Final day to subscribe to Azad Engineering IPO; Check real-time updates

22 Dec 2023 , 11:51 AM

The Azad Engineering Initial Public Offering (IPO) of Rs 740 crore commenced its subscription on December 20, 2023, and will continue to accept bids until December 22, 2023. By the second day, the IPO had been oversubscribed 11 times. To subscribe to the IPO, click here.

On the third day, the IPO garnered bids for 14,72,29,796 equity shares, surpassing the available 1,01,22,705 shares for subscription by 14.54 times as of 11:30 AM. The retail portion of the IPO was oversubscribed by 14.68 times, the NII portion by 31.23 times, and the QIB portion by 1.56 times. Additionally, a portion reserved for employees was oversubscribed 8.32 times.

Azad Engineering, a manufacturer of aerospace components and turbines, primarily operates in the energy sector (87% of operating revenue), aerospace and defense (9%), and other segments, including oil and gas and scrap (4%).

The Rs 740-crore IPO of Azad Engineering comprises a fresh issue of shares worth Rs 240 crore and an offer-for-sale of shares worth Rs 500 crore by existing shareholders. Promoter Rakesh Chopdar will be selling shares worth Rs 204.97 crore, while investor Piramal Structured Credit Opportunities Fund will be offloading shares worth Rs 260.85 crore. Another selling shareholder, DMI Finance, will sell shares worth Rs 34.18 crore in the Offer for Sale (OFS).