Bookbuilding IPO | ₹740 Cr | Listed at BSE, NSE | Wed, Dec 20, 2023 - Fri, Dec 22, 2023
Azad Engineering IPO is a book build issue of ₹740.00 crores. The issue is a combination of fresh issue of 0.46 crore shares aggregating to ₹240.00 crores and offer for sale of 0.95 crore shares aggregating to ₹500.00 crores.
Azad Engineering IPO bidding started from Dec 20, 2023 and ended on Dec 22, 2023. The allotment for Azad Engineering IPO was finalized on Dec 26, 2023. The shares got listed on BSE, NSE on Dec 28, 2023.
Azad Engineering IPO price band is set at ₹524 per share. The lot size for an application is 28. The minimum amount of investment required by an retail is ₹14,672 (28 shares) (based on upper price). The lot size investment for sNII is 14 lots (392 shares), amounting to ₹2,05,408, and for bNII, it is 69 lots (1,932 shares), amounting to ₹10,12,368.
The issue includes a reservation of up to 76,335 shares for employees offered at a discount of ₹0.00 to the issue price.
Axis Capital Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to Azad Engineering IPO RHP for detailed Information.
IPO Open
Wed, Dec 20, 2023
IPO Close
Fri, Dec 22, 2023
Issue Price
₹524 per share
Market Cap (Pre-IPO)
₹3,097.52 Cr
| IPO Date | 20 to 22 Dec, 2023 |
| Listed on | Thu, Dec 28, 2023 |
| Face Value | ₹2 per share |
| Price Band | ₹499 to ₹524 |
| Issue Price | ₹524 per share |
| Lot Size | 28 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 1,41,22,108 shares (agg. up to ₹740 Cr) |
| Fresh Issue | 45,80,151 shares (agg. up to ₹240 Cr) |
| Offer for Sale | 95,41,957 shares of ₹2 (agg. up to ₹500 Cr) |
| Share Holding Post Issue | 5,91,12,995 shares |
| BSE Script Code / NSE Symbol | 544061 / AZAD |
| ISIN | INE02IJ01035 |
Azad Engineering IPO offers total 1,41,22,108 shares. Out of which 70,22,886 (49.73%) allocated to QIB, 28,09,155 (19.89%) allocated to QIB (Ex- Anchor), 21,06,866 (14.92%) allocated to NII 49,16,021 (34.81%) allocated to RII and 42,13,731 (29.84%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 70,22,886 (49.73%) | NA |
| − Anchor Investor Shares Offered | 42,13,731 (29.84%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 28,09,155 (19.89%) | NA |
| NII (HNI) Shares Offered | 21,06,866 (14.92%) | NA |
| − bNII > ₹10L | 14,04,577 (9.95%) | 3,583 |
| − sNII < ₹10L | 7,02,289 (4.97%) | 1,791 |
| Retail Shares Offered | 49,16,021 (34.81%) | 1,75,572 |
| Employee Shares Offered | 76,335 (0.54%) | NA |
| Total Shares Offered | 1,41,22,108 (100.00%) |
Investors can bid for a minimum of 28 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 28 | ₹14,672 |
| Retail (Max) | 13 | 364 | ₹1,90,736 |
| S-HNI (Min) | 14 | 392 | ₹2,05,408 |
| S-HNI (Max) | 68 | 1,904 | ₹9,97,696 |
| B-HNI (Min) | 69 | 1,932 | ₹10,12,368 |
Azad Engineering IPO raises ₹220.80 crore from anchor investors. Azad Engineering IPO Anchor bid date is December 19, 2023.
📝 Anchor Investors Letter (PDF)
| Bid Date | Tue, Dec 19, 2023 |
| Shares Offered | 42,13,731 |
| Anchor Portion (₹ Cr.) | 220.80 |
| Anchor lock-in period end date for 50% shares (30 Days) | Thu, Jan 25, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | Mon, Mar 25, 2024 |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Incorporated in 1983, Azad Engineering Limited is a manufacturer of aerospace components and turbines. The company supplies its products to original equipment manufacturers (OEMs) in the aerospace, defense, energy, and oil and gas industries.
Azad Engineering's products are highly engineered, complex, mission-critical, and vital.
As of September 30, 2023, the company generated revenue of ₹1,142.92 million from the sale of blades for the energy industry. The company's customer base includes the USA, China, Europe, the Middle East and Japan.
