Receives bids for 87.73 lakh shares
The initial public offer (IPO) of Apollo Micro Systems received bids for 87.73 lakh shares on the first day of the bidding for the IPO today, 10 January 2018, data on NSE showed as at 17:00 IST. The IPO was subscribed 2.12 times.
The IPO, which opened on 10 January 2018, will close on 12 January 2018. The company plans to raise Rs 156 crore by offering equity shares of Rs 10 each for cash at a premium in the price band of Rs 270-275 per equity share.
Ahead of the opening of the IPO, the board of directors of the company at its meeting held on 9 January 2018 finalised allocation of 16.96 lakh equity shares to four anchor investors at Rs 275 per share.
The objects of the IPO are to meet the working capital requirement to the tune of Rs 118.92 crore and balance for other corporate purposes apart from the benefits of listing the equity shares on the BSE and the NSE and to enhance its visibility and brand image and provide liquidity to its existing shareholders.
Apollo Micro Systems is an electronic, electro-mechanical, engineering designs, manufacturing and supplies company. The company designs, develops and sells high-performance, mission and time critical solutions to defence, space and home land security for Ministry of Defence, government controlled public sector undertakings and private sectors. The company has an order book of Rs 97.50 crore as of 25 November 2017.
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