Azad Engineering Ltd. IPO

Azad Engineering Ltd.

IPO Listing Details

Listed On


Listed On

Issue Price


Issue Price

Listing Price


Listing Price

Listing Gains

+₹186.00 (+35.50%)

Listing Gains

IPO Details

Bidding Dates

20 Dec - 22 Dec '23

Bidding Dates

Min. Investment


Min. Investment

Lot Size


Lot Size

Price Range

₹499 - ₹524

Price Range

Issue Size

705 Cr

Issue Size

Subscription Rate

  • Retail Individual Investor
  • Non-Institutional Investor
  • Qualified Institutional Buyers
  • Employees

About Company

Azad Engineering Ltd. is a specialty manufacturer with product lines in the energy, oil and gas, aerospace and defence, and other industries. It produces intricate, intricately engineered, mission- and life-critical components. Among its main products are 3D spinning air-foil sections for turbine engines, as well as other essential items for spaceships, defence missiles, nuclear power, hydrogen, gas power, oil, and thermal power, as well as other military and commercial aircraft. The portion of the new issue will be used to pay off or prepay the company's outstanding debts as well as to acquire capital expenditures (CAPEX). The new cash will also be utilised, in part, for general business objectives. Axis Capital, ICICI Securities, SBI Capital Markets, and Anand Rathi Securities will oversee the lead management of the IPO. The issue's registrar will be KFIN Technologies Ltd.

Important Dates - Azad Engineering IPO

Application opens on 20th December 2023
Last date of application 22nd December 2023
Date of Allotment 26th December 2023
Refund begins from 27th December 2023
Credit of shares to Demat 27th December 2023
Listing date 28th December 2023

Why should you invest in Azad Engineering Ltd. IPO?

Azad Engineering Limited is the most favoured partner of extremely important names and a specialised player in the life-critical component space. Throughout the stated periods, the company's top line has likewise shown consistent growth. 

Azad Engineering IPO Grey Market Premium

Date GMP
18th December Rs.440
17th December Rs.380
16th December Rs.380

Azad Engineering IPO Noteworthy Highlights

  • Azad Engineering Ltd.'s initial public offering (IPO) will consist of both a new issue and an offer for sale (OFS). Although the new issuance tends to attract new capital to the company, it also dilutes equity and profits per share. Nevertheless, OFS does not involve dilution of equity or EPS; rather, it is merely a transfer of ownership.


  • The IPO of Azad Engineering Ltd includes a fresh issue portion consisting of 45,80,153 shares, or roughly 45.80 lakh shares. 


  • The sale of 95,41,985 shares, or around 95.42 lakh shares, is part of Azad Engineering Ltd offer for sale portion of its initial public offering (IPO).


Azad Engineering Ltd. IPO - SWOT Analysis


In the very complicated technical solutions for the hydrocarbon, aerospace, and defence industries, the company is a chosen partner. Additionally, the company enjoys long-standing, close client connections with some of the most prestigious original equipment manufacturers (OEMs) worldwide.



Although sales have increased steadily over the past three years, the newest year's profits decreased, primarily due to a dramatic increase in labour and staff expenditures. The demand for competent labour in this highly competitive industry is significantly higher than the supply, which means that labour prices will be higher.



Although the IPO is valued at a higher amount than before, this can be readily explained by the company's distinctive positioning and the anticipated margins over the next two years. This is ideally a long-term niche play into an industry that supports the defense, aerospace, and hydrocarbons sectors, which are all experiencing rapid expansion and attention. 



The majority of Azad Engineering Limited's operating income is derived from its Hyderabad and Telangana facilities. The business, financial standing, and future prospects of the company could be adversely affected by any disruption, malfunction, or shutdown of the Hyderabad facility.


Financial Snapshot - Azad Engineering IPO

Check out the financial performance of Azad Engineering for recent years:

Financial Year Total Assets Total Revenues Net Profit
March 2021 Rs 259 crore Rs 102 crore Rs 8 crore
March 2022 Rs 406 crore Rs 193 crore Rs 27 crore
March 2023 Rs 589 crore Rs 251 crore Rs 13 crore

A competitive analysis

Azad Engineering Ltd has JSW Infrastructure Limited, Syrma SGS Technology Limited, and Ratan India Enterprises as its peers. Take a look at their performances:

Competitive Analysis - Azad Engineering IPO

Company Name Market Capitalisation(Rs.Cr) 1-Year Return
JSW Infrastructure Limited ₹ 48,636.04 N.A
Syrma SGS Technology Limited 11,897.31 128.81%
Ratan India Enterprises 11,131.88 71.77%

How to apply for Azad Engineering Ltd. IPO?

You can apply for the Azad Engineering Ltd. IPO in these ways:

Link your personal bank A/C to a trusted UPI ID and map it with your TradeSmart account. Now, proceed further to book your IPO. On acceptance of the mandate, the bid amount will get blocked in your bank account Learn more.

Demat Account

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Azad Engineering Ltd. IPO FAQs

What are the opening and closing dates for Azad Engineering Ltd IPO?

Azad Engineering Ltd IPO will open for subscription on December 20 and close on December 22.


What is the price band for Azad Engineering Ltd IPO?

The price band for Azad Engineering Ltd IPO is ₹499 to ₹524 per share.


Who is taking part in the OFS?

The offer for sale comprises sale of equity shares worth ₹170 crore by Rakesh Chopdar and ₹280 crore by Piramal Structured Credit Opportunities Fund and ₹50 crore by DMI Finance Private Limited.


What is the minimum and maximum lot size for the Azad Engineering Ltd IPO?

The minimum is 1 and maximum is 13.


What will be the promoter shareholding in Azad Engineering Ltd after the IPO?

The promoter shareholding in Azad Engineering Ltd after the IPO will reduce to 73.05% from 88.24% currently.


Who are Azad Engineering Ltd IPO Lead Managers?

Axis Capital, ICICI Securities, SBI Capital Markets and Anand Rathi are the joint Book Running Lead Managers (BRLMs) to the issue.


Who is the registrar of the issue?

Kfin Technologies Ltd. is the registrar for Azad Engineering Ltd IPO.


When will the Azad Engineering Ltd IPO allotment take place?

The finalisation of the basis of allotment for Azad Engineering Ltd IPO will be done on December 26, and the allotted shares will be credited to investors’ demat accounts by December 27.


When and where will the Azad Engineering Ltd shares be listed?

The equity shares of Azad Engineering Ltd are proposed to be listed on December 26, 2023, on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).


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