Azad Engineering Limited IPO Detail
Azad Engineering IPO is book built issue of Rs 740.00 crores. The issue is a combination of fresh issue of 0.46 crore shares totals of Rs 240.00 crores and offer for sale of 0.95 crore shares aggregating to Rs 500.00 crores.
Azad Engineering IPO opens for subscription on December 20, 2023 and closes on December 22, 2023. The allotment for the Azad Engineering IPO is expected to be finalized on Tuesday, December 26, 2023. Azad Engineering IPO will list on BSE, NSE with tentative listing date fixed as Thursday, December 28, 2023.
Azad Engineering IPO price band is set at ₹499 to ₹524 per share. The minimum lot size for an application is 28 Shares. The minimum amount of investment required by retail investors is ₹14,672. The minimum lot size investment for sNII is 14 lots (392 shares), amounting to ₹205,408, and for NII, it is 69 lots (1,932 shares), amounting to ₹1,012,368.
About Azad Engineering Limited
Incorporated in 1983, Azad Engineering Limited is a manufacturer of aerospace components and turbines. The company supplies its products to original equipment manufacturers (OEMs) in the aerospace, defense, energy, and oil and gas industries.
Azad Engineering's products are highly engineered, complex, mission-critical, and vital.
The grey market price (GMP) trading normally starts about 4-5 days prior to IPO opening and continues till the listing date. In the case of Azad Engineering Ltd, we already have GMP data for the last 4 days, which should give a reasonable picture of the likely listing price of the IPO.
There are 2 factors that impact the GMP. Firstly, the market conditions have a deep impact on the GMP, especially the liquidity conditions in the market. Secondly, the extent of subscription for the IPO has a deep impact on the GMP as it is indicative of investor interest in the stock. GMP can also technically be negative, which means the stock would list at a discount to the issue price.
There is one small point to remember here. The GMP is not an official price point, just a popular informal price point. However, in most cases, it has been observed to be a good informal gauge of demand and supply for the IPO. Hence it does give a broad idea of how the listing is likely to be and how the post-listing performance of the stock would be.
Azad Engineering is headquartered in Hyderabad, Telangana, India, and employs 201-500 people.