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The initial public offering of Apollo Micro Systems was subscribed 2.04 times on the second day of bidding on Thursday, as per NSE data available till 4.20 pm local time.
The IPO received bids for 84,57,750 lakh shares against the issue size of 41,44,955 lakh shares. Of the total number of shares, QIBs bid for 6,600 shares against 11,51,875 reserved for them, non institutional investors 4,39,400 against 8,63,800, retail individual investors bid for 61,92,000 against the offer for 21,09,280, and employees 11,500 against 20,000 shares reserved for them.
The IPO, in a price-band of ₹270–275 a share, will close for subscription on Friday. Apollo Micro Systems had raised ₹46.64 crore from anchor investors, who were allotted 16.96 lakh shares at ₹275 a share. Proceeds of the IPO will be used to meet additional working capital and other general corporate purposes. Aryaman Financial Services Limited is the Book Running Lead Manager for the IPO.
The company mainly caters to the defence and aerospace sectors through electronic, electro-mechanical, engineering designs and manufacturing. For the fiscal 2017, fiscal 2016 and fiscal 2015, the company closed with a total income of Rs. 211.79 crore, Rs. 159.53 crore and Rs. 108.76 crore respectively and profit after tax of Rs. 18.57 crore, Rs. 10 crore and Rs. 7.44 crore respectively. It has an order book of Rs. 97.50 crore as of November 25, 2017.
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