Apollo Micro Systems IPO subscribed 8.99 times on day 2
Mumbai: The Rs156 crore initial public offering (IPO) of Apollo Micro Systems Ltd, a Hyderabad-based company catering to the defence sector, witnessed an overall subscription of 8.99 times on Thursday, the second day of the share sale.
On the first day of the offering on Wednesday, the issue had witnessed a 2.14 times subscription.
According to data from stock exchanges, as of 5pm, the portion of shares reserved for institutional investors in the Apollo Micro Systems IPO was subscribed 3.25 times, while those set aside for retail and non-institutional investors were subscribed 15.14 times and 1.58 times, respectively.
Apollo Micro Systems has set a price band of Rs270-275 per share for the IPO. The offer will close on 12 January.
The share sale is purely a primary offering. The company intends to utilize the proceeds from the offering to meet working capital requirements.
On Tuesday, Apollo Micro Systems raised Rs46.64 crore by selling shares to four institutional investors as part of its anchor book allocation. Institutional investors that participated in the anchor book allocation are Sundaram Infrastructure Advantage Fund, Sundaram Smile Fund, National Westminister Bank Plc and Jupiter South Asia Investment Company Ltd.
Established in 1997 by Baddam Karunakar Reddy, Apollo Micro Systems offers integrated solutions to the aerospace, defence, space, homeland security and transportation sectors.