Apollo Micro Systems Ltd. listed at a premium of 73.8 percent at Rs 478 per share on the BSE Ltd., compared to its issue price of Rs 275 apiece. The stock rose as much as 74.5 percent to Rs 479.95 thereafter.
The Hyderabad-based electronic component maker's Rs 156 crore initial public offering saw overwhelming demand with bidders subscribing 246.64 times on the final day.
The company raised Rs 46.6 crore by selling shares to institutional investors as part of the anchor book allocation before its initial public offering. Apollo Micro Systems will use the proceeds for working capital requirements.
The company focuses on electro-mechanical, engineering designs, manufacturing and supply solutions. Apollo Micro Systems serves defence, space, government and private sectors in India. Apollo Micro Systems' manufacturing facility had a total order book of Rs 97.5 crore as of Nov. 25.
Peer Comparison
Apollo Micro Systems competes with listed Astra Microwave Products Ltd. and Centum Electronics Ltd. It's bigger than both its rivals.
Its return ratios are superior than its rivals'. Centum Electronics reported losses in the first half.
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