Azad Engineering IPO subscribed 83 times, allotment expected on December 26
Azad Engineering IPO subscribed a remarkable 83.04 times, reaching a significant milestone in the financial markets.
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The book-built issue of Rs 740 crores comprises a fresh issue of 0.46 crore shares (Rs 240 crores) and an offer for sale of 0.95 crore shares (Rs 500 crores).
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Investor demand varied across categories, with retail subscription at 24.51 times, QIB at an astounding 179.64 times, and NII at a remarkable 90.24 times.
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Managed by Axis Capital, ICICI Securities, SBI Capital Markets, and Anand Rathi Securities, with Kfin Technologies as the registrar, Azad Engineering IPO is expected to list on December 28, 2023.
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Price band set at Rs 499 to Rs 524 per share, with a minimum lot size of 28 shares. Retail investors require a minimum investment of Rs 14,672.
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The Grey Market Premium stands at Rs 305 (as on Dec 25), projecting a listing price of Rs 829 (58.21% gain).