Azad Engineering, endorsed by cricket legend Sachin Tendulkar, witnessed its shares open at ₹720 on the National Stock Exchange (NSE), marking an impressive 37.40% premium over the issue price of ₹524. Simultaneously, on the Bombay Stock Exchange (BSE), the stock debuted at ₹710 during Thursday’s trading session.
Anticipating the debut, Azad Engineering’s stock commanded a grey market premium (GMP) of ₹205 in the unlisted market, suggesting a potential listing price of ₹729. The initial public offering (IPO) had been priced in the range of ₹499-524.
Also Read
Defence stocks – One of the top plays of 2023, what should be your strategy now
The ₹740-crore public issue of Azad Engineering received robust investor interest, closing with a subscription rate of 80.6 times. Qualified institutional buyers (QIBs) led the subscription, with an impressive 179 times, followed by non-institutional investors (NIIs) at 87 times. Retail investors also displayed significant enthusiasm, with the retail portion receiving bids 23.7 times over.
Primary steel producers could report margin contraction by 60-180 bps post new cess, says ICRA Modi’s visit to Poland: Reinforcing strategic ties amidst regional tension Mining stocks NMDC, Vedanta, Hind Zinc, MOIL, Coal India plunge as much as 5% after SC allows states to collect past dues on royalties Emperium ventures into Gurugram with luxury housing project Premio
The IPO comprised a total fundraise of ₹740 crore, featuring a fresh share sale of ₹240 crore and an offer-for-sale (OFS) of up to 95,41,985 equity shares. The funds raised will be allocated for capital expenditure (CAPEX), repayment of outstanding loans, and general corporate purposes.
Also Read
RBZ Jewellers makes a lacklustre debut on D-street, lists same as IPO price
Promoter Rakesh Chopdar divested shares worth ₹204.97 crore, while investor Piramal Structured Credit Opportunities Fund sold shares worth ₹260.85 crore in the OFS. DMI Finance concluded the remaining ₹34.18 crore in share sales.
Currently, promoters retain a substantial 78.61% stake in Azad Engineering, with Rakesh Chopdar holding 77.46% of the shares. Public shareholding stands at 21.39%, including a 9.13% stake held by Piramal Structured Credit Opportunities Fund. Notable minority shareholders include cricket icons Sachin Tendulkar, PV Sindhu, Saina Nehwal, and VVS Laxman.
“For investors seeking exposure to the manufacturing sector with high growth potential, Azad Engineering offers a compelling opportunity, and existing investors in the IPO may consider holding their shares. However, a cautious approach is advised due to the full valuation and potential risks, and thus a stop loss of around 650 is recommended,” said Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.
Nyati also said that, Azad Engineering, the manufacturer of forged components, made a solid debut on the stock market, listing at Rs 720 per share, a substantial 37% premium over its IPO price of Rs 524. While this performance demonstrates strong investor interest, it falls short of the pre-listing excitement that anticipated a potentially higher rise. Azad Engineering’s successful listing signifies its strong fundamentals and growth potential.
Related Posts
สตาร์ทีมชาติเกาหลีใต้ ได้รับบาดเจ็บจากเกม ยูโรปา ลีก กับ คาราบัก และไม่มีส่วนร่วมในเกมที่บุกชนะ แมนเชสเตอร์ ยูไนเต็ด 3-0 เมื่อวันอาทิตย์ที่ผ่านมา ส่วน อูโดกี บาดเจ็บจากเกมที่ โอลด์ แทร็ฟฟอร์ด หลังถูกเปลี่ยนตัวออกจากสนามตั้งแต่ช่วงพักครึ่งคำพูดจาก สล็อต…
โลคาเตลลี่ สร้างชื่อในศึกยูโร 2020 เมื่อช่วงกลางปี 2021 ทำให้ต้นสังกัด ซาสซูโอโล่ ไม่สามารถรั้งตัวได้อีกต่อไป อาร์เซน่อล เป็นฝ่ายชิงลงมือก่อน แต่กองกลางทีมชาติอิตาลีตอบปฏิเสธ ก่อนเลือกเซ็นสัญญากับ ยูเวนตุส
การย้ายไปเล่นในตูริน เบื้องต้นเป็นสัญญายืมตัวระยะเวลาสองปี พร้อมด้วยเง…
There is at least one Xbox achievement that you will never have, and the reason is simple: It was custom made for Bethesda creative chief Todd Howard, and nobody can have it except him. But after years of secrecy, thanks to a discovery by achievement tracker site TrueAchievements (via GamesRadar), we can now at least see what it is.
The story begins in 2016, when Howard was given a Lifetime Achievement Award at GDC. During his acceptance speech, which he reminisced about in a blog post he put up after Microsoft announced its acquisition of Bethesda in 2020, he jokingly wondered how many achievement points a Lifetime Achievement Award was worth.
