Azad Engineering Limited Announces IPO with Price Band of Rs. 499-524 per Equity Share

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Azad Engineering Limited
Azad Engineering Limited’s initial public offering

Offer Opens December 20, 2023

MUMBAI: Azad Engineering Limited has announced its initial public offering (IPO) of equity shares, set to open on December 20, 2023. The price band for the IPO has been fixed at Rs. 499-524 per equity share of the face value of Rs. 2 each. The Anchor Investor Bid/Offer Period will be on December 19, 2023, while the Bid/Offer Opening Date is on December 20, 2023, and the Bid/Offer Closing Date is on December 22, 2023. Bids can be made for a minimum of 28 equity shares and in multiples of 28 equity shares thereafter.

The price Band fixed at ₹ 499 per equity share to ₹ 524 per equity share of the face value of ₹ 2 each (“Equity Shares”) of Azad Engineering Limited

  • Anchor Investor Bid/Offer Period – Tuesday, December 19, 2023
  • Bid /Offer Opening Date – Wednesday, December 20, 2023, and Bid/ Offer Closing Date – Friday, December 22, 2023
  • Bids can be made for a minimum of 28 Equity Shares and in multiples of 28 Equity Shares thereafter

The IPO consists of a fresh issue of up to Rs. 2,400.00 million and an offer for sale of up to Rs. 5,000.00 million, comprising equity shares offered by the selling shareholders. The company plans to utilize the net proceeds from the offer towards funding capital expenditure, repayment/pre-payment of certain borrowings, and general corporate purposes.

The offer is being made per Regulation 6(1) of the SEBI ICDR Regulations and through the Book Building Process. Not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (QIBs), and such portion, “QIB Portion.” The company may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis per the SEBI ICDR Regulations, out of which at least one-third shall be available for allocation to domestic Mutual Funds only.

Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited, and Anand Rathi Advisors Limited are the Book Running Lead Managers to the issue. The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on both BSE Limited and the National Stock Exchange of India Limited.

Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the Red Herring Prospectus, including the section titled “Risk Factors” beginning on page 28 of the RHP. Potential investors should not rely on the DRHP filed with SEBI for any investment decision.

Disclaimer

Azad Engineering Limited is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions, and other considerations, to make an initial public offering of its Equity Shares and has filed the red herring prospectus (“RHP”) with the Registrar of Companies, Telangana at Hyderabad on December 14, 2023. The RHP is available on the website of the SEBI at www.sebi.gov.in as well as on the website of the book running lead managers i.e., Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited, and Anand Rathi Advisors Limited at www.axiscapital.co.inwww.icicisecurities.comwww.sbicaps.com and www.anandrathiib.com, respectively, and is available on the website of the Stock Exchanges i.e., BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, and the website of the Company at www.azad.in. Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the RHP, including the section titled “Risk Factors” beginning on page 28 of the RHP. Potential investors should not rely on the DRHP filed with SEBI for any investment decision.

This press release has been made for publication in India and may not be released in the United States. The Equity Shares offered in the Offer have not been and will not be registered under the United States Securities Act of 1933, as amended (“Securities Act”) or any state securities laws in the United States, and unless so registered, and may not be offered or sold within the United States, except under an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable U. S. state securities laws. Accordingly, the Equity Shares are being offered and sold outside the United States in offshore transactions in reliance on Regulation S and the applicable laws of each jurisdiction where such offers and sales are made.

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