Azad Engineering IPO subscribed 80.65 times on final day; check out allotment date, other details

Azad Engineering IPO details: Azad Engineering launched its IPO on December 20, 2023, for subscription with a price band of Rs 499 to Rs 524 per share. The IPO of the manufacturer of aerospace components and turbines will be opened for subscription for three trading days, i.e., until December 22 from 10 am to 5 pm. The Azad Engineering IPO is a book-built issue of Rs 740.00 crore. The issue is a combination of a fresh issue of 0.46 crore shares and an offer for sale of 0.95 crore shares.

Here are some important things to know about the Azad Engineering IPO.

Azad Engineering IPO subscription status

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

Here's how various categories of investors responded to the issue:

Azad Engineering IPO allotment date

The basis of the allotment of shares under the Azad Engineering IPO is set to be finalised on December 26.

Azad Engineering IPO listing date

The Azad Engineering IPO stock is likely to be listed in the secondary market on December 28. The stock will be traded on the bourses, BSE and NSE.

Azad Engineering IPO: Lot size

The minimum lot size for the application is 28 shares.

Azad Engineering IPO: Book-running lead managers

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

Azad Engineering IPO: Fund Utilisation

The net proceeds of the fresh issue are proposed to be utilised in the following manner:

• Funding capital expenditure of the company;
• Repayment/prepayment, in part or full, of certain of the borrowings availed by the company; and general corporate purposes.

What does Azad Engineering do?

Incorporated in 1983, Azad Engineering is a manufacturer of aerospace components and turbines. It supplies its products to original equipment manufacturers (OEMs) in the aerospace, defence, energy, and oil and gas industries.

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