The company has four manufacturing facilities in Hyderabad, Telangana, India. These facilities are capable of producing high-precision forged and machined components and have a total production area of around 20,000 square meters. The company is also planning to set up two more manufacturing units at Tuniki Bollaram village in Siddipet district, Telangana, and Mangampet village in Sangareddy district, Telangana. These plants will have a total production area of 94,898.78 and 74,866.84 square meters respectively.
Azad Engineering is headquartered in Hyderabad, Telangana, India, and employs 201-500 people.
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 636.63 | 589.21 | 404.32 | 256.05 |
| Total Income | 169.54 | 261.52 | 199.26 | 125.03 |
| Profit After Tax | 26.89 | 8.47 | 29.46 | 11.50 |
| Reserves and Surplus | 221.14 | 202.51 | 118.88 | 89.42 |
| Total Borrowing | 324.94 | 300.60 | 197.18 | 87.71 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding capital expenditure of the Company | 60.40 |
| 2 | Repayment/prepayment, in part or full, of certain borrowings availed by the Company | 138.19 |
| 3 | General corporate purposes | 24.17 |
| KPI | |
|---|---|
| ROE | 4.2% |
| ROCE | 12.99% |
| Debt/Equity | 1.47 |
| RoNW | 4.23% |
| PAT Margin | 3.20% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 1.79 | |
| P/E (x) | 292.74 | 57.58 |
| Promoter Holding | 78.61% | 65.9% |
| Market Cap | ₹3,097.52 Cr. |
The Azad Engineering IPO is subscribed 83.04 times on December 22, 2023 7:02:00 PM (Day 3). The public issue subscribed 24.51 times in the retail category, 179.64 times in the QIB category, and 90.24 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 179.64 | 28,09,155 | 50,46,38,624 |
| NII | 90.24 | 21,06,866 | 19,01,20,000 |
| bNII (bids above ₹10L) | 93.3 | 14,04,577 | 13,10,46,888 |
| sNII (bids below ₹10L) | 84.12 | 7,02,289 | 5,90,73,112 |
| Retail | 24.51 | 49,16,021 | 12,04,71,708 |
| Total | 83.04 | 98,32,042 | 81,64,09,468 |
Total Application : 39,40,409
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | BRLMs’ fees and commission including underwriting commission, as applicable | 19.94 |
| 2 | Commission/processing fee for SCSBs, Sponsor Banks, Bankers to the Offer and fee payable to the Sponsor Bank for Bids made by RIBs and Eligible Employees, Brokerage, underwriting commission and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | 2.98 |
| 3 | Fees payable to the Registrar to the Offer | |
| 4 | Fees payable to other parties, including but not limited to Statutory Auditors, Independent Chartered Accountant, industry expert and Independent Chartered Engineer | 3.69 |
| 5 | Others | |
| 6 | Listing fees, SEBI filing fees, upload fees, BSE & NSE processing fees, book building software fees and other regulatory expenses | 5.28 |
| 7 | Printing and distribution of issue stationery | 3.28 |
| 8 | Advertising and marketing expenses | 11.80 |
| 9 | Fees payable to legal counsels | 4.43 |
| 10 | Miscellaneous | 1.79 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹524.00 | ₹524.00 |
| Open | ₹710.00 | ₹720.00 |
| Low | ₹670.05 | ₹670.00 |
| High | ₹727.50 | ₹727.00 |
| Last Trade | ₹677.10 | ₹677.50 |
Azad Engineering IPO is a main-board IPO of 1,41,22,108 equity shares of the face value of ₹2 aggregating up to ₹740 Crores. The issue is priced at ₹524 per share. The minimum order quantity is 28.
The IPO opens on Wed, Dec 20, 2023, and closes on Fri, Dec 22, 2023.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Azad Engineering IPO using UPI as a payment gateway. Zerodha customers can apply in Azad Engineering IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Azad Engineering IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Azad Engineering IPO opens on Wed, Dec 20, 2023 and closes on Fri, Dec 22, 2023.
Azad Engineering IPO lot size is 28, and the minimum amount required for application is ₹14,672.
You can apply in Azad Engineering IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Azad Engineering IPO will be done on Tuesday, December 26, 2023, and the allotted shares will be credited to your demat account by Wed, Dec 27, 2023. Check the Azad Engineering IPO allotment status.
The Azad Engineering IPO listing date is on Thu, Dec 28, 2023.
