Azad Engineering IPO allotment to be finalised Tuesday. Here’s how you can check status

The share allotment of Azad Engineering IPO is expected to be finalised on December 26. Investors received shares on a lottery basis and the whole process was supervised by the registrar.

On the allotment date, investors get to know about the number of shares allotted to them as against the bids made. They can check the allotment status through the BSE or by visiting the registrar’s website. Here’s how you can check the status on BSE.

Step 1: Visit the BSE Website

Step 2: Please select the issue name, that is the company’s name in the drop down.

Step 3: Enter the application number or PAN number to check the allotment status.

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Also Read: Ola Electric IPO: From industry firsts, issue size to legal niggles, 10 things to know

Azad Engineering GMPThe company’s shares will get listed on the exchanges on December 28. According to market sources, Azad Engineering is commanding a premium of Rs 375 in the unlisted market.

Considering the upper price band of Rs 524, the stock is likely to debut with a premium of 71%.

Also Read: OMCs a short-term play; beware of froth in IPO market: Nitin Raheja

Azad Engineering subscription

The IPO of Azad Engineering was subscribed 80.6 times so far on the last day of the bidding process. The category reserved for QIB was subscribed the most at 179 times, followed by NIIs at 87 times. The retail part received 23.7 times bids.

Azad Engineering is one of the key manufacturers of their qualified product lines supplying to global original equipment manufacturers in the aerospace and defence, energy, and oil and gas industries.

The company makes complex and highly engineered precision forged and machined components that are mission and life-critical and hence, some of their products have a zero parts per million defects requirement.

In the financial year 2023, the company’s revenue from operations rose 31% year-on-year to Rs 261 crore, while net profit for the same period fell 71% to Rs 8.4 crore.

The revenue of the company grew at a CAGR of 43% between FY21 and FY23 and PAT margin grew at a CAGR of 49% in the same period.

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