The Rs 1.56-billion initial public offering (IPO) of Apollo Micro Systems garnered a whopping 250 times subscription, generating demand worth Rs 162 billion. The institutional portion of the IPO was subscribed 104 times, high net worth individual (HNI) was subscribed nearly 976 times and the retail quota saw close to 40 times more demand than shares on offer. The IPO garnered over 1.2 million applications.
Apollo Micro is a manufacturer of electronic equipment for the defence sector. The price band for the IPO was Rs 270 to Rs 275 per share. At the top end of the price band, Apollo Micro was valued at 17 times its FY20 estimated earnings. Through the IPO, the company will raise Rs 156 crore which will be used towards its working capital requirement.