The Indian prime market has been recording a rise in investor confidence particularly among firms that are associated with manufacturing, defence and aerospace. Of these, Azad Engineering IPO stands out as a unique business opportunity because of its niche business approach, a high level of international clientele, and institutional investors. Retail, HNI, and QIB categories were creating massive interest as a result of the IPO, and in effect, the listing was a great success.
The specialized engineering sector that Azad Engineering Limited deals with, is where volume-based production is not important but rather precision, quality, and long-term relationships with the OEMs.
We will discuss about Azad Engineering IPO: Review, Share Price, Subscription and More
Azad Engineering IPO Overview
Azad Engineering Limited is a precision manufacturing firm based at Hyderabad, which was incorporated in 1983. The company develops and produces highly engineered and mission-critical parts that are utilized in aerospace engines, gas turbines, defense equipment, and machinery in the energy sector. These are components that cannot easily be substituted and demand high metallurgical standards, high quality control and international certifications.
The firm distributes directly to major original equipment manufacturers (OEMs) in the global markets which include the United States, Europe, China, Japan, and the Middle East. The high entry barriers and stable long-term demand experienced in Azad Engineering are due to the complexity of its products and the length of its qualification cycles. Azad engineering IPO was a book-building issue, which included fresh share issue and offering sale by shareholders.
| Particular | Details |
| IPO Type | Book Building IPO |
| Total Issue Size | ₹740.00 Crore |
| Fresh Issue | ₹240.00 Crore |
| Offer for Sale | ₹500.00 Crore |
| Face Value | ₹2 per share |
| Issue Price | ₹524 per share |
| Listing Platforms | BSE, NSE |
| NSE Symbol | AZAD |
| BSE Code | 544061 |
| ISIN | INE02IJ01035 |
Azad Engineering IPO Dates
The timing of IPOs plays a critical role in helping investors to follow the dates of application, allotment, reimbursement, and the date of listing. Azad Engineering was implemented with a normal and well-coordinated IPO timetable.The table below outlines the complete IPO timeline.
IPO Schedule
| Event | Date |
| IPO Opening Date | 20 December 2023 |
| IPO Closing Date | 22 December 2023 |
| Allotment Date | 26 December 2023 |
| Refund Initiation | 27 December 2023 |
| Shares Credited to Demat | 27 December 2023 |
| Listing Date | 28 December 2023 |
| UPI Mandate Cut-off | 22 December 2023 (5 PM) |
Azad Engineering Share Price Band and Lot Size
IPO price forms one of the biggest parts of the interest of investors. Azad Engineering’s premium came from its niche status and long-term growth prospects. The company allowed trading only in fixed lot sizes.
Price Band & Application Details
The following table explains the price band and minimum investment requirement.
| Parameter | Information |
| Price Band | ₹499 – ₹524 |
| Final Issue Price | ₹524 |
| Lot Size | 28 shares |
| Minimum Retail Investment | ₹14,672 |
Azad Engineering Share Retail, sNII, and bNII Investment Limits
SEBI regulations classify the non-retail investors as either small or big HNI. There are various minimum and maximum limits of investment in the category. Knowledge of these slabs assists the investors with planning their uses effectively.
Category-wise Investment Structure
The table below shows category-wise investment requirements.
| Investor Category | Lots | Shares | Investment Amount |
| Retail (Minimum) | 1 | 28 | ₹14,672 |
| Retail (Maximum) | 13 | 364 | ₹1,90,736 |
| sNII (Minimum) | 14 | 392 | ₹2,05,408 |
| sNII (Maximum) | 68 | 1,904 | ₹9,97,696 |
| bNII (Minimum) | 69 | 1,932 | ₹10,12,368 |
Azad Engineering IPO Reservation Breakdown
All IPOs issue shares to different groups of investors according to SEBI guidelines. Azad Engineering has left a sizeable portion to qualified institutional buyers, which implies a lot of institutional confidence.
Category-wise Share Allocation
| Investor Category | Shares Reserved | Percentage |
| QIB | 70,22,886 | 49.73% |
| Anchor Investors | 42,13,731 | 29.84% |
| Retail Investors | 49,16,021 | 34.81% |
| NII (HNI) | 21,06,866 | 14.92% |
| Employees | 76,335 | 0.54% |
| Total | 1,41,22,108 | 100% |
Azad Engineering IPO Anchor Investors Participation
Anchor investors normally show the trust of big institutions on an IPO. Azad Engineering lured good anchor participation within a span of one day prior to the IPO openings.
