Azad Engineering IPO Fully Subscribed On First Day As NIIs Lead Demand

Azad Engineering Ltd.'s initial public offer got fully subscribed on first day due to a high demand from non-institutional investors and retail individual investors.

The IPO consists of fresh issue of Rs 240 crore and an offer for sale of Rs 500 crore. The price band is fixed at Rs 499–524 per share with face value of Rs 2 each. The issue will conclude on Friday.

Azad Engineering will use the funds for capital expenditure, pre-payment and repayment in full or part of the borrowings that the company has availed.

Azad Engineering manufactures highly engineered, complex and life-critical components, which the company supplies to global original-equipment manufacturers in the energy, aerospace, defence and oil & gas sectors.