Retail investors seem to have taken a special liking to the IPO of Apollo Micro Systems Ltd. The first IPO of 2018 has seen many investors applying in retail category, oversubscribing the category 15.14 times and the overall subscription of 8.99 times on the second day of IPO. The QIBs portion has subscribed 3.25 times, the HNI portion 1.58 times and employees quota 9.82 times. The IPO will close tomorrow, 12th January 2018.
Apollo Micro Systems Limited caters primarily to the Defence and Aerospace sectors through electronic, electro-mechanical, engineering designs and manufacturing. The total number of bids received today was 3,72,44,150 shares for 41,44,955 shares on offer. The IPO (including the Anchor portion) of Rs. 156.00 crores of face value of Rs. 10 each for cash at a premium offered through a book-building route at a price-band of Rs. 270 – Rs. 275 per equity share. A discount Rs. 12 on the Issue Price is offered to Retail Individual Investors (“Retail Discount”) and to Eligible Employees Bidding in the Employee Reservation Portion (“Employee Discount”). The Book Running Lead Manager is Aryaman Financial Services Limited. The shares will be listed on NSE and BSE.
It had raised Rs. 46.64 crores from Anchor Investors ahead of its initial public offer (IPO). The Company has been a research driven Make–in-India success story. The Company designs & develops high-performance, custom built ruggedized Electronics & Electro-mechanical Systems for mission and time critical solutions meant to with-stand extreme environmental conditions in Aerospace, Defence, Space, Home Land Security and Transportation Sectors.
Apollo Micro Systems has participated in several Indigenous Missile programmes, underwater electronic warfare, underwater weapon, surface to air missiles, nuclear missile programmes, surface to surface missile programmes, indigenous submarine programmes UAV’s long and short endurance, ships, space programmes.
Apollo Micro Systems offers both On-Board systems as well as Ground Support equipment. The solutions offered by the Company are used during development and user trials and qualify by the Company to be a part of supply chain in production phase.
The Indian aerospace and Defence market presents an attractive and significant opportunity to various industry stakeholders across the supply chain. India is one of the fastest-growing global Defence markets and spends annually USD 40 billion on the sector. This works out to 1.62% of India’s GDP in FY17. India is among the largest importers of conventional Defence equipment and spends about 31.5% of its total Defence budget on capital acquisitions of which 60% are met through imports.
Defence expenditure is expected to continue to grow primarily due to the country’s ageing military hardware and technology which is in dire need of replacing, and demands for Defence against domestic insurgencies and hostility from neighboring countries.
GoI has laid out the Defence Offset policy and transparent bidding guidelines for Defence procurement procedure (DPP). This provides tremendous growth opportunities to existing Indian players in the ESDM sector – for both Defence and non-Defence. Apollo Micro Systems is would be among the key beneficiaries of governments import-substitution drive.
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