How This IPO Can Earn Sachin Tendulkar More Money Than Mitchell Starc's Rs 24.75 Crore IPL Deal

Its been more than a week since Australian pacer Mitchel Starc broke IPL auction record by becoming the most expensive player. Starc has been bought by Suncrisers Hyderabad for a mammoth Rs 24.75 crore. While this staggering amount is itself enough to turn anyone¡¯s fortune, it seems that a retired cricket legend can soon end up earning more than Starc¡¯s IPL salary.

Vanya GautamUpdated: Dec 28, 2023, 15:03 IST
1 min read
After Successful IPO, Sachin Tendulkar Backed Azad Engineering's Shares To Get Listed This Week
indiatimes

It's been more than a week since Australian pacer Mitchel Starc broke the IPL auction record by becoming the most expensive player. Starc has been bought by Sunrisers Hyderabad for a mammoth Rs 24.75 crore. While this staggering amount is itself enough to turn anyone¡¯s fortune, it seems that a retired cricket legend can soon end up earning more than Starc¡¯s IPL salary.

And it's none other than Sachin Tendulkar. His Rs 5-crore investment in a Hyderabad-based company Azad Engineering is now worth more than the Rs 24.75 crore deal that Starc struck with Sunrisers Hyderabad this month.

How Much Can Sachin Tendulkar Earn From The IPO?

How This IPO Can Earn Sachin Tendulkar More Money Than Mitchell Starc indiatimes

Sachin had invested Rs 5 crore in Azad Engineering about nine months ago this year in March. And post its recent IPO and listing, that investment has ended up giving Tendulkar a mind-boggling return of 531% as shares of Azad Engineering listed on stock exchanges today (on December 28th). With a notional profit of Rs 26.5 crore in the IPO, Tendulkar's expected earnings from this company¡¯s IPO have outpaced Mitchell Starc¡¯s Rs 24.75 crore deal which made him the most expensive player in IPL.

But the cricket legend will earn that mammoth sum only if he chooses to sell his stake, which he has not done yet.

When Had Tendulkar Invested In The Company?

This IPO Can Earn Sachin Tendulkar More Money Than Mitchell Starc bcci

On March 6 this year, Tendulkar picked up equity worth about Rs 5 crore in the company, which makes precision forged and machined components for global OEMs in energy, aerospace & defence and oil & gas industries.

Following a stock split and bonus issue ahead of the IPO, he owned 438,210 shares of the company. His average cost of acquisition is just Rs 114.1 per share. In the Rs 740-crore IPO, Tendulkar had chosen not to offload the stake. His conviction paid off as the IPO was listed at Rs 720 on NSE, a solid premium of 37.4% on the issue price of Rs 524 per share.

Which Other Sports Personalities Can Get Richer Through This IPO?

The IPO can make not just Tendulkar richer but also three other sports personalities - PV Sindhu, Saina Nehwal and VVS Laxman. Each of them had invested Rs 1 crore in the company but at double the price at which the 'Master Blaster' had bought. The average cost of acquisition for them is Rs 228.17 per share which leads to a handsome return of 215%. Their stake is now valued at Rs 3.15 crore.

Also Read: Tata Sons To Go For IPO By Sept 2025, All You Need To Know

How Had The IPO Performed?

azad engineering azad engineering

Azad Engineering's IPO received a good response from investors with 80.6 times subscription. The category reserved for QIB was subscribed the most at 179 times, followed by NIIs at 87 times. The retail part received 23.7 times bids.

The Rs 740-crore IPO comprised a fresh equity issue of Rs 240 crore and an offer for sale (OFS) of Rs 500 crore. Under the OFS, promoter Rakesh Chopdar, Investor Piramal Structured Fund, and DMI Finance offloaded stakes. Key customers of the company include General Electric, Honeywell International, Mitsubishi Heavy Industries, Siemens Energy, Eaton Aerospace and MAN Energy Solutions.

Also Read: ITC Likely To Launch Separate IPO For Its Hotel Business In 2024

For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here.

21/11/2024 20:46:34
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