India's Azad Engineering closes 29% higher in market debut

Motisons Jewellers

28/12/2023 10:38

** Shares of Indian machine components maker Azad
Engineering  AZAD.NS  close at a 29.3% premium to the issue
price of 524 rupees in market debut
    ** Shares had opened 720 rupees, a premium of 37.4%
    ** AZAD's offer of fresh issue of up to 2.4 billion Indian
rupees ($28.86 million) and offer for sale of 5 bln rupees was
subscribed ~81 times
    ** AZAD, backed by the likes of former Indian cricketer
Sachin Tendulkar and Indian badminton ace Saina Nehwal, is among
companies which have seen premium listing in crowded IPO space
in late 2023
    ** Azad is the seventh co to list this week after Muthoot
Microfin  MUTO.NS  Suraj Estate Developers  SRAE.NS  Happy
Forgings  HAPY.NS , Credo Brands  CREO.NS , Motison Jewellers
 MOTN.NS  and  RBZ Jewellers  RBZJ.NS 
    ** Companies have raised funds worth 447.93 billion rupees
in main board IPOs so far this year, down 24% from a year ago,
as per NSE data

($1 = 83.1690 Indian rupees)

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))