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Azad Engineering IPO: Azad Engineering Limited Rs. 740 crore for an initial public offering (IPO) of Rs. 499-524 per share issue price has been fixed. The company announced that the IPO will open on December 20 and close on December 22. Anchor investors will be able to bid on December 19.
240 crore fresh issue
Hyderabad-based Azad Engineering Ltd’s IPO raised Rs. 240 crores in new issues as well as promoters, investors raising a total of Rs. Includes Offer for Sale (OFS) of equity shares up to Rs 500 crore. In OFS, promoter Rakesh Chopdar raised Rs. 204.97 crore shares and investor Piramal Structured Credit Opportunities Fund will sell Rs. 260.85 crore shares, while another selling shareholder will sell Rs. 34.18 crore will be DMI finance for remaining shares.
Whose share is how much?
The promoters hold 78.61 per cent stake in the company, including Rakesh Chopdar’s 77.46 per cent stake. Public shareholding is 21.39 per cent, including 9.13 per cent stake of Piramal Structured Credit Opportunities Fund. The company will finalize the basis of allotment of IPO shares by December 26 and the equity shares will be credited to the demat accounts of successful investors by December 27.
As per the IPO schedule, shares of Azad Engineering will be available for trading in the market from December 28 i.e. T+3 time line. Axis Capital, ICICI Securities, SB I Capital Markets and Anand Rathi Advisors are the book running lead managers to the issue, while Caffeine Technologies is the registrar of the offer.
About the company: Azad Engineering supplies products to global original equipment manufacturers (OEMs) in the aerospace and defense, power, oil and gas industries. The company has customers in the energy, aerospace and defense and oil and gas industries such as General Electric, Honeywell International Inc., Mitsubishi Heavy Industries Ltd., Siemens Energy, Eaton Aerospace and MAN Energy Solutions SE.