Azad Engineering IPO Oversubscribed 11 Times on Day 2

New Delhi, Dec 21 (PTI) The initial share sale of Azad Engineering received 11.09 times subscription on day two of bidding on Thursday.

The Initial Public Offering (IPO) got bids for 11,22,11,456 shares against 1,01,22,705 shares on offer, according to data available with the NSE.

The portion for non-institutional investors attracted 23.49 times subscription while the quota for Retail Individual Investors (RIIs) got subscribed 11.15 times.

The category for Qualified Institutional Buyers (QIBs) received 1.53 times subscription.

The IPO has a fresh issue of up to Rs 240 crore and offer for sale of Rs 500 crore. The price range for the offer is Rs 499-524 a share.

Azad Engineering Ltd on Tuesday said it has collected Rs 221 crore from anchor investors.

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 defence, energy, and oil and gas industries.

The company's customers include General Electric, Honeywell International Inc, Mitsubishi Heavy Industries, Siemens Energy, Eaton Aerospace, and MAN Energy Solutions SE.

Axis Capital, ICICI Securities, SBI Capital Markets and Anand Rathi Advisors are the managers to the offer.

The equity shares of the company are proposed to be listed on the BSE and the NSE.