Azad Engineering’s IPO Subscribed 11.57 times

The Issue to close tomorrow, Friday, December 22, 2023

Rakesh Chopdar (Chairman and CEO), and Vishnu Malpani (Whole-Time Director), Azad Engineering Limited

FinTech BizNews Service

Mumbai, December 21, 2023: Azad Engineering Limited’s IPO is Subscribed 11.57 times as of 06:14 PM, December 21, 2023. The IPO of Azad Engineering is Subscribed 11.74 times in the retail category; 1.53 times in QIB category and 24.35 times in NIIs category, as of 06:14 PM, December 21, 2023.

The IPO was Subscribed 11.09x as of 05:00 PM, December 21, 2023

Day 2: Azad Engineering Limited IPO*

Subscription Data (as of 05:00 PM, December 21, 2023)

QIB – *1.53x*

NII – *23.49x - {(NII 10L+) – 20.13x, (NII 2L-10L) – 30.21x}*,

Retail – *11.15x*

Employee - *6.24x*

Total – *11.09x*

Issue to close tomorrow, Friday, December 22, 2023_

Cummulative Demand Schedule
AZAD ENGINEERING LTD Last updated on 21 Dec 2023 \| 05:00:00 PM On BSE
Sr.No.	Category	No.of shares offered / reserved	No. of shares bid for	No. of times of total meant for the category
1	Qualified Institutional Buyers (QIBs)	28,08,852	42,89,852	1.53
1(a)	Foreign Institutional Investors (FIIs)	-	6,09,000	-
1(b)	Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)	-	16,408	-
1(c)	Mutual Funds	-	19,10,720	-
1(D)	Others	-	17,53,724	-
2	Non Institutional Investors(NIIS)	21,70,108	5,10,87,204	23.54
2.1	Non Institutional Investors(Bid amount of more than Ten Lakh Rupees)	14,46,738	2,91,83,476	20.17
2.1(a)	Corporates	-	3,66,072	-
2.1(b)	Individuals (Other than RIIs)	-	2,57,31,608	-
2.1(c)	Others	-	30,85,796	-
2.2	Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees)	7,23,370	2,19,03,728	30.28
2.2(a)	Corporates	-	58,380	-
2.2(b)	Individuals (Other than RIIs)	-	1,95,00,180	-
2.2(c)	Others	-	23,45,168	-
3	Retail Individual Investors (RIIs)	50,63,585	5,65,64,480	11.17
3(a)	Cut Off	-	4,98,30,340	-
3(b)	Price Bids	-	67,34,140	-
4	Employee Reserved	80,160	5,01,368	6.25
4(a)	Employee (Cut off)	-	4,51,024	-
4(b)	Employee (Price)	-	50,344	-
5	Reservation PortionShareholder	-	-	-
5(a)	RPS (Cut off)	-	-	-
5(b)	RPS (Price)	-	-	-
	Total	1,01,22,705	11,24,42,904	11.11

Note :
1.The above data display includes demand for UPI & Non-UPI bids.
2.In case of UPI bids, only bids with status as RC100 – “Mandate Accepted by Investor and amount Blocked” are displayed.
3.The final demand display of UPI Bids shall be updated upto 7:00 PM on last day of IPO.

On Day 1 of Azad Engineering Limited IPO, Retail was fully subscribed within few hours of IPO open. There was strong participation from NIIs.

Subscription Data (as of 05:00 PM, 20th December 2023)

QIB – *0.05x*

NII – *6.13x - {(NII 10L+) – 4.84x, (NII 2L-10L) – 8.71x}*,

Retail – *3.92x*

Employee - *2.05x*

Total – *3.30x*

Azad Engineering Limited raised ? 221 crore from 20 anchor investors at the upper price band of ? 524 per equity share on day 1. The anchor book includes marquee investors such as Abu Dhabi Investment Authority, Nippon Life Small Cap Fund, Nomura Funds Ireland Public Limited Company, ICICI Prudential Flexicap Fund and Ashoka India Equity Investment Trust Plc

Azad Engineering’s IPO Subscribed 11.57 times

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