Also Read: Azad Engineering IPO: GMP, subscription status, should you apply as bidding ends today
Azad Engineering IPO was subscribed 11.11 times at the end of second day. Non institutional investors (NIIS), and retail showed huge interest.
On day 1, Azad Engineering IPO has been subscribed 3.31 times led by retail and NIIs. The retail portion was fully booked within few hours of opening.
Azad Engineering IPO opened for subscription on 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 3, Azad Engineering IPO’s retail investors portion was subscribed 16.84 times, NII portion was subscribed 46.72 times, and QIB portion was booked 7.60 times. The employee portion is booked 9.38 times.
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Azad Engineering IPO subscription status
Azad Engineering IPO has received bids for 20,87,70,996 shares against 1,01,22,705 shares on offer, at 12:39 IST, according to data from the BSE.
Azad IPO retail investors’ portion received bids for 8,52,77,780 shares against 50,63,585 shares on offer for this segment.
Azad Engineering IPO’s non-institutional investors’ portion received bids for 10,13,93,600 shares against 21,70,108 on offer for this segment.
Azad IPO’s QIBs portion received bids for 2,13,48,068 shares against 28,08,852 shares on offer for this segment.
Azad Engineering IPO’s employee portion received bids for 7,51,548 shares against 80,160 on offer for this segment.
Also Read: Azad Engineering raises ₹221 crore from anchor investors ahead of IPO
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.
Also Read: Azad Engineering IPO: Price band fixed at ₹499-524 apiece; GMP, issue details, more
Azad Engineering IPO GMP today
Azad Engineering IPO GMP today or Azad Engineering IPO grey market premium is +375, which is higher than yesterday’s +370. This indicates Azad Engineering share price were trading at a premium of ₹375 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 ₹899 apiece, which is 71.56% higher than the IPO price of ₹524.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Also Read: Azad Engineering gets Sebi nod for its ₹740 crore IPO; check details here
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: 22 Dec 2023, 12:49 PM IST