The company’s market valuation stood at Rs 4,219.19 crore during the early trade.
New Delhi: Shares of Azad Engineering Ltd on Thursday listed with a premium of over 37 percent against the issue price of Rs 524. The stock made its debut at Rs 710, reflecting a jump of 35.49 percent from the issue price on the BSE. Later, it zoomed 38.83 percent to Rs 727.50. At the NSE, the stock listed at Rs 720, up 37.40 percent.
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The company’s market valuation stood at Rs 4,219.19 crore during the early trade. The initial share sale of Azad Engineering received 80.60 times the subscription on the last day of the offer on Friday.
The Initial Public Offering (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.
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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 defense, energy, and oil and gas industries.
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The company’s customers include General Electric, Honeywell International Inc., Mitsubishi Heavy Industries, Siemens Energy, Eaton Aerospace, and MAN Energy Solutions SE.
