Indian two thousand and five hundred rupee banknotes are arranged for a photograph in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Apollo Micro Systems IPO Subscribed 246.64 Times On Last Day

The initial public offer of Apollo Micro Systems, which caters primarily to the defence and aerospace sectors, was subscribed a staggering 246.64 times so far on the last day of bidding today.

The IPO to raise Rs 156 crore received bids for 1,02,22,96,950 shares against the total issue size of 41,44,955 shares, data available with NSE till 4 p.m. showed.

Apollo Micro Systems on Tuesday raised nearly Rs 47 crore from anchor investors. Price band for the offer has been fixed at Rs 270-275.

Proceeds of the IPO will be used to meet additional working capital, and for other general corporate purposes. Shares of the company will be listed on NSE and BSE.

Aryaman Financial Services Limited is the book running lead manager to the offer.

Apollo Micro Systems’ manufacturing facility, located at Hyderabad, had a total order book of Rs 97.5 crore as of Nov. 25.