Aeroflex Industries set to float its IPO on Aug 22 to raise Rs 351 crore

The company filed initial IPO papers with the market regulator in March and got regulatory nod for the same earlier this month.

The initial public offering (IPO) of Aeroflex Industries Limited, which is backed by marquee investor Ashish Kacholia, will open for subscription on August 22.

The Mumbai-based stainless steel flexible hose manufacturer, which was previously known as Suyog Intermediates Private Limited, has fixed the price band of the book-build issue at Rs 102 to Rs 108 per share.

The IPO will conclude on August 24 and bidding for anchor investors will open on August 21, according to the red-herring prospectus (RHP).

The issue aims to raise Rs 351 crore and use the money for repayment of debt, fund working capital requirements and general corporate purposes.

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The IPO consists of a fresh issue of equity shares worth up to Rs 162 crore and an offer-for-sale (OFS) of up to 1.75 crore equity shares by promoter Sat Industries. Aeroflex is a subsidiary of Sat Industries, which is a listed company.

Aeroflex filed the draft IPO papers with the market regulator in March and got its regulatory nod earlier this month.

This website earlier reported that the company, which earned more than 80 percent of business through exports to over 80 countries, has recorded a 9.6 percent on-year growth in consolidated profit at Rs 30.15 crore for the financial year ended March 2023. Revenue during the same period climbed 11.9 percent to Rs 269.5 crore and EBITDA (earnings before interest, tax, depreciation and amortisation) jumped 15.7 percent to Rs 54.03 crore.

Pantomath Capital Advisors is the sole book-running lead manager to the issue. The company’s equity shares are set to be listed on the BSE and NSE.