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Shares of Apollo Micro Systems on Monday made a dream debut at the bourses.
The stock listed at almost 70 per cent premium at ₹465 on the NSE against its issue price of 275. The stock further rose to ₹480 before settling with a gain of 60.6 per cent at ₹441.75, which is also the day’s low, on the NSE.
On the BSE, it made a debut at ₹478 and scaled a high of ₹479.95 and closed at the day’s low of ₹454.1 on the BSE.
The IPO of Apollo Micro Systems, which caters to the Defence sector, saw overwhelming response from investors. It received bids for about ₹38,000 crore against the IPO size of ₹156 crore.
The public issue was subscribed 248 times, thanks to strong response from all categories of investors — qualified institutional buyers (102 times), non-institutional investors (958 times), retail individual investors (40 times) and employees (16 times).
For retail investors, the company had offered a discount of ₹12 to the issue price. The company had hit street with a price band of ₹270-275 a share.
For the fiscal 2017, the company closed with total income of ₹211.79 crore, and profit after tax of ₹18.57 crore.
Ahead of the issue, Apollo Micro Systems had raised ₹47 crore from anchor investors, including Jupiter South Asia Investment Co and Sundaram Mutual Fund.
The company will use the funds to meet additional working capital needs and for other general corporate purposes.
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