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Another company’s IPO is about to open. This company is Azad Engineering and its business is related to defense industry. Azad Engineering’s IPO is opening from 20th December and will remain open till 22nd December. The company’s IPO price band is Rs. 499 to Rs. is 524. Even before the IPO opens, the company’s shares are making waves in the gray market. Azad Engineering shares are trading at a premium of over 76 percent in the gray market. Cricket legend Sachin Tendulkar also recently made a strategic investment in Hyderabad-based Azad Engineering. The amount invested by Tendulkar in the company has not been disclosed. According to sources, Sachin Tendulkar has bought a small stake in the company.
Shares can be listed above Rs 900
The price band of Azad Engineering IPO is Rs. 499 to Rs. is 524. At the same time, the company’s shares are trading at a premium of Rs 400 in the gray market. If the shares of the company in the IPO are Rs. 524 in the upper price band, their listing at Rs. May be around 924. That is, investors who will be allotted shares of the company in the IPO can expect a profit of more than 76 percent on the day of listing. The total size of the public issue of the company is up to Rs 740 crore.
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The company’s shares will be listed on December 28
Allotment of Azad Engineering shares in the IPO may be finalized on 26 December 2023. At the same time, the shares of the company may be listed on 28 December 2023. Retail investors can bid for a minimum of 1 lot and a maximum of 13 lots in a company’s IPO. One lot of the company’s IPO consists of 28 shares. Retail investors have to invest a minimum of Rs 14672 in the company’s IPO.
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What does Azad Engineering do?
Azad Engineering Limited is a manufacturer of aerospace components and turbines. Azad Engineering supplies its products to Original Equipment Manufacturers (OEM) in the aerospace, defense, power, oil and gas industries.