Apollo Micro Systems Raises Rs 46.6 Crore From Anchor Investors
Apollo Micro Systems has allocated 16.96 lakh shares at the upper end of the price band.
Apollo Micro Systems Ltd. today raised Rs 46.6 crore by selling shares to institutional investors as part of the anchor book allocation ahead of its initial public offering that opens tomorrow.
The maker of electronic and electro-mechanical parts for defence, space and homeland security, has allocated 16.96 lakh shares to six anchor investors at the upper end of the price band, according to an exchange filing.
The Hyderabad-based company is looking to raise close to Rs 156 crore by issuing 56.7 lakh fresh shares at Rs 270-275 apiece.
National Westminster Bank Plc, Sundaram Mutual Fund, Jupiter South Asia are among the anchor investors. Anchor investors are large institutions that are allotted shares ahead of an initial public offering to boost demand.
Apollo Micro Systems will use the proceeds for working capital requirements. Angel Broking has a ‘Subscribe’ recommendation on the issue.
The company also offers custom-built solutions, and counts both state-run and private companies among its clients. Apollo Micro Systems’ manufacturing facility had a total order book of Rs 97.5 crore as of Nov. 25.