So far, the stock has hit a high of 727.50 and a low of 701. On the BSE, over 3.57 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Azad Engineering was subscribed 80.65 times. The issue opened for bidding on 20 December 2023 and it closed on 22 December 2023. The price band of the IPO was fixed at Rs 499-524 per share.

The offer comprised only of fresh issue of equity shares aggregating to Rs 240 crore and offer for sale (OFS) of equity shares aggregating to Rs 500 crore.

Of the net proceeds from the fresh issue, the company intend to use Rs 60.39 crore towards funding capital expenditure; Rs 138.19 crore towards repayment and prepaymentin part or full of certain borrowings and balance towards general corporate purposes.

As on 30 September 2023, the aggregate outstanding borrowings (except for the PSCOF CCDs) were Rs 154.23 crore (including bank guarantee amounting to Rs 0.59 crore).

Azad Engineering is a key manufacturer of qualified product lines supplying to global original equipment manufacturers (OEMs) in the energy, aerospace and defence, and oil and gas industries. The products the company manufactures are highly engineered, complex, mission and life critical high precision forged and machined components.

The firm reported a net profit of Rs 26.89 crore and sales of Rs 158.75 crore for the three months ended on 30 June 2023.