IPO News: Azad Engineering Opens For Subscription, Know Key Things

20 Dec, 2023 Author: Ayushee Joshi

IPO News Today: The initial public offering (IPO) of Azad Engineering is now accepting subscriptions, and it will remain open through Friday, December 22. The company declared that the IPO would have a price range of Rs 499–524. The offer for sale (OFS) component of the issue, which is made up of promoters and outside investors, is worth Rs 500 crore. A new share offering will be used to raise the remaining Rs 240 crore. The issue size of the Azad Engineering IPO issue is Rs 740 crore. The company plans to use the offer's proceeds to pay off or prepay debt totaling about Rs 90 crore as well as partially finance capital expenditures for its planned Rs 280 crore expansion, which would involve building up two units by the end of the following fiscal year.

About Azad Engineering

Azad Engineering Limited manufactures aircraft turbines and parts. Original equipment manufacturers (OEMs) in the oil and gas, aerospace, defense, and energy sectors are the company’s target market. Azad Engineering produces highly engineered, mission-critical, intricately designed, and essential products. More than 80% of the company’s revenue comes from exports to 15 international markets.