Azad Engineering Shares Surge 29% on Debut Trade

New Delhi, Dec 28 (PTI) Shares of Azad Engineering Ltd ended with a premium of over 29 per cent against the issue price of Rs 524 on the first day of trade on Thursday.

The stock made its debut at Rs 710, reflecting a jump of 35.49 per cent from the issue price on the BSE. During the day, it zoomed 38.83 per cent to Rs 727.50. Shares of the company ended at Rs 677.10 apiece, rallying 29.21 per cent.

On the NSE, the stock listed at Rs 720, up 37.40 per cent. Shares of the company ended at Rs 673.25 per piece, a jump of 28.48 per cent.

The company's market valuation stood at Rs 4,002.54 crore.

In volume terms, 7.80 lakh shares of the company were traded on the BSE and over 1.51 crore shares on the NSE during the day.

In the equity market, the 30-share BSE Sensex jumped 371.95 points or 0.52 per cent to settle at an all-time closing high of 72,410.38. The Nifty climbed 123.95 points or 0.57 per cent to settle at a fresh record of 21,778.70.

The initial share sale of Azad Engineering received 80.60 times subscription on the last day of 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.

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.