- Price Band fixed at ₹499 per equity share to ₹524 per equity share of the face value of ₹2 each
- Anchor Investor Bid/Offer Period – Tuesday, December 19, 2023
- Bid /Offer Opening Date – Wednesday, December 20, 2023, and Bid/ Offer Closing Date – Friday, December 22, 2023
- Bids can be made for a minimum of 28 Equity Shares and in multiples of 28 Equity Shares thereafter
NE BUSINESS BUREAU
AHMEDABAD, DEC 17
Azad Engineering Limited on Saturday announced its initial public offering price band has been fixed in the range of ₹499 to ₹524 per equity share of the face value of ₹2. The IPO date of subscription is scheduled for Wednesday, December 20, and will close on Friday, December 22. The allocation to anchor investors is scheduled to take place on Tuesday, December 19.
Bids can be made for a minimum of 28 Equity Shares and multiples thereof.
Azad Engineering IPO comprises a fresh issue of shares of up to ₹240 crore and an offer for sale (OFS) of up to ₹500 crore by its promoter Rakesh Chopdar and other investor shareholders including Piramal Structured Credit Opportunities Fund and DMI Finance.
Azad Engineering Limited is a producer of turbines and parts for aircraft. The business provides its goods to original equipment manufacturers (OEMs) in the oil and gas, aerospace, defence, and energy sectors. The company’s customers include General Electric, Honeywell International Inc., Mitsubishi Heavy Industries, Ltd., Siemens Energy, Eaton Aerospace, and MAN Energy Solutions SE.
The products of Azad Engineering are vital, mission-critical, intricately designed, and highly engineered.
The company’s sales of blades for the energy sector brought in ₹1,142.92 million as of September 30, 2023. The USA, China, Europe, the Middle East, and Japan are among the company’s clientele.
Azad Engineering is headquartered in Hyderabad, Telangana. 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.
The company reported a net profit at ₹26.89 crore with a revenue of ₹169.54 crore for the period ended on September 30, 2023. Its bottomline came in at ₹8.47 crore with a revenue of ₹ 261.52 crore for the financial year ended on March 31, 2023.
Azad Engineering IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. Employees portion have been reserved equity shares aggregating up to ₹4 crores.
The company proposes to utilize the Net Proceeds from the offer towards funding capital expenditure of the company, repayment/pre-payment, in full or part, of certain borrowings availed by the Company, and general corporate purposes.
The listing of shares will be on December 28 on BSE & NSE.
Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited and Anand Rathi Advisors Limited are the Book Running Lead Managers to the issue.
