Apollo Micro Systems IPO receives over 3 times of the bids by 11 am on the day 2 of IPO. The total issue size is 41,44,955, while the issue has already received the bids to tune of 1,24,48,200. The total bids that were received at cut-off price were 91,13,150. The company has launched the IPO to meet its working capital requirements. The IPO opened on January 10, while it will close on January 12. The issue price is Rs 270 to Rs 275 per equity share. The market lot are 50 shares. The shares will be listed at BSE and NSE.
"The company will be able to attract adequate investor interest on the basis of growing requirements in the defence electronics space. Given the mature valuations, investors can subscribe to the issue from a long term perspective. It must be noted that since the issue is being offered at fair valuation, it may not attract major listing gains.," Centrum Broking stated in the IPO note.
"AMSL has strong financial record and return ratios compared to Astra Microwave. Hence, considering the above positive factors, growth in the defence industry we recommend subscribe on the issue," Angel Broking said in a note.
Incorporated in 1997, Apollo Micro Systems Limited is Hyderabad based company engaged in the business of electronic, electro-mechanical, engineering designs, manufacturing and supply. Company design, develop and sell high-performance, mission and time critical solutions to Defense, Space and Home Land Security for Ministry of Defense, government controlled public sector undertakings and private sectors.
Apollo Micro Systems offers custom built COTS (Commercially off-the shelf) solutions based on specific requirements to defense and space customers. Company has participated in several Indigenous Missile programs, underwater electronic warfare, underwater missiles, surface to air missiles, nuclear missile programs, surface to surface missile programs, indigenous submarine programs UAV's long and short endurance, ships, space programs.