• By Vaamanaa Sethi
  • Wed, 16 Aug 2023 04:45 PM (IST)
  • Source:JND

The initial public offering of Aeroflex Industries is all set to open for subscription on August 22 and will conclude on August 24. The Mumbai-based stainless steel flexible hose manufacturer was previously known as Suyog Intermediates Pvt Ltd.

The company has fixed the price band of the book-building issue at Rs 102 to Rs 108 per share. The bidding for anchor investors will open on August 21, according to the red-herring prospectus (RHP).

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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, which is a listed company. The company’s equity shares are set to be listed on the BSE and NSE.

The issue aims to raise about Rs 351 crore and use the funds for repayment of debt, fund working capital requirements and general corporate purposes. Pantomath Capital Advisors is the sole book-running lead manager to the issue. 

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Aeroflex filed the draft IPO papers with the market regulator in March and got its regulatory nod earlier this month. The company reported that the company earned more than 80% of business through exports to over 80 countries, and had recorded a 9.6% on-year growth in consolidated profit at Rs 30.15 crore for the financial year ended March 2023.

It also recorded a rise in revenue by 11.9% to Rs 269.5 crore and EBITDA (earnings before interest, tax, depreciation and amortisation) soared 15.7% to Rs 54.03 crore.