Aeroflex Industries likely to deliver listing pop, grey market premium suggests

Aeroflex Industries, Ashish Kochilia-backed listing bound player, is headed for a strong debut at Dalal Street on Thursday, resuming the trend of strong listings after a muted dull show by TVS Supply Chain Solutions and Pyramid Technoplast. The company is slated to make its Dalal Street debut on a solid note, if one goes by the current grey market signals.

Last heard, shares of Aeroflex were commanding a premium of Rs 65 per share in the grey market, signaling a premium of 60 per cent, over its issue price of Rs 108 per share. However, its grey market was hovering around Rs 70 apiece in the unofficial market 24-hours ago.

The Rs 351-crore initial public offering (IPO) of Sat Industries promoted-Aeroflex Industries was open for bidding between August 22-24 as the company offered its shares in the fixed price band of Rs 102-108 apiece. The investors could make bids for a minimum of 130 equity shares and its multiples thereof.

The IPO of Aeroflex Industries