Azad Engineering IPO Allottees Enjoy 170% Returns in Just 2 Months

Azad Engineering’s IPO, launched on December 20, 2023, offered shares at a price range of ₹499 to ₹524 per equity share. After a strong debut on December 28, 2023, with a premium of around 35%, Azad Engineering’s share price has continued to climb. In the two months since its listing, the shares have surged by an impressive 170%, exceeding the IPO price band of ₹499 to ₹524 per share. This means that those who remained invested have seen their investment grow 2.7 times.

IPO Details:

Azad Engineering’s IPO subscription period was from December 20 to December 22, 2023. The book build issue received a strong response, being subscribed 83 times within three days. With an issue price of ₹499 to ₹524 per equity share, the company made its stock market debut on December 28, 2023. Opening at ₹710 on BSE and ₹720 on NSE, the stock rewarded allottees with a nearly 35% return. Since then, Azad Engineering’s shares have consistently risen.

Recent Performance:

In early morning trading, Azad Engineering’s share price opened positively, hitting a 5% upper circuit and reaching an intraday high of ₹1,401.05 on NSE. This surge marked a new lifetime high for the stock. Over the past month, the newly listed stock has seen a remarkable increase from around ₹932 to ₹1401 per share, reflecting a growth of over 50%. Notably, since listing at ₹720 on NSE, the shares have risen by 95%.

Market Details:

Azad Engineering shares are actively traded on both NSE and BSE, with a market capitalization of ₹8,282 crore. The current trade volume is 5,02,781, and the stock has a Price to Earnings (PE) multiple of 38.67, compared to the sector PE of 54.05. The company’s impressive performance in the stock market has garnered attention and brought significant returns to investors.

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