Sachin Tendulkar-Backed Azad Engineering IPO: Allotment, GMP, and Listing Date Revealed

Catch the latest updates on Azad Engineering IPO, including allotment details, current Grey Market Premium (GMP), and the anticipated listing date.

Gobind Arora
Published on: 26 Dec 2023 6:37 AM GMT
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Sachin Tendulkar-Backed Azad Engineering IPO: Allotment, GMP, and Listing Date Revealed

The Azad Engineering IPO is making headlines, and for good reason. Scheduled to finalize the basis of allotment on Tuesday, December 26, the primary offering has garnered substantial attention from investors. Sachin Tendulkar, a notable investor, brings added allure to this aerospace-focused venture.

Azad Engineering's IPO, open from December 20 to December 22, was offered in the price band of Rs 499-524 per share, with a lot size of 28 equity shares. The response from bidders during this three-day period was overwhelming, resulting in an oversubscription of 80.65 times. The qualified institutional bidders (QIBs) section saw an astonishing 179.66 times subscription, while non-institutional investors subscribed 87.61 times. Retail investors and employees also displayed keen interest, with subscriptions of 23.79 times and 14.71 times, respectively.

Despite robust QIB bidding, the Grey Market Premium (GMP) for Azad Engineering has experienced fluctuations amidst broader market volatility. Presently, the GMP stands at Rs 300-310 per share, indicating a potential listing pop of 57-60%. Notably, this premium was around Rs 440 apiece before the bidding process.

Incorporated in 1983, Azad Engineering specializes in manufacturing aerospace components and turbines. The company supplies its products to original equipment manufacturers (OEMs) in the aerospace, defense, energy, and oil and gas sectors. Azad Engineering's offerings are known for being highly engineered, complex, mission-critical, and vital.

Sachin Ramesh Tendulkar's investment in March 2023 further adds intrigue to Azad Engineering. Investing around Rs 5 crore, Tendulkar acquired 14,607 equity shares at Rs 3,423 per share. Post a stock split and bonus issue, these shares transformed into 3,65,175 equity shares, with an average holding price of Rs 136.92 apiece.

Brokerage firms have largely been optimistic about Azad Engineering's IPO, recommending subscription based on its solid track record, robust business plan, fair valuations, high entry barriers, strong margins, and sound financials. Axis Capital, ICICI Securities, SBI Capital Markets, and Anand Rathi Shares and Stock Brokers serve as the book running lead managers for the IPO, with Kfin Technologies as the registrar.

Shares of Azad Engineering are set to be listed on both BSE and NSE, with Thursday, December 27, as the tentative listing date. Investors eager for Azad Engineering IPO updates can check the allotment status on the BSE website's IPO application check page or through the online portal of Link Intime India, the registrar to the issue. Simply enter the application number and PAN card details for a hassle-free check.

Stay tuned for more insights into the allotment process, Grey Market Premium changes, and the exciting listing day for Azad Engineering.

Gobind Arora

Gobind Arora

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