Apollo Micro Systems, which caters primarily to the defence and aerospace sectors, today got listed at Rs 478 with a premium of 74 per cent over its issue price of Rs 275 on BSE.
Within minutes of listing, the stock surged to an early high of Rs 479.95. The stock was trading at Rs 454.10, up by 65.13 per cent, compared to the issue price, on the BSE at 11.15 am local time. On the volume front, 1.64 lakh shares exchanged hands on the BSE.
The initial public offer (IPO) of Apollo Micro Systems was subscribed a staggering 248.51 times. The IPO to raise Rs 156 crore received bids for 1,03,00,72,250 shares against the total issue size of 41,44,955 shares.
The portion set aside for qualified institutional buyers (QIBs) was subscribed 101.93 times, non-institutional investors 958.07 times, retail individual investors 40.19 times and employees 16.04 times. Apollo Micro Systems had raised nearly Rs 47 crore from anchor investors.
Proceeds of the IPO will be used to meet additional working capital and for other general corporate purposes, the company had said.