February 29, 2024

Azad Engineering IPO: Your Ultimate Guide to What’s Happening

So, buckle up, folks! Azad Engineering is gearing up to spill the beans on who’s in and who’s out with their shares. Mark your calendars for Tuesday, December 26, because that’s the day they spill the tea on the basis of share allotment. Brace yourselves, as by Wednesday, December 27, you lucky bidders will be receiving messages, alerts, or emails about your funds or, hold onto your hats, revocations of your IPO mandate.

Bidding Frenzy: Sachin Tendulkar’s Touch and the Numbers Game

The Sachin Tendulkar-backed company didn’t just enter the ring; it did a victory lap! The bidding process, open from December 20 to December 22, had investors doing the cha-cha to Azad Engineering’s price band of Rs 499-524 per share. The company danced its way to the bank, raising a whopping Rs 740 crore. That includes Rs 240 crore from a fresh shares sale and an offer-for-sale of up to 95,41,985 equity shares.

Subscription Mania: From QIBs to Retail Investors

This wasn’t your average subscription; it was a subscription extravaganza! The bidding war lasted three days, and Azad Engineering emerged victorious, being oversubscribed a jaw-dropping 80.65 times. Qualified institutional bidders (QIBs) led the charge, subscribing 179.66 times, while non-institutional investors weren’t far behind at 87.61 times. Even retail investors and employees joined the party, subscribing 23.79 times and 14.71 times, respectively.

Grey Market Roller Coaster: From Highs to Lows

Hold onto your roller coaster seats because Azad Engineering’s grey market premium (GMP) took us for a wild ride. Despite QIB investors throwing their weight around, the GMP plummeted amid market volatility. Last we heard, the premium was Rs 300-310 per share, predicting a listing pop of 57-60%. That’s quite a dip from the Rs 440 apiece it commanded before the bidding frenzy.

The Company Spotlight: Azad Engineering’s Journey

Let’s take a trip down memory lane to 1983 when Azad Engineering joined the aerospace scene. This company crafts aerospace components and turbines, supplying them to heavyweights in aerospace, defense, energy, and oil and gas. Their products? Think highly engineered, complex, mission-critical, and absolutely vital.

Sachin Tendulkar’s Investment Game

In a bold move, cricket legend Sachin Ramesh Tendulkar threw his hat into the investment ring, dropping roughly Rs 5 crore in March 2023. How? He snagged 14,607 equity shares at Rs 3,423 per share, which, post-stock split and bonus issue, turned into a whopping 3,65,175 equity shares. The average price? Rs 136.92 apiece.

Broker Buzz: Positive Vibes All Around

Brokerage firms weren’t shy about their love for Azad Engineering’s IPO. They showered it with praise for its track record, solid business plan, fair valuations, high entry barriers, robust margins, and stellar financials. All of this backed by a team of seasoned pros.

Behind the Scenes: The Maestros Managing the Show

Axis Capital, ICICI Securities, SBI Capital Markets, and Anand Rathi Shares and Stock Brokers are the maestros orchestrating Azad Engineering’s IPO. Meanwhile, Kfin Technologies takes the reins as the registrar. Circle December 27 on your calendars because that’s the tentative date when Azad Engineering’s shares will hit both BSE and NSE.

Check Your Status: Don’t Miss the After-Party

For all you eager beavers who jumped on the Azad Engineering bandwagon, it’s time to check your status. Head to the BSE website’s IPO application check page. Select Azad Engineering Limited, type in your application number and PAN card details, prove you’re not a robot, and hit submit.

But wait, there’s more! You can also flex your tech muscles on Link Intime India’s online portal. Pick Azad Engineering from the dropdown menu, enter your PAN card number, application number, or DP client ID, hit ‘search,’ and voila – your allotment status is right there.

So, there you have it, the lowdown on Azad Engineering’s IPO saga. Stay tuned for the big reveal on December 26 and keep your fingers crossed for that listing pop on December 27!

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