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Apollo Micro Systems lists at 74 per cent premium

Tanay Loya
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Apollo Micro Systems made a blockbuster debut on Monday as the scrip got listed at a premium of 73.82 per cent on BSE at a price of Rs. 478 per share over its issue price of Rs. 275.

The Rs. 156 crore IPO was open for subscription from January 10 to January 12, 2018 and had got a strong response from investors. The IPO was subscribed 248.51 times.

Out of Rs. 156 crore, the company raised nearly Rs. 47 crore from anchor investors at a price band of Rs 270-275 per share. The company plans to use the proceeds of the issue to meet any additional working capital requirements and for general corporate purposes.

The electronic system and design manufacturing company reported a 54.2 per cent increase in profit on a 43 per cent rise in sales compounded annually over the last three years.

At 10:37 hours, Apollo Micro Systems was trading at Rs. 454.10 per share, up Rs. 179.10 or 69.13 per cent on BSE. The stock attracted a traded volume of 1,61,129 shares on BSE.

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