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Last Updated : Jan 22, 2018 02:17 PM IST | Source: Moneycontrol.com

Bumper debut! Apollo Micro Systems lists 74% higher at Rs 478

The company's Rs 156-crore IPO saw huge oversubscription of 248.51 times between January 10 and January 12.

Shares of Apollo Micro Systems made a strong debut on the exchanges on Monday, gaining a whopping 74 percent in the opening tick.

The stock listed at Rs 478 on the BSE, an increase of Rs 203.

The company's Rs 156-crore IPO saw huge oversubscription of 248.51 times between January 10 and January 12.

The company, which caters primarily to the defence and aerospace sectors, had set an issue price for its initial public offer at Rs 275 per share.

Out of Rs 156 crore, Apollo Micro Systems raised nearly Rs 47 crore from anchor investors at the higher end of price band of Rs 270-275 per share.

Considering the market's strong momentum and that the issue was met with a phenomenal response from investors, the listing price premium could be around Rs 200 per share over the IPO price, experts suggested.

The company will use the proceeds of the issue to meet any additional working capital requirements and for general corporate purposes.

Aryaman Financial Services was the book running lead manager to the offer.
First Published on Jan 22, 2018 10:01 am
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