Apollo Micro Systems surges on debut

Apollo Micro Systems was trading at Rs 454.10 at 11:06 IST on BSE, at a premium of 65.12% over its initial public offer issue price of Rs 275 on its debut.

Meanwhile, the S&P BSE Sensex was up 108.13 points or 0.3% at 35,619.71.

The stock opened at Rs 478, a premium of 73.82% over issue price. The stock had hit a high of Rs 479.95 and a low of Rs 454.10 so far during the day. On the BSE, 1.64 lakh shares were traded on the counter so far.

The initial public offer (IPO) of Apollo Micro Systems was subscribed 248.51 times last week. The company had fixed the price band of Rs 270-275 per equity share.

Apollo Micro Systems reported net profit of Rs 7.11 crore on net sales of Rs 109.33 crore in the six-months ended September 2017.

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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