Azad Engineering IPO: Issue gets oversubscribed by 80.65 times on day 3 so far; GMP rises | Mint
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Business News/ Markets / Ipo/  Azad Engineering IPO: Issue gets oversubscribed by 80.65 times on day 3 so far; GMP rises
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Azad Engineering IPO: Issue gets oversubscribed by 80.65 times on day 3 so far; GMP rises

Azad Engineering IPO subscription status: Retail and non-institutional investors have shown strong interest in the IPO, which has been oversubscribed 80.65 times on its third day.

Azad Engineering IPO opened for subscription on Wednesday, December 20, and will close on Friday, December 22. (https://www.azad.in/)Premium
Azad Engineering IPO opened for subscription on Wednesday, December 20, and will close on Friday, December 22. (https://www.azad.in/)

Azad Engineering IPO subscription status: An excellent momentum appears to have been set up for the Azad Engineering IPO on its third day, as all of the portions are oversubscribed. The limelight has been stolen by retail and non-institutional investors as a whole. Azad Engineering IPO subscription status is 80.65 times on day 3.

Also Read: Azad Engineering IPO: GMP, subscription status, should you apply as bidding ends today

Azad Engineering IPO was subscribed 11.11 times at the end of second day. Non institutional investors (NIIS), and retail showed huge interest.

On day 1, Azad Engineering IPO has been subscribed 3.31 times led by retail and NIIs. The retail portion was fully booked within few hours of opening.

Azad Engineering IPO opened for subscription on Wednesday, December 20, and will close on Friday, December 22. Azad Engineering IPO price band has been fixed in the range of 499 to 524 per equity share of the face value of 2. Azad Engineering IPO lot size is 28 equity shares and in multiples of 28 equity shares thereafter.

Also Read: Azad Engineering IPO opens today: GMP, subscription status, dates, review, other key details. Apply or not?

Azad Engineering IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. Employees portion have been reserved equity shares aggregating up to 4 crores.

On day 3, Azad Engineering IPO's retail investors portion was subscribed 23.79 times, NII portion was subscribed 87.61 times, and QIB portion was booked 179.66 times. The employee portion is booked 14.71 times.

Also Read: Azad Engineering IPO: Issue fully subscribed on day 1, retail, NIIs steal the show; check latest GMP

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Azad Engineering IPO subscription status

Azad Engineering IPO has received bids for 81,64,09,468 shares against 1,01,22,705 shares on offer, according to data from the BSE.

Azad IPO retail investors' portion received bids for 12,04,71,708 shares against 50,63,585 shares on offer for this segment.

Azad Engineering IPO's non-institutional investors' portion received bids for 19,01,20,000 shares against 21,70,108 on offer for this segment.

Azad IPO's QIBs portion received bids for 50,46,38,624 shares against 28,08,852 shares on offer for this segment.

Azad Engineering IPO's employee portion received bids for 11,79,136 shares against 80,160 on offer for this segment.

Also Read: Azad Engineering raises 221 crore from anchor investors ahead of IPO

Azad Engineering IPO details

Azad Engineering IPO comprises a fresh issue of shares of up to 240 crore and an offer for sale (OFS) of up to 500 crore by a promoter and others selling shareholders, as per red herring prospectus (RHP). Azad Engineering IPO issue size is 740 crore.

Azad Engineering Limited is a producer of turbines and parts for aircraft. The business provides its goods to original equipment manufacturers (OEMs) in the oil and gas, aerospace, defence, and energy sectors.

The book running lead managers of the Azad Engineering IPO are Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited, and Anand Rathi Securities Limited. The registrar of the issue is Kfin Technologies Limited.

Also Read: Azad Engineering IPO: Price band fixed at 499-524 apiece; GMP, issue details, more

Azad Engineering IPO GMP today

Azad Engineering IPO GMP today or Azad Engineering IPO grey market premium is +375, which is higher than yesterday's +370. This indicates Azad Engineering share price were trading at a premium of 375 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Azad Engineering share price is 899 apiece, which is 71.56% higher than the IPO price of 524.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: Azad Engineering gets Sebi nod for its 740 crore IPO; check details here

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

 

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Published: 22 Dec 2023, 12:49 PM IST
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