The Azad Engineering IPO subscription period ended on December 22, with a remarkable response from investors.
The total subscription was 80.65 times the offered shares, showcasing significant interest in the market. Institutional investors led the way with a subscription of 179.66 times, while non-institutional investors and retail investors subscribed 87.61 times and 23.79 times, respectively.
Employees, too, showed keen interest with a subscription of 14.71 times their reserved shares. The IPO, with a price band of Rs 499 to Rs 524 per share, raised a total of Rs 740.00 crores through a combination of fresh issue and offer for sale.
Azad Engineering IPO Allotment Date
The allotment of shares for Azad Engineering Limited will be finalised on Tuesday, December 26.
*This is a tentative date and is subject to change
Azad Engineering IPO Listing Date
The shares of Azad Engineering Limited are set to list on both BSE and NSE on Thursday, December 28.
*This is a tentative date and is subject to change
Investors can check the Azad Engineering IPO allotment status on the official website of Kfin Technologies Limited and the BSE website.
Azad Engineering IPO Subscription Details
Subscription Day 3
Total Subscription: 80.65 times
Institutional investors: 179.66 times
Non-institutional investors: 87.61 times
Retail investors: 23.79 times
Employee reserved: 14.71 times
Subscription Day 2
Total Subscription: 11.09 times
Institutional investors: 1.53 times
Non-institutional investors: 23.49 times
Retail investors: 11.15 times
Employee reserved: 6.24 times
Subscription Day 1
Total Subscription: 3.3 times
Institutional investors: 0.05 times, or 5%
Non-institutional investors: 6.13 times
Retail investors: 3.92 times
Employee reserved: 2.05 times
Azad Engineering IPO Timeline (Tentative Schedule)
IPO Open Date: Wednesday, December 20
IPO Close Date: Friday, December 22
Basis of Allotment: Tuesday, December 26
Initiation of Refunds: Wednesday, December 27
Credit of Shares to Demat: Wednesday, December 27
Listing Date: Thursday, December 28
Azad Engineering IPO Issue Details
Total issue size: Rs 740.00 Cr
Face value: Rs 2 per share
Fresh issue size: Rs 240.00 Cr
Shares for fresh issue: 4,580,153 shares
Offer for sale size: Rs 500.00 Cr
Shares for offer for sale: 9,541,985 shares
Price band: Rs 499 to Rs 524 per share
Lot size: 28 Shares
About Azad Engineering Limited
Founded in 1983, Azad Engineering Limited is a prominent player in the aerospace industry, specialising in the manufacturing of aerospace components and turbines. Committed to precision and innovation, the company serves original equipment manufacturers (OEMs) across diverse sectors, including aerospace, defence, energy, and oil and gas.
Azad Engineering's products are distinguished by their high engineering standards, complexity, and mission-critical nature, making a substantial contribution to its clientele's success. Notably, the company reported a robust revenue of Rs 1,142.92 million as of September 30, 2023, primarily derived from the sale of energy industry blades. Operating from four advanced manufacturing facilities in Hyderabad, Telangana, spanning a total production area of 20,000 square metres, Azad Engineering is poised for expansion with plans to establish two additional manufacturing units in Siddipet and Sangareddy districts, Telangana.
The company's global footprint extends to the USA, China, Europe, the Middle East, and Japan. Headquartered in Hyderabad, India, Azad Engineering Limited is home to a dedicated workforce of 201-500 professionals, driving the company's success and technological prowess.
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