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Business News/ Markets / Stock Markets/  Azad Engineering IPO gives 170% return to allottees in two months of share listing
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Azad Engineering IPO gives 170% return to allottees in two months of share listing

Azad Engineering IPO was launched in December 2023 at a price band of ₹499 to ₹524 per equity share

Azad Engineering IPO listed on BSE and NSE at a whopping premium of around 25% on 28th December 2023. (Photo: AP)Premium
Azad Engineering IPO listed on BSE and NSE at a whopping premium of around 25% on 28th December 2023. (Photo: AP)

Azad Engineering IPO was launched on 20th December 2023 and the book build issue was offered at a price band of 499 to 524 per equity share. Azad Engineering shares were listed on BSE and NSE on 28th December 2023 at a whopping premium of around 35 percent. However, Azad Engineering share price continues to scale upside after a strong debut on Dalal Street. In nearly two months of share listing, Azad Engineering shares have risen to the tune of 170 percent against the Azad Engineering IPO price band of 499 to 524 apiece. So, if an allottee had remained invested with this stock despite strong listing gain, the absolute value of one's money would turned 2.7 times their investment amount.

Azad Engineering IPO details

As mentioned above, Azad Engineering IPO was launched on 20th December 2023 and was available for bidding till 22nd December 2023. In three days of bidding, the book build issue was subscribed to the tune of 83 times. The public issue was offered at a price band of 499 to 524 per equity share. After the strong response from the primary market investors, Azad Engineering shares hit the Indian stock market on 28th December 2023. Azad Engineering share price opened on BSE at 710 apiece whereas it listed on the NSE at 720 per share, delivering nearly 35 percent return to the lucky allottees. However, the engineering stocks extended their gain further and continued to scale new highs.

Also Read: Shankar Sharma buys stake in this NSE SME stock. Share hits life-time high

In early morning deals, Azad Engineering share price today opened upside and went on to touch a 5 percent upper circuit while climbing to an intraday high of 1,401.05 apiece on NSE. While climbing to this intraday high, Azad Engineering shares went on to touch a new lifetime high. In the last one month, this newly listed stock has surged from around 932 to 1401 per share level, clocking over 50 percent rise in this time. As the stock listed at 720 apiece on NSE and today it is available at 1401 apiece level, Azad Engineering shares have risen to the tune of 95 percent post-listing of shares.

Also Read: RK Swamy IPO: GMP, review, subscription, price, other details. Apply or not?

As mentioned above, Azad Engineering shares are available for trade on both NSE and BSE. The stock has a market cap of 8,282 crore and its current trade volume is 5,02,781. The stock is currently available at a PE multiple of 38.67 while the sector PE is 54.05.

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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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 04 Mar 2024, 02:33 PM IST
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