Azad Engineering Shares list at 37% premium

The Azad Engineering stock was listed at Rs720 on NSE

(L-R): Azad Engineering Management - Vishnu Malpani (Whole-Time Director), P R Balaji (Head of Business Growth), Rakesh Chopdar (Chairman & CEO), along with Subhash Kelkar (Chief Information Officer, BSE) (center), ring the gong in the presence of Azad Engineering board of directors (L-R) Ms. Jyoti Chopdar, Ms. Madhushree Vemuru, and other family members during the listing ceremony of Azad Engineering at BSE.

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


Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited and

Anand Rathi Advisors Limited were the Book Running Lead Managers to the issue.

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