Hyderabad: Sachin Tendulkar-backed Azad Engineering raises Rs 221 crore ahead of IPO
Wednesday 20 December 2023
HYDERABAD: Cricketing legend Sachin Tendulkar backed Azad Engineering, which manufactures complex and highly engineered precision forged and machined components, has raised nearly `221 crore from 20 anchor investors on the eve of its `740-crore initial public offering (IPO) opening.
The allocation of 42,13,731 shares for `220.8 crore has been done at an anchor investor allocation price of `524 a share, which is the upper end of the price band of `499-524 per share fixed for the IPO that opens on Wednesday (December 20) and closes on December 22.
The allocation has been done at a premium of `522 per share of `2 face value each. With this nearly 30% of the Hyderabad-based company’s IPO has already been subscribed. The anchor investors include the Abu Dhabi Investment Authority – Monsoon, Nomura Funds Ireland Public Ltd Company – Nomura Funds Ireland-India Equity Fund and Ashoka India Equity Investment Trust LLC, all of whom have been allocated 4,67,572 shares each or a little over 11% each of the anchor investor portion.
The other major anchor investors allocated shares include Nippon Life India Trustee Ltd-Nippon India Small Cap Fund (8.03%), ICICI Prudential Flexicap Fund (6.71%), Kotak Infrastructure & Economic Reform Fund and Kotak Mahindra Trustee Co Ltd-Kotak Business Cycle Fund with 5.55% each