Apollo Micro Systems IPO subscribed 9 times on Day 2

The initial public offer (IPO) of Apollo Micro Systems, which caters primarily to the defence and aerospace sectors, was subscribed 9 times on the second day of bidding on Thursday.

The IPO, to raise Rs 1.56 billion, received bids for 3,72,44,150 shares against the total issue size of 41,44,955 shares, data available with the NSE showed.

The category set aside for qualified institutional buyers (QIBs) was subscribed 3.25 times, non institutional investors 1.58 times and retail investors 15.14 times.

Till yesterday the IPO was subscribed 2.14 times.

Apollo Micro Systems on Tuesday raised nearly Rs 470 million from anchor investors.

Price band for the offer, which would close tomorrow, has been fixed at Rs 270-275.

Proceeds of the IPO, through which Apollo Micro Systems is estimated to raise Rs 1.56 billion, will be used to meet additional working capital and other general corporate purposes.

Shares of the company will be listed on NSE and BSE.

Aryaman Financial Services Limited is the book running lead manager to the offer.