Apollo Micro Systems IPO subscribed 2.14 times on Day 1

Apollo Micro Systems' Rs 156-crore initial public offering (IPO) was subscribed 2.14 times on the first day of bidding today.

The IPO received bids for 88,60,500 shares against the total issue size of 41,44,955 shares, accoding to the NSE data.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 32%, non-institutional and retail investors were subscribed 51% and 3.78 times.

The company yesterday raised Rs 47 crore from anchor investors.

Price band for the offer has been fixed at Rs 270-275. The issue would close on January 12. 

Proceeds of the IPO will be used to meet additional working capital and other general corporate purposes.

The Hyderabad-based firm offers integrated solutions to the aerospace, defence, home land security and transportation sectors.