Azad Engineering IPO gives 170% return to allottees in two months of share listing

Azad Engineering IPO was launched on 20th December 2023 and the book build issue was offered at a price band of ₹499 to ₹524 per equity share. Azad Engineering shares were listed on BSE and NSE on 28th December 2023 at a whopping premium of around 35 percent. However, Azad Engineering share price continues to scale upside after a strong debut on Dalal Street. In nearly two months of share listing, Azad Engineering shares have risen to the tune of 170 percent against the Azad Engineering IPO price band of ₹499 to ₹524 apiece. So, if an allottee had remained invested with this stock despite strong listing gain, the absolute value of one's money would turned 2.7 times their investment amount.

Azad Engineering IPO details

As mentioned above, Azad Engineering IPO was launched on 20th December 2023 and was available for bidding till 22nd December 2023. In three days of bidding, the book build issue was subscribed to the tune of 83 times. The public issue was offered at a price band of ₹499 to ₹524 per equity share. After the strong response from the primary market investors, Azad Engineering shares hit the Indian stock market on 28th December 2023. Azad Engineering share price opened on BSE at ₹710 apiece whereas it listed on the NSE at ₹720 per share, delivering nearly 35 percent return to the lucky allottees. However, the engineering stocks extended their gain further and continued to scale new highs.

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In early morning deals, Azad Engineering share price today opened upside and went on to touch a 5 percent upper circuit while climbing to an intraday high of ₹1,401.05 apiece on NSE. While climbing to this intraday high, Azad Engineering shares went on to touch a new lifetime high. In the last one month, this newly listed stock has surged from around ₹932 to ₹1401 per share level, clocking over 50 percent rise in this time. As the stock listed at ₹720 apiece on NSE and today it is available at ₹1401 apiece level, Azad Engineering shares have risen to the tune of 95 percent post-listing of shares.

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As mentioned above, Azad Engineering shares are available for trade on both NSE and BSE. The stock has a market cap of ₹8,282 crore and its current trade volume is 5,02,781. The stock is currently available at a PE multiple of 38.67 while the sector PE is 54.05.

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