Newly-listed Azad Engineering shares rallied 10% to hit a new 52-week high of Rs 729.4 in Monday s trade on BSE after the firm won a big order from Rolls-Royce for critical engine part supply for defence business. The stock was trading 7.6% higher at Rs 727.7 on BSE. The IPO of Azad Engineering received a good response from investors with 80.6 times subscription at close. The company is one of the key manufacturers of qualified product lines supplying global original equipment manufacturers in the aerospace and defence, energy, and oil and gas industries.
The Azad Engineering stock had hit a high of Rs 727.50 on its debut on Thursday. The stock eventually closed the previous session at Rs 677.50 , up 29.29 per cent.
Azad Engineering share price: The IPO of Azad Engineering received a good response from investors with 80.6 times subscription at close. 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. The issue was a fresh equity of Rs 240 crore and an offer for sale (OFS) of Rs 500 crore.
India Business News: Azad Engineering has made a strong market entry with its shares trading at a 37.4% premium over the IPO price, starting at Rs 720 per share on the NSE