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Apollo Micro Systems shares soar 74% in trading debut after record IPO

By Ankit Doshi

  • 22 Jan 2018
Apollo Micro Systems shares soar 74% in trading debut after record IPO
Credit: Pixabay

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.

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The listing follows a Rs 160 crore IPO—the first in 2018—that saw record demand.

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.

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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.

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