On the first day of the initial public offering (IPO) for Azad Engineering, which is endorsed by Sachin Tendulkar, the offering saw complete subscription, attracting strong responses from both retail and high-net-worth individuals (HNI). Brokerage firms have praised the IPO, advising investors to subscribe for potential long-term gains and positive listing results. Azad Engineering, supported by well-known sports personalities such as PV Sindhu, Saina Nehwal, and VVS Laxman, has generated considerable interest among investors. Notably, these figures are not selling their shares in the IPO. As of records until March 2023, Tendulkar held 4.38 lakh shares, acquired at an average price of Rs 114.10, while Laxman, Nehwal, and Sindhu each possessed 43,800 shares obtained at an average price of Rs 228.17.

At the upper end of the price range, the initial investments of Nehwal, Sindhu, and Laxman are expected to significantly multiply. Their Rs 1 crore investments are projected to grow to Rs 2.3 crore each, while Tendulkar's Rs 5 crore investment may surge to Rs 22.96 crore. The IPO, comprising a fresh issue of shares amounting to Rs 240 crore and an offer-for-sale of shares valued at Rs 500 crore by existing shareholders, garnered substantial attention from investors. Azad Engineering plans to use the funds for acquiring plant machinery, repaying debts, and general corporate purposes. Although Azad Engineering experienced a 71.2% decline in net profit in FY23 due to finance costs, it reported a 29.4% growth in revenue from operations. However, in H1FY24, the company achieved a Profit After Tax (PAT) of Rs 28.8 crore, with net debt increasing from Rs 70.5 crore in FY21 to Rs 290 crore in H1FY24.

Despite reservations regarding client reliance and financial fluctuations, brokerages have expressed varying opinions. Canara Bank Securities suggests subscribing to Azad Engineering's IPO for potential gains at the time of listing, recognizing the company's growth path. On the other hand, Reliance Securities endorses subscription for the long term, commending Azad Engineering's robust financial performance and business model. The IPO represents a crucial juncture for Azad Engineering, attracting considerable investor attention and receiving recommendations from brokerages, indicating the potential for growth in India's manufacturing sector.