The initial public offering (IPO) of Azad Engineering concluded on December 22nd after strong demand from investors. The IPO was subscribed 81 times, with heavy oversubscription in the retail, HNI and institutional portions. Now all eyes are on the Azad Engineering IPO allotment, which is expected on December 26th.
Investors who bid for the Azad Engineering IPO shares can check their allotment status online via the registrar website or BSE platform. Here is a step-by-step guide on how to check your Azad Engineering IPO allotment status online via the registrar (KFintech) website or BSE website.
Azad Engineering IPO Share Allotment Details
As per the Red Herring Prospectus (RHP), Azad Engineering aimed to raise around ₹1,000 crores via its maiden public issue of shares. The price band was fixed at ₹56-₹60 per equity share for the IPO.
Now that the IPO is closed for subscription, the final share allotment will be done under HNI, retail and institutional categories:
- 50% shares reserved for Qualified Institutional Buyers (QIBs)
- 15% shares for Non-Institutional Investors (NIIs)
- 35% shares for retail individual investors (RIIs)
Investors are allotted shares via a lottery system. The process is handled by the registrar — KFin Technologies Limited.
On December 26th, investors will know how many shares they have been allotted against their bids. The procedure has been closely monitored to ensure fairness and transparency.
Check Azad Engineering IPO Allotment Status Online
Investors have two options to check their share allotment status — via the BSE website or directly on the KFin Technologies website.
On BSE Website
- Go to https://www.bseindia.com/investors/appli_check.aspx
- Select ‘Azad Engineering Limited’ as the issue name from the dropdown options
- Enter your application number or PAN card details
- Enter captcha code and submit details
- Your Azad Engineering IPO allotment status will be displayed on the next page
On Registrar Website
- Go to https://kprism.kfintech.com/ipostatus/
- Select ‘Azad Engineering Limited IPO’ option
- Now select either ‘Application Number’ or ‘PAN Number’ radio button
- Accordingly enter your application number or PAN details
- Finally enter captcha code and click submit
- Your Azad Engineering IPO allotment status will appear on the screen
So by December 26th, investors will be able to check their IPO share allotment status via these simple steps online. In case you are allotted shares, it will reflect in your demat account in a few days. Trading will begin tentatively by December 29th once the shares are credited.
Azad Engineering Grey Market Premium Moderate Now
Earlier Azad Engineering shares commanded high grey market premium (GMP), trading at ₹445 on Friday. However, as volatility hit markets this week, the company’s GMP has lowered to ₹311 currently.
Market observers believe recent correction has dampened grey market sentiment for IPOs in general. But Azad Engineering IPO’s bumper oversubscription should still translate into healthy listing gains for investors.
So investor focus will be more on the actual share allotment now, after which we’ll see stability in the unofficial grey market trading. There is still scope for high listing pop and gains for allottees if secondary market revives.
Read More: AIK Pipes IPO to Open on December 26, Sets Price at Rs 89 Per Share
Azad Engineering IPO: Key Details for Investors
Before the Azad Engineering IPO share allotment, let’s recap key details about the public issue:
- IPO Date: December 20th to 22nd, 2023
- IPO Size: ₹1,000 crores
- Fresh Issue: ₹400 crores
- Offer for Sale: ₹600 crores
- Price Band: ₹56 – ₹60 per equity share
- Lot Size: 250 shares
- Issue Type: Book built IPO
- Listing: BSE, NSE
Azad Engineering Limited is a leading manufacturer with specialization in aerospace and defense sector. Its marquee clients include HAL, BEL, HPCL, NTPC, BHEL and Indian Railways among others.
The company aims to fund its growth plans via the IPO proceeds, besides paring debt and meeting working capital needs.
The public issue saw enthusiastic response from all investor categories and got subscribed 81 times overall. Now allottees await the final share allocation and listing date. Trading is expected to start around Dec 29th, 2023 on bourses.
So monitor your Azad Engineering IPO allotment status online closely on Monday, December 26th. Investors have the option to check via BSE website or directly through the registrar platform using the steps given above.