Apollo Micro Systems makes a strong debut, lists at a premium of 74% vs issue price

Apollo Micro Systems, which primarily caters to defence and aerospace sectors, made a strong debut on the bourses with the stock listing at Rs 478 on the BSE, a premium of nearly 74 per cent against its issue price of Rs 275. 

The stock gained as much as 479.95, up 74.50 per cent on the BSE. 

At 10:07 am, the stock was trading 5 per cent down at Rs 454 against its opening price. 

The company's Rs 156-crore initial public offer (IPO) which ended on January 12, was subscribed a whopping 248.51 times led by strong demand from the non-institutional segment, which was oversubscribed 958 times. 

The institutional segment of the IPO saw nearly 1.2 times subscription while the segment reserved for retail investors was subscribed 40.19 times.

It allotted 16,96,050 shares to four anchor investors at a price of Rs 275 per scrip, garnering Rs 46.64 crore, the company said in a statement.

The company will use the proceeds of the IPO to meet additional working capital and other general corporate purposes.

Apollo Micro Systems offers integrated solutions to the aerospace, defence, home land security and transportation sectors.