00 AM during Thursday session.
After declaration of Azad Engineering IPO allotment date and time, grey market is dropping hint that the public issue may list at strong premium. According to stock market observers, Azad Engineering share price is quoting at a premium of ₹280 in grey market today.
Azad Engineering IPO listing date
“Trading Members of the Exchange are hereby informed that effective from Thursday, December 28, 2023, the equity shares of Azad Engineering Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities,” BSE notice says.
According to stock market experts, Azad Engineering IPO received strong response by investors and Dalal Street sentiment is also bullish after market touched new high on Wednesday, and these are going to work in favour of Azad Engineering IPO listing. They said that Azad Engineering IPO listing may take place at over 50 per cent premium against its issue price of ₹499 to ₹524 per equity share. They said that Azad Engineering IPO listing gain could be in the range of ₹230 to ₹270 per share.
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Speaking on Azad Engineering IPO listing, Prashanth Tapse, Senior Vice President — Research at Mehta Equities said, “Considering bullish sentiments in the markets touching fresh life time high along with overwhelming response received from all sets of investors, Azad Engineering signals stronger listing over and above 50% on its issue price.”
Prashant Tapse went on to add that over 50% listing premium is justified as we think Azad’s mission and life critical components product profile create a high entry barrier which requires a long and rigorous approval process for any competitor. In long run we see a lot of growth opportunities come through expansion plan and gaining market share globally from 1% to multifold due to larger wallet share contributions from long standing clientele like Mitsubishi Heavy, General Electric, Honeywell International, Siemens Energy and many more. We also believe Azad is in the right space and product profile to tap GOI focus under Make in India and the trust Azad has built in its 15 years of business operations would help the company to grow healthy in coming years.
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Expecting strong debut of Azad Engineering shares, Shreyansh Shah, Research Analyst at StoxBox said, “We expect the forged and machined components manufacturer, Azad Engineering Ltd., to open at a premium of around 55% to its issue price of Rs. 524 per share. The growth trajectory of the company looks promising due to its expertise in manufacturing highly engineered, complex, and life-critical components catering to niche industries like aerospace, defense, etc. Azad enjoys the highest EBITDA margins in comparison to its peers and is fastest-growing manufacturer with a fair valuation.”
According to stock market observers, Azad Engineering shares are available at a premium of ₹280 in grey market today, which means Azad Engineering IPO grey market premium (GMP) today is ₹280. Observers said that Azad Engineering IPO GMP of ₹280 signals that grey market is expecting that Azad Engineering IPO listing price would be around ₹804 ( ₹524 + ₹280), which is aropund 53 per cent higher from Azad Engineering IPO price band of ₹499 to ₹524 per equity share.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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Published: 28 Dec 2023, 07:03 AM IST