| Particular | Information |
| Anchor Bid Date | 19 December 2023 |
| Shares Allotted | 42,13,731 |
| Amount Raised | ₹220.80 Crore |
| 50% Lock-in Ends | 25 January 2024 |
| Remaining Lock-in Ends | 25 March 2024 |
Azad Engineering IPO Subscription Status
The demand on the issue was tremendous in all classes with the institutional investors subscribing more than once. The retail involvement was also high.
| Category | Subscription (Times) | Shares Offered | Shares Bid |
| QIB | 179.64x | 28,09,155 | 50,46,38,624 |
| NII | 90.24x | 21,06,866 | 19,01,20,000 |
| Retail | 24.51x | 49,16,021 | 12,04,71,708 |
| Overall | 83.04x | 98,32,042 | 81,64,09,468 |
Total Applications Received: 39,40,409
Objectives of the Azad Engineering IPO
The company clearly explained how it would use the raised funds from the public issue. Its goals focus on achieving financial and operational growth.
| Purpose | Description |
| Capital Expenditure | Expansion of manufacturing capacity |
| Debt Repayment | Partial or full repayment of borrowings |
| General Corporate Purposes | Business operations and working capital |
Financial Performance of Azad Engineering
Azad Engineering has demonstrated steady revenue growth in the years with the profits varying owing to the accounting adjustments as well as expansion expenses. The analysis of past financials provides an idea of the scalability of business.
Consolidated Financials (₹ Crore)
| Period Ended | Total Income | PAT | Assets | Borrowings |
| Sep 2023 | 169.54 | 26.89 | 636.63 | 324.94 |
| Mar 2023 | 261.52 | 8.47 | 589.21 | 300.60 |
| Mar 2022 | 199.26 | 29.46 | 404.32 | 197.18 |
| Mar 2021 | 125.03 | 11.50 | 256.05 | 87.71 |
Azad Engineering Stocks Key Financial Ratios
Financial ratios help investors understand profitability, capital efficiency, and leverage levels.
The key ratios:
| Metric | Value |
| Return on Equity (ROE) | 4.2% |
| Return on Capital Employed (ROCE) | 12.99% |
| Debt to Equity Ratio | 1.47 |
| Return on Net Worth (RoNW) | 4.23% |
Azad Engineering Stocks Valuation and Promoter Holding
The IPO valuation appeared high initially due to low EPS, but post-listing valuation normalized as earnings visibility improved. Promoter shareholding reduced but remained comfortable.
The comparison below explains valuation metrics.
Pre-IPO vs Post-IPO Valuation
| Parameter | Pre-IPO | Post-IPO |
| EPS | ₹1.79 | — |
| P/E Ratio | 292.74x | 57.58x |
| Promoter Holding | 78.61% | 56.38% |
Azad Engineering IPO Listing Performance
The stock debuted with a strong premium on listing day, rewarding investors who received allotment.
Listing Day Price Data
The table below highlights listing day price movement.
| Price Level | BSE | NSE |
| Issue Price | ₹524 | ₹524 |
| Opening Price | ₹710 | ₹720 |
| Day High | ₹727.50 | ₹727 |
| Day Low | ₹670.05 | ₹670 |
| Closing Price | ₹677.10 | ₹677.50 |
Current Market Performance (December 2025)
Since listing, Azad Engineering has delivered strong long-term returns, supported by business expansion and global demand.
Latest Stock Snapshot
| Parameter | Value |
| Current Price | ₹1,607.90 |
| 52-Week High | ₹1,929.80 |
| 52-Week Low | ₹1,159.45 |
| Overall Trend | Positive |
Expert Opinion and IPO Review
Initial valuation of the IPO was high because of low EPS, and there was a normalization of post-listing valuation as the earnings visibility increased. Promoter shareholding decreased yet was comfortable. The Azad Engineering IPO was rated as subscribe by the majority of the brokerage houses and market analysts. Analysts pointed to its monopoly like status, export-based income, and the ability to see demand in the long-term. Valuations were deemed rich, but the fundamentals of the company were worth medium- to long-term investment.
Conclusion
Azad engineering IPO is a good example of how a niche manufacturing firm can have huge investor attention under the support of good fundamentals and international demand. Having an elite new offerings, steady post-IPO results, and apparent growth strategies, Azad Engineering has been set as a strong long-term participant in the aerospace and energy engineering market. Although the short-term fluctuations in price can be fluctuating, the business model of the company can be sustained in the long-term.
FAQs
The price of Azad Engineering IPO is ₹524 per share.
The oversubscribed share is 83.04 times overall.
You can trade Azad Engineering Share on BSE and NSE.
Precision components for aerospace, turbine, and energy sector.
Yes, as a result of strong fundamentals and being a market leader in the niche.
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