Azad Engineering IPO
Azad Engineering IPO — date, price band, lot size & details 2023
Azad Engineering listed on 28 Dec 2023 at ₹720, 37.4% above the ₹524 issue price.
Azad Engineering makes complex precision forged and machined parts, mainly airfoils and blades, for global OEMs in energy, aerospace and defence, and oil and gas. Its total income was Rs 261.52 crore in FY2023.
Stock price
Azad Engineering is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 20 Dec 2023
- Close 22 Dec 2023
- Allotment 26 Dec 2023
- Refund/credit 27 Dec 2023
- Listing 28 Dec 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 20 to 22 Dec, 2023 |
|---|---|
| Price Band | ₹499 – ₹524 |
| Face Value | ₹2 |
| Lot Size | 28 Shares |
| Issue Size | ₹740 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,672 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 28 shares at the ₹524 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 28 | ₹14,672 |
| Retail (max) | 13 | 364 | ₹1,90,736 |
| S-HNI (min) | 14 | 392 | ₹2,05,408 |
| S-HNI (max) | 68 | 1,904 | ₹9,97,696 |
| B-HNI (min) | 69 | 1,932 | ₹10,12,368 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 125.03 crore in FY2021 to Rs 261.52 crore in FY2023.
- 02Profit after tax was Rs 26.89 crore in the six months to 30 September 2023, far above Rs 8.47 crore in FY2023.
- 03It supplies mission-critical parts to global OEMs, with airfoils and blades making up 72.00% of revenue.
- 04Rs 138.19 crore of the fresh issue was planned for repaying debt.
- 05Net worth grew from Rs 90.89 crore on 31 March 2021 to Rs 230.54 crore on 30 September 2023.
Risks · 6
- 01Profit fell from Rs 29.46 crore in FY2022 to Rs 8.47 crore in FY2023.
- 02The pre-issue P/E was 292.74 at the upper band of Rs 524, as per the source.
- 03Total borrowing was Rs 324.94 crore on 30 September 2023, and the source puts debt to equity at 1.47.
- 04It depends on a few products and global customers in the energy sector, and the source puts the PAT margin at 3.20%.
- 05Rs 500.00 crore of the Rs 740 crore issue was offer for sale, including by the promoter.
- 06Promoters and the promoter group held 78.61% before the issue and 65.9% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Azad Engineering offer document.
| Metric | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 636.63 | 589.21 | 404.32 | 256.05 |
| Total Income | 169.54 | 261.52 | 199.26 | 125.03 |
| Profit After Tax | 26.89 | 8.47 | 29.46 | 11.50 |
| NET Worth | 230.54 | 203.99 | 120.01 | 90.89 |
| Total Borrowing | 324.94 | 300.60 | 197.18 | 87.71 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Azad Engineering RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Azad Engineering IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| P/E Ratio (x) | 292.74 | 57.58 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹524 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹222.76 Cr of the issue is earmarked to named objects.
About the company
It makes highly engineered precision forged and machined components that are mission and life-critical, and some products carry a zero parts per million defects requirement.
In the six months to 30 September 2023, airfoils and blades for the energy industry made up 72.00% of its revenue from operations. Its promoter is Rakesh Chopdar.
The IPO was Rs 740 crore, with Rs 240.00 crore of fresh issue and Rs 500.00 crore of offer for sale by the promoter, Piramal Structured Credit Opportunities Fund and DMI Finance. Rs 138.19 crore was planned for repaying borrowings and Rs 60.40 crore for capital expenditure.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Azad Engineering IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
SBI Capital Markets Ltd.
70 issues handledBest listing: Bajaj Housing Finance (+114.3%). Weakest: Kalyan Jewellers India (-15.0%).
Axis Capital
126 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
ICICI Securities
133 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Anand Rathi Advisors Ltd
7 issues handledBest listing: Paras Defence & Space Technologies (+168.0%). Weakest: Suraj Estate Developers (-5.6%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Azad Engineering?
The current Grey Market Premium is ₹300, or 57% over the issue price.
What is the Azad Engineering IPO price band?
₹499 to ₹524, on a face value of ₹2.
When is the allotment?
The basis of allotment is 26 December 2023, with listing on 28 December 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