“At the end of the ceremony, some good friends from Microsoft congratulated me and said they’d find out,” Howard wrote. “A few…
Another day, another delay. This time it looks like it’s Nvidia’s Blackwell AI GPUs that may have fallen victim to last minute delay-itus, as reports now suggest they’ll be launching in the first half of 2025 instead.
While engineering samples for the B100 and B200 GPUs have already been delivered, it seems enterprise customers including Microsoft, Meta and xAI might have to wait for their orders. According to Tom’s Hardware, two anonymous sources who worked on the chips first released news of the pushback, which was later allegedly corroborated with an anonymous Microsoft source by Bloomberg.
Previously, it was thought that Nvidia was aiming for an end of 2024 release. With multiple high-profile customers placing huge orders for Nvidia’s latest mega-GPUs, and prices estimat…
Since 2020’s World of Warcraft: Shadowlands, the venerable MMO has been following a very specific expansion release formula—four new zones, three raids, eight dungeons, a couple of new features such as delves, and four seasons to keep you busy after you’re done with reputation grind and the campaign.
Even though Blizzard did expand and improve this formula in Dragonflight by adding smaller patches like 10.0.5 and 10.0.7 focused on class balancing and new events, the structure has remained intact across the last three expansions, and much of that structure was also inherited from the expansions that came before. WoW’s changed a lot over the last 20 years, and it’s time to change again—to shake up the good old formula and breathe in a new life into the expansion …
In the MMOs where I spend most of my time, big achievements tend to be things like guilds completing a raid before anyone else, or being the first player to hit max level at the start of a new expansion. And as impressive as some of these feats are, they are still part of the largely linear journey that most players will eventually experience. Pax Dei, a “social sandbox” that’s launching in early access soon, is doing things differently.
Mainframe Industries want to make a world that “does not feel like a journey”, says game director Reynir Hardarson. There are no levels or classes, so you don’t progress from level 1 to level 60. “It’s more of a place where you live in it.”
You find some land to call your own, or maybe join a clan and build a house, inn or shop in a village,…
Since the series’ earliest days on the humble MSX, one of the big inspirations behind Metal Gear has been John Carpenter’s Escape from New York. Protagonist Solid Snake gets his callsign from Kurt Russell’s character Snake Plissken (a link that would later be solidified when Snake uses the codename Plisken in MGS2), as well as his general bearing and attitude and equipment, while later games will make the Snake connection even more obvious with the addition of a Plissken-style eyepatch.
So Metal Gear creator Hideo Kojima is obviously a fan. From Metal Gear Solid onwards Snake would be voiced by David Hayter (until Kiefer Sutherland was cast in MGS: GZ and MGSV: TPP) but that seems to have been a somewhat fraught relationship, with the actor revealing that even before that s…
Suicide Squad: Kill The Justice League has endured a torrid road to launch. In April, the game was delayed to February next year, after its State-of-Play presentation two months prior saw a tepid response from audiences. The more recent Story and Gameplay deep-dive showed greater promise, but since then the Internet has been flooded with leaks revealing important details about the game.
While we won’t go into detail about what was leaked, if you want to go into Suicide Squad completely clean, best stop reading now. The leaks began in earnest following a closed alpha tech test in November, revealing the game’s opening, emote dances, and specifics regarding its skill trees.
Since then, dataminers have been sifting through the files made available through the test, pullin…
Bungie has finally confirmed the long-rumored delay to Destiny 2: The Final Shape, the expansion that will conclude the long-running Light and Darkness saga. The studio said today that the expansion “needs more time to become exactly what we want it to be,” and so it is now set to arrive on June 4, 2024.
“The Final Shape is the culmination of the first ten years of Destiny storytelling and, for Guardians everywhere, countless hours spent together,” the Destiny 2 dev team said. “We want to honor that journey, so we’re taking the time we need to deliver an even bigger and bolder vision, one that we hope will be remembered and treasured for years to come.”
Season of the Wish will start as scheduled on November 28 (that’s tomorrow) and will be extended to run until the lau…
Correction 10/15/23: An earlier version of this article speculated that the mod reused Goblin faces already in the game. The mod’s usable faces are actually custom work by mod creator Tripsadin.
Let’s be real, the weird, vaguely villainous and nonhuman fantasy races in RPGs are the most fun way to play. Half-Orcs, Dragonborn, Tieflings, they’re just more fun, especially in a game as reactive as Baldur’s Gate 3. It’s felt like only a matter of time until modders started opening up options for BG3’s unplayable NPC races, and modder Tripsadin has implemented playable Goblins with their mod, Whispers of the Fey – Goblins Race.
The mod adds Goblins as a character creation option, with custom faces created by Tripsadin, and according to comments on the Ne…