The Azad Engineering stock was listed at Rs720 on NSE
FinTech BizNews Service
Mumbai, December 28, 2023: Shares of Azad Engineering debuted today on the
NSE. The Azad Engineering stock was listed at Rs720 on NSE, with a premium of
around 37.4% over its IPO price of Rs524. The stock got listed at Rs710 on BSE,
with a premium of around 35.5%.
The listing ceremony of Azad Engineering Limited was held at BSE today. Azad
Engineering Limited management and board of directors Mr. Vishnu Malpani (Whole-
Time Director), Mr. Subha Rao Ambati, Ms. Madhushree Vemuru, Mr. Rakesh
Chopdar (Chairman & CEO), Ms. Jyoti Chopdar and Mr. Michael Joseph Booth along
with Mr. Subhash Kelkar (Chief Information Officer, BSE) were present at the lamp
lightening ceremony during the listing ceremony of Azad Engineering.
Azad Engineering Limited’s IPO was subscribed 80.60 times as of December 22,
2023. The IPO of Azad Engineering was subscribed 23.71 times in the retail
category; 179.66 times in QIB category and 87.54 times in NIIs category.
The company proposed to utilize the Net Proceeds from the offer towards funding
capital expenditure of the company, repayment/pre-payment, in full or part, of certain
borrowings availed by the Company, and general corporate purposes.
Azad Engineering leverages its industry-leading capabilities by continuing to diversify
its customer base and increase penetration and wallet share with existing customers
by entering into new component lines. Azad Engineering intends to continue to
expand its customer base by leveraging its relationship with its existing customers in
India and globally, while simultaneously pursuing opportunities to develop new
relationships. The company aims to continue to maintain its strong track-record of
repeat orders from its existing customers as well as expand and strengthen its
relationships as part of its organic growth efforts. The company is in the process for
qualifying for parts and components for the combustor section of a land-based
turbine which include liners and frames, inner casings, fuel spray nozzle, flame tubes
and transition piece. By leveraging from its experience of manufacturing
components for land-based turbine engines, the company also intends to
manufacture other parts and components for a turbine engine to be used in an
aircraft. The company is continuing to explore several more opportunities on new
engine and aircraft programs that are under consideration or have been recently
announced.
Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited and
Anand Rathi Advisors Limited were the Book Running Lead Managers to the issue.
