Aeroflex Industries fixes price band of Rs 102-108 for upcoming IPO

Aeroflex Industries Ltd, a manufacturer of stainless steel flexible hoses, has unveiled the pricing details for its upcoming initial public offering (IPO). The company has fixed price band of Rs 102 to 108 per share for its Rs 351-crore IPO.

The IPO is scheduled to open on August 22 and end on August 24. The company has announced that the bidding for anchor investors will begin on August 21.

The structure of the IPO includes a fresh issue of equity shares worth up to Rs 162 crore, along with an offer-for-sale (OFS) of up to 1.75 crore equity shares by the promoter, Sat Industries. Currently, the promoter and promoter group members collectively hold over a 91 per cent stake in the company.

IPO fund allocation

The capital raised from the fresh issue of equity shares will be allocated for various purposes, including debt payment, funding working capital requirements, and addressing general corporate needs. Additionally, a portion of the funds will be earmarked for potential acquisitions to support inorganic growth.

Based in Mumbai, Aeroflex Industries specialises in manufacturing and supplying metallic flexible flow solution products. The company has a global presence, exporting its products to over 80 countries, including major markets like Europe and US. Notably, around 80 per cent of its revenue is derived from exports.

Fiscal performance

In the fiscal year 2023, Aeroflex reported consolidated revenue from operations amounting to Rs 269.4 crore, with a profit after tax (PAT) of Rs 30.1 crore.

Pantomath Capital Advisors is the sole book-running lead manager for the IPO. Following the successful completion of the IPO, Aeroflex's equity shares are set to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

Investors interested in participating can bid for a minimum one lot of 130 shares.

(With PTI inputs)