Apollo Micro Systems closes over 60% higher on bourses

Apollo Micro Systems, which caters primarily to the defence and aerospace sectors, today made a remarkable debut on the stock exchanges, surging over 60 per cent against its issue price of 275.
The stock settled at Rs 454.10 on the BSE, a jump of 65.13 per cent higher from the issue price. It had listed at Rs 478, which was 74 per cent higher over the issue price. During the trading session, it had touched the day's high of Rs 479.95.
On the NSE, the scrip ended the day at Rs 441.75, rising 60.63 over issue issue price. It had opened the trade at Rs 465 and rose to a high of Rs 480.

The Rs 156-crore initial public offer (IPO) of Apollo Micro Systems was subscribed by a staggering 248.51 times during the three day bidding session from January 10-12.
The portion set aside for qualified institutional buyers (QIBs) was subscribed 101.93 times, non-institutional investors 958.07 times, retail individual investors 40.19 times and employees 16.04 times.
Apollo Micro Systems had raised nearly Rs 47 crore from anchor investors.
Proceeds of the IPO will be used to meet additional working capital and for other general corporate purposes, the company had said.