Apollo Micro Systems Ltd, whose initial public offering saw record investor turnout earlier this month, made a stellar debut on the stock exchanges on Monday with its shares listing at a 74% premium to the issue price.
Shares of Apollo began trading on the BSE at Rs 478 apiece, compared with the IPO price of Rs 275, stock-exchange data showed. The stock fell on profit taking to close at Rs 454.10.
The BSE has placed Apollo under the trade-to-trade (T2T), or the T segment, which does not allow any intraday trading to market participants and makes delivery of shares compulsory.
Apollo is now valued at Rs 955 crore ($150 million). It was seeking a valuation of Rs 573.12 crore through the IPO that saw a stake dilution of roughly 28% on a post-issue basis.
The public issue was entirely a fresh issue of shares. The company will use Rs 118.92 crore of the net IPO proceeds towards working capital requirement and the remaining for general corporate purposes.
Incorporated in 1997, Apollo is an electronic, electro-mechanical, engineering designs, manufacturing and supply company. It develops and sells mission- and time-critical solutions to defence, space and homeland security agencies.