Azad Engineering IPO: The month of December has been very important in terms of IPOs, where IPOs of many big companies have been entered. Along with this, many IPOs are also ready to be listed. The IPO of Azad Engineering, a company invested in by veteran cricketer Sachin Tendulkar, has received a strong response from investors. The IPO has been subscribed a total of 83 times before the closure of the issue.
Investors placed this much bid in each quota?
A total bid of Rs 26,443 crore has been received against Azad Engineering's IPO of Rs 740 crore. Of this, qualified institutional buyers have subscribed up to 180 times their share. At the same time, retail investors have bid 24 times their share and high net individuals have bid 90 times their quota. In this IPO, 50 percent quota was reserved for QIB, 35 percent for retail investors and 15 percent for high net individuals.
When will the shares be listed?
This IPO was open to investors between December 20 and 22, 2023. The company has fixed the date of allotment as 26th December. Whereas unsuccessful investors will get refund on December 27. Successful investors will get the shares in their demat account on 27th December. The listing of shares will take place on December 28, 2023. This listing will be on BSE and NSE. In this IPO, the company has fixed the price band between Rs 499 to Rs 524 per share. Out of the issue of Rs 720 crore, 240 crore fresh shares and Rs 500 crore shares will be issued through offer for sale.
What is the condition of GMP?
If we talk about GMP of Azad Engineering, it is currently at Rs 345 on 23rd December. If this situation continues till the day of listing, then the shares can be listed at Rs 869 per share with a profit of 65.84 percent. Yesterday GMP of shares was at Rs 360.
What does the company do?
Azad Engineering works in supplying goods in aerospace, energy or defence. This company was formed in 1983 and its business extends to America, China, Europe, West Asia and Japan. The company will use the funds raised through IPO to expand its business and meet its corporate objectives.
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