Azad Engineering IPO Allotment: Check Allotment Status, Link Here

26 Dec 2023 , 12:20 PM

Investors in the Azad Engineering IPO are eagerly awaiting the share allotment results, scheduled to be finalized on December 26. The allocation process, conducted through a lottery system, was overseen by the registrar.

On the allotment date, investors will discover the number of shares allotted to them in comparison to their submitted bids. The allotment status can be checked through the BSE or by visiting the registrar’s website, KFin Technologies Limited.

The IPO of Azad Engineering witnessed an overwhelming response, with a subscription rate of 80.6 times on the final day of the bidding process. The Qualified Institutional Buyers (QIB) category led with a subscription of 179 times, followed by Non-Institutional Investors (NIIs) at 87 times, while the retail portion received bids 23.7 times.

Azad Engineering stands as a key manufacturer in its product lines, supplying to global original equipment manufacturers in the aerospace and defense, energy, and oil and gas industries. The company specializes in producing complex and precision-engineered forged and machined components critical for mission success, with some products requiring a zero parts per million defects requirement.

In the financial year 2023, Azad Engineering recorded a 31% YoY growth in revenue from operations, reaching Rs 261 crore. However, the net profit for the same period experienced a 71% decline, settling at Rs 8.4 crore.

The company’s financial performance showcases robust growth, with a revenue CAGR of 43% between FY21 and FY23, accompanied by a PAT margin CAGR of 49% during the same period.