December 22, 2023
New Delhi, India
Retail and Non-Institutional Investors Drive Subscription Surge
Azad Engineering IPO has witnessed remarkable oversubscription, reaching 20.62 times on its third day at 12:39 IST. The enthusiasm is notably fueled by robust participation from retail and non-institutional investors.
Momentum Builds as All Portions Oversubscribed
On the third day of the Azad Engineering IPO, every portion of the offering is oversubscribed, signaling a promising momentum. Retail and non-institutional investors take the spotlight, contributing significantly to the overall subscription status, which stands at 20.62 times as of 12:39 IST.
Previous Days’ Highlights
The IPO, which opened for subscription on December 20, initially saw a subscription of 3.31 times on day 1, led by strong participation from retail and non-institutional investors. By the end of the second day, the subscription surged to 11.11 times, demonstrating substantial interest from non-institutional investors and retail participants.
Key Details of Azad Engineering IPO
Azad Engineering IPO, with a price band of ₹499 to ₹524 per equity share, commenced on December 20 and is scheduled to close on December 22. The lot size is 28 equity shares, with multiples of 28 equity shares thereafter. The IPO allocation reserves 50% for qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and 35% for retail investors. Additionally, a portion is set aside for employees, aggregating up to ₹4 crores.
Day 3 Subscription Breakdown
of day 3, the retail investors’ portion is subscribed 16.84 times, non-institutional investors’ portion surges to 46.72 times, and qualified institutional buyers’ portion registers a solid 7.60 times oversubscription. The employee portion also sees significant demand, being booked 9.38 times.
