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Azad Engineering's IPO is opening for investors next week, check what the price band
Azad Engineering IPO: This quarter also many companies have launched their IPOs for investors. Azad Engineering is also opening its IPO in the next business week. The company's external investors include many stars like Sachin Tendulkar, PV Sindhu, and Saina Nehwal. The IPO of the company will open on 20 December 2023. Let us know in detail in this report.
Next week, Azad Engineering, which is based in Hyderabad, is launching its IPO for investors. The company is planning to raise Rs 740 crore through this IPO. The IPO of the company will open on 20 December 2023. Let us tell you that Azad Engineering is a 15-year-old company.
The company has fixed the price band of this IPO at Rs 499-524. The company will issue an issue of Rs 740 crore in its IPO. This IPO includes Rs 500 crore of Offer for Sale (OFS) by external investors. The company's Chairman and Managing Director Rakesh Chopdar told PTI that the company will raise Rs 240 crore through its IPO.
Rakesh Chopdar says that external investors in the company include the Piramal Structured Credit Opportunities Fund, which will sell shares for Rs 261 crore. It had invested Rs 160 crore in August 2022. Apart from this, DMI Finance had taken the firm's stake in July 2021. The company will sell a 1.2 percent stake which is approximately Rs 34 crore.
The company will sell shares worth Rs 204 crore in OFS, after which its stake in the company will reduce from a pre-issue holding of 78 percent to 68 percent.
