Apsis Aerocom IPO Receives Over Three Times Subscription on Day One Amid Subdued Market Sentiment

Apsis Aerocom's Initial Public Offering (IPO) Exceeds Expectations Amidst Market Volatility

Apsis Aerocom, a precision engineering components maker, saw its maiden public issue garner 3.13 times subscription on the first day of bidding, March 11. Despite a sharp correction in the equity markets, which has plunged over 5% in March so far, investors showed strong interest in the company's shares.

The Karnataka-based company is raising Rs 35.77 crore via the public issue of 32.52 lakh shares at the upper end of the price band of Rs 104-110 per share. The offer consists entirely of a fresh issue. The public issue will remain open until March 13.

Investors have picked up 73.12 lakh shares on Wednesday against the offer size of 23.36 lakh shares via 2,236 applications. The part set aside for non-institutional investors was subscribed more than 6 times and that of retail over 4 times. However, there was muted demand from qualified institutional buyers.

Read also: SMR Jewels IPO Successfully Lists with Institutional Support

The company has already raised Rs 10.07 crore by issuing 9.15 lakh shares to seven anchor investors, including Nova Global Opportunities Fund, Avore SME Fund, RMS Growth Fund, and Viney Growth Fund.

Apsis Aerocom plans to spend Rs 27.02 crore of the IPO proceeds for the purchase of machinery, with the remainder allocated for general corporate purposes. Oneview Corporate Advisors is acting as the merchant banker for the Apsis Aerocom IPO.