Aeroflex Industries IPO ends with robust subscription

Published on Aug 25, 2023 11:11

The Qualified Institutional Buyers (QIBs) category was subscribed 194.73 times. The Non Institutional Investors (NIIs) category was subscribed 126.13times. The Retail Individual Investors (RIIs) category was subscribed 34.41 times.

The initial public offer (IPO) of Aeroflex Industries received bids for 2,25,46,38,100 crore shares as against 2,32,17,667 crore shares on offer. The issue was subscribed 97.11 times.

The issue opened for bidding on 22 August 2023 and it closed on 24 August 2023. The price band of the IPO was fixed at Rs 102-108 per share.

The IPO comprised a fresh issue aggregating to Rs 162 crore and an offer for sale of up to 1.75 crore equity shares. The OFS is made by Sat Industries, the promoters of the company, who post-issue will hold 61.23% stake.

Proceeds from the issue will be used to repay debt (Rs 32 crore), meet working capital needs (Rs 84 crore) and remaining amount will be used for general corporate purposes.. As on 31 July 2023, the aggregate outstanding borrowings of the company was at Rs 39.442 crore.

Ahead of the IPO, Aeroflex Industries on Monday, 21 August 2023, raised Rs 103.67 crore from anchor investors. The board allotted 95.99 crore shares at Rs 108 each to 15 anchor investors.

Aeroflex Industries, a subsidiary of SAT Industries, is a global flexible flow solutions company developing and manufacturing of environment friendly metallic flexible corrugated hoses, assemblies, and fittings for a diverse range of industrial sectors in both global as well as domestic market.

The company reported a net profit of Rs 30.15 crore and net sales of Rs 269.46 crore for the twelve months ended on 31 March 2023.