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.
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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.
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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.
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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.
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