What a launch Apollo Micro had on the bourses today! As against the IPO price of Rs.275, it got listed on the BSE at Rs.478, a bumper Rs.203 higher!
The company had received a fantastic response during the IPO, seeing the issue get subscribed over 248 times.
Catering to the Indian defence sector, on our New Issue Analysis, we had said, “ Company’s historic growth rates have been very attractive. Although business eats up a lot of working capital resources, incoming funds should address that need. Also, leverage will become leaner in relative to the equity, making Apollo Micro Systems a good bet. Since sector prospects are very bright, one can apply in the issue with a long term view.”