The initial public offering (IPO) of Hyderabad based Apollo Micro Systems was subscribed by 8.98 times with investors bidding for around 3.72 crore shares of the 41.44 lakh shares on offer. The qualified institutional buyers bid 37.42 lakh shares on the opening day of the IPO. High networth individuals (HNIs) bid for 13.66 lakh shares and retail investors bid for 3.19 crore shares.
On Tuesday, Apollo Micro Systems finalised allocation of 16.96 lakh shares at Rs 275 aggregating worth Rs 46.64 crore to anchor investors. Anchor Investors include Sundaram Mutual Fund, Sundaram Smile Fund, National Westminister Bank as trustee of The Jupiter India Fund and Jupiter South Asia Investment Company.
Apollo Micro Systems has planned to raise around Rs156 crore from its initial public offering (IPO). The company has set a price band of Rs 270 to Rs 275 per share for its IPO. Aryaman Financial Services is the book running lead manager to the issue.
The company proposes to utilise the net proceeds of the fresh issue towards additional working capital requirements and general corporate purposes. Apollo Micro Systems designs and develops electronics and electro-mechanical systems for aerospace, defence, space, home land security and transportation.
Newgen Software Tech IPO to open on Jan 16
IT firm Newgen Software Technologies will launch its initial public offer (IPO) on January 16 as it looks to raise over `400 crore from the market. The company has fixed a price band of Rs 240-245 per share.
“The IPO comprises fresh issue of up to `95 crore by the company. Besides, existing shareholders — SAP, IDG Ventures and Accent Capital — will exit post the IPO. They will get about Rs 325 crore,” Newgen Software Technologies managing director Diwakar Nigam told reporters here.