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The initial public offering of Apollo Micro Systems was subscribed 2.14 times on the first day of bidding on Wednesday, thanks to a strong response.
The IPO received bids for 88.60 lakh shares against the issue size of 41.449 lakh shares, according to exchange data.
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, said the company that mainly caters to the defence and aerospace sectors through electronic, electro-mechanical, engineering designs and manufacturing.
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