As expected the stock of Apollo Microsystems had a stupendous listing with gains of almost 73% at the BSE at Rs. 478 per share.
Apollo Microsystems, a Hyderabad-based defense hardware supplying entity IPO was a hit in the market with an oversubscription of 247.5 times mainly due to the overwhelming response of non-institutional investor class.
With the premium listing response, the experts expect listing of the stock on the exchanges at a premium listing price of Rs. 200 per share over the IPO issue price band of Rs. 270-275.
The huge premium listing gains are anticipated mainly driven by euphoria in the stock markets which peaked to new highs on last trading day of 10,900 for the Nifty as well as stellar bidding for the issue.
The company that opened its IPO issue between January 10-12 aims to garner a total of Rs. 156 crores.