Azad Engineering IPO receives 80.60 times subscription on last day offer

The initial share sale of Azad Engineering received 80.60 times subscription on the last day of offer on Friday.

The Initial Public Offer (IPO) got bids for 81,58,60,388 shares against 1,01,22,705 shares on offer, according to NSE data.

The portion for Qualified Institutional Buyers (QIBs) fetched a whopping 179.66 times subscription while the non-institutional investors part received 87.55 times subscription. The category for Retail Individual Investors (RIIs) got subscribed 23.71 times.

The IPO had a fresh issue of up to Rs 240 crore and an offer for sale of Rs 500 crore.

The IPO had a price range of Rs 499-524 a share.

Azad Engineering Ltd on Tuesday said it has collected Rs 221 crore from anchor investors.

Proceeds from the fresh issue will be used for funding capital expenditure of the company, payment of debt, and general corporate purposes.

Azad Engineering supplies products to global Original Equipment Manufacturers (OEMs) in the aerospace and defence, energy, and oil and gas industries.

The company's customers include General Electric, Honeywell International Inc, Mitsubishi Heavy Industries, Siemens Energy, Eaton Aerospace, and MAN Energy Solutions SE.

Axis Capital, ICICI Securities, SBI Capital Markets and Anand Rathi Advisors were the managers to the offer.

The equity shares of the company are proposed to be listed on the BSE and the NSE.