Multibagger IPO: Apollo Micro Systems shares, which made their debut on the exchanges (BSE and NSE) on January 22, 2018, have gained substantially since their listing, delivering multibagger returns to investors. Apollo Micro Systems share price has given 250% returns to allottees in nearly seven years.
Apollo Micro Systems is a Hyderabad-based company that works in engineering design, manufacturing, supply, and electrical and electro-mechanical space. For the Ministry of Defense, government-controlled public sector projects, and private sectors, it designs, develops, and sells high-performance, mission- and time-critical defence, space, and homeland security technologies.
Being a defence sector supplier, Apollo Micro Systems has reaped the benefits of a great deal of interest shown by investors in Indian businesses involved in the space and defence industries. The same was due to the Indian government's focus on lowering defence imports and encouraging domestic procurement, which has boosted the financial performance of companies by generating large orders for their businesses.
The gains for Apollo Micro Systems share price have been phenomenal for the last two years despite a correction of late.
Though Apollo Micro Systems share price has corrected from the high of ₹147.50 hit in February 2024 to ₹91 now, it is still trading significantly higher than ₹11 level touched in November 2022. Apollo Microsystems share price has given 1,146% returns in the last five years.
Apollo Micro Systems had made a debut on the exchanges in January 2018 and the offer price stood in the range of ₹270-275 per equity share of the face value of ₹10 per share. Apollo Micro Systems, however, split the face value of its shares from ₹10 to ₹1 on May 4, 2023, and hence adjusted for the same, Apollo Micro Systems share price has given multibagger returns of 250% in nearly seven years.
Apollo Micro Systems remains in the news as the company has withdrawn the issue of convertible equity warrants on a preferential basis.
As per the release on the exchanges by the company dated November 21, its board considered and approved the withdrawal of the preferential issue of 2,45,00,700 convertible equity warrants.
The company said that it received letters of withdrawal of consent to subscribe to convertible equity warrants from key proposed allottees, namely Eminence Global Fund PCC- Eubilia Capital Partners Fund I, North Star Opportunities Fund VCC- Bull Value Incorporated VCC Sub-Fund & AG Dynamic Funds Limited (Multitude Growth Funds Limited), citing delays in opening the preferential offer from the date of their original.
Hence, considering the substantial portion of the proposed issue that was to be subscribed by the aforesaid allottees, the withdrawal of their consent has significantly impacted the size and viability of the preferential issue, the company said in its release.
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