Stainless steel flexible hose maker Aeroflex Industries Ltd said on Monday it had raised almost Rs 104 billion from anchor investors ahead of its IPO.
According to a circular uploaded to the BSE website, the company has decided to allocate 95.99 lakh shares to 15 funds at 108 rupees apiece, also at the higher end of the price range.
Anchor investors include Societe Generale, Winro Commercial India Fund Ltd., Universal Sompo General Insurance Company Ltd, Nippon India Mutual Fund, WhiteOak Mutual Fund, Bank of India Mutual Fund and Invesco Mutual Fund.
The IPO consists of a new issue of shares worth up to Rs. 162 crore and an offer to sell up to 1.75 crore of shares by promoter Sat Industries.
Currently, promoters and members of the promoters group own over 91% of the shares in the company.
The first public offering, priced in a range of Rs. 102-108 per share, will open for subscription on August 22nd and close on August 24th. The company will achieve Rs.340.5 crore through the IPO and Rs.351 crore at the low and high end of the price range and Rs.
Proceeds from the new issue will be used to service a debt and fund working capital needs. A certain amount is used for general corporate purposes and acquisitions for inorganic growth.
Investors can bid for a minimum of 130 shares and thereafter in multiples of 130 shares.
Based in Mumbai, Aeroflex is a manufacturer and supplier of metallic flexible flow solution products to global markets. The company exports its products to more than 80 countries, including Europe and the USA, and generates 80 percent of its sales through exports.
In FY 2023, Aeroflex reported consolidated operating revenue of Rs. 269.4 crore and profit after tax of Rs. 30.1 crore.
Pantomath Capital Advisors is the sole lead booker of the offering. It is proposed that the company’s shares will be listed on the BSE and NSE.
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