Azad Engineering shares debut with over 37% premium

New Delhi: Shares of Azad Engineering Ltd on Thursday listed with a premium of over 37 per cent against the issue price of Rs 524.

The stock made its debut at Rs 710, reflecting a jump of 35.49 per cent from the issue price on the BSE. Later, it zoomed 38.83 per cent to Rs 727.50.

At the NSE, the stock listed at Rs 720, up 37.40 per cent.

The company's market valuation stood at Rs 4,219.19 crore during the early trade.

The initial share sale of Azad Engineering received 80.60 times subscription on the last day of offer on Friday.

The Initial Public Offering (IPO) had a fresh issue of up to Rs 240 crore and an offer for sale of Rs 500 crore.

The IPO had a price range of Rs 499-524 a share.

Proceeds from the fresh issue will be used for funding capital expenditure of the company, payment of debt, and general corporate purposes.

Azad Engineering supplies products to global Original Equipment Manufacturers (OEMs) in the aerospace and defence, energy, and oil and gas industries.

The company's customers include General Electric, Honeywell International Inc, Mitsubishi Heavy Industries, Siemens Energy, Eaton Aerospace, and MAN Energy Solutions SE.