Investor enthusiasm continues to surge for Aeroflex Industries’ IPO, with an impressive 21.10 times subscription recorded in just two days, as of August 23. The IPO garnered bids for 48.98 crore shares against the available 2.32 crore shares. Non-Institutional Investors (NII) stand out as the primary contributors to this fervor, although other categories also displayed strong participation.
Aeroflex Industries aims to raise Rs 351 crore through the IPO, offering shares in the price band of Rs 102-108. This opportunity for investment is available until August 24.
Qualified Institutional Buyers (QIB): 8.05 times
Non-Institutional Investors (NII): 46.42 times
Retail Investors: 17.78 times
Total Subscription: 21.10 times (as of August 23, 2023, 05:00:00 PM)
The IPO assigns a lot size of 130 shares for retail investors, requiring a minimum investment of Rs 14,040. The distribution is as follows: 50% for Qualified Institutional Investors (QIB), 15% for Non-Institutional Investors (NII), and 35% for retail investors.
Upon successful IPO closure, share allotment finalizes on August 29, with trading scheduled to begin on September 1. The IPO entails the sale of new shares worth Rs 162 crore, alongside an offer for sale of 1.75 crore shares valued at Rs 189 crore.
The raised funds from the new share issuance are earmarked for debt repayment, working capital needs, general corporate purposes, and potential inorganic acquisitions. The shares have a face value of Rs 2.
About Aeroflex Industries
Aeroflex Industries, formerly known as Suyog Intermediates, specializes in manufacturing Braided Hose, Unbraided Hose, Solar Hose, Gas Hose, Vacuum Hose, and various end fittings. The company’s plant is located in Taloja, Navi Mumbai. Financially, Aeroflex Industries exhibits consistent profit growth, witnessing net profits rise from Rs 4.69 crore (FY 2020) to Rs 30.15 crore (FY 2023).