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Azad Engineering lists at 35% premium in line with grey market predictions

Azad Engineering lists at 35% premium in line with grey market predictions
  • The stock listed at ₹710 as compared to its IPO price of ₹524 per share.
  • The market capitalization of the company is at ₹4,197 crore, as per BSE.
The stock of Azad Engineering listed at a 35% premium to its issue price, on Thursday. The grey market was expecting 38% listing gains from the stock.

The stock listed at ₹710 as compared to its IPO price of ₹524 per share. The market capitalization of the company is at ₹4,197 crore, as per Bombay Stock Exchange.

The ₹740 crore issue was subscribed 83 times the shares on offer, with good response from institutional buyers. The qualified institutional buyers (QIB) portion was subscribed 179 times over, and that of non-institutional investors was subscribed 90 times.

Most of the new-debuts on the stock market this year have given positive listing gains to investors. Here are the listing gains of the last few market debuts

Company

Listing gains

Doms

77%

Tata Technologies

162%

Gandhar Oil

78%

IREDA

87%



Telangana based Azad Engineering produces highly-engineered, complex, mission-critical, and vital products for original equipment manufacturers (OEMs). It specializes in aerospace components and turbines.

The company, which was established in 1983, also manufactures components across industries like defence, energy, and oil and gas.

Its aerospace and defence products are largely utilized in commercial and defence

aircraft to provide propulsion, actuation, hydraulics, and flight control. Within the energy turbine industry, airfoils contribute to the majority of the sales for the company, the company said in its DRHP.

The company has delivered 3.09 million units between FY09 to FY23. It believes it has no listed peers in the stock market.

It also supplied components to clients across countries such as the USA, China, Europe, Middle East, and Japan since its inception. The company’s manufacturing infrastructure comprises four facilities in India, at Hyderabad with a total manufacturing area of around 20,000 sq meters.

The company intends to use proceeds from the fresh issue towards capex, general corporate purposes, repaying debt and more.

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