Apollo Microsystems made a strong debut on the bourses on Monday.
Apollo Microsystems made a strong debut on the bourses on Monday. The stock got listed at Rs 478, 74% above its issue price of Rs 275 per share. The stock ended the session at Rs 454.10, 65% above its issue price. This is the first IPO to be listed on the exchanges in 2018. The company had raised nearly Rs 47 crore from anchor investors. Hyderabad based Apollo Micro Systems Limited aimed to raise around Rs 156 crore from its initial public offering (IPO). 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. The company has participated in several indigenous missile programmes, underwater electronic warfare, underwater weapon and short endurance ship and space programmes. In 2017, 36 companies raised Rs 67,147 crore through IPOs. Listing gains and the positive sentiment in the market are among the reasons attributed to the trend. Market participants said the first quarter of 2018 is expected to see robust activity in the primary market.