Azad Engineering IPO
Azad Engineering Limited (AZAD) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 28 December 2023.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +42.0% (likely range +27% to +46%), day's high +49.8%, chance of a gain 82%. Actual: +37.4% at the open, +38.7% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 28,08,852 | 50,46,38,624 | 180x | |
| NII (HNI) total | 21,70,108 | 19,01,20,000 | 87.6x | |
| Big NII (above ₹10 lakh) | 14,46,738 | 13,10,46,888 | 90.6x | |
| Small NII (₹2-10 lakh) | 7,23,370 | 5,90,73,112 | 81.7x | |
| Retail | 50,63,585 | 12,04,71,708 | 23.8x | |
| Employees | 80,160 | 11,79,136 | 14.7x | |
| Total | 1,01,22,705 | 81,64,09,468 | 80.7x |
Bids on NSE and BSE together, as published by NSE, as of 22 Dec 2023, 07:00 PM. Shares offered exclude the anchor portion. 13% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Azad Engineering's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Netweb Technologies IndiaJul 2023 | 229x | 81.8x | 19.2x | 90.4x | ₹625 Cr | +89.4% | +90.4% |
| Harsha Engineers InternationalSep 2022 | 178x | 71.3x | 17.6x | 74.7x | ₹794 Cr | +36.4% | +59.9% |
| EMSSep 2023 | 153x | 82.3x | 29.8x | 75.3x | ₹322 Cr | +33.7% | +37.9% |
| Vishnu Prakash R PungliaAug 2023 | 172x | 111x | 32.0x | 87.8x | ₹309 Cr | +66.7% | +66.7% |
| Senco GoldJul 2023 | 181x | 65.0x | 15.5x | 73.4x | ₹427 Cr | +35.6% | +40.1% |
| Gandhar Oil Refinery (India)Nov 2023 | 129x | 62.2x | 28.9x | 64.1x | ₹509 Cr | +76.3% | +103.6% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Axis Capital | 107 | +20.4% | 73% |
| ICICI Securities | 109 | +21.3% | 69% |
| SBI Capital Markets | 56 | +16.7% | 61% |
| Anand Rathi Advisors | 11 | +28.5% | 91% |
Offer documents (NSE)
Frequently asked
What is the Azad Engineering IPO price band and lot size? ₹499–524 per share, with a lot of 28 shares, so the smallest retail bid is ₹14,672.
How many times has it been subscribed? 80.7x overall: QIB 180x, NII 87.6x, retail 23.8x, employees 14.7x.
How did it list? It opened at ₹720, +37.4% against the issue price of ₹524, and closed its first day +29.3%.
