Azad Engineering IPO Subscribed 3.30 Times on Day 1

New Delhi, Dec 20 (PTI) The initial public offer of Azad Engineering got subscribed 3.30 times on the first day of bidding on Wednesday.

The initial share sale received bids for 3,33,80,844 shares against 1,01,22,705 shares on offer, according to data available with the NSE.

The quota for non-institutional investors received 6.13 times subscription while the portion for Retail Individual Investors (RIIs) attracted 3.91 times subscription. The category for Qualified Institutional Buyers (QIBs) got subscribed 5 per cent.

The Initial Public Offer (IPO) has a fresh issue of up to Rs 240 crore and an Offer for Sale (OFS) component 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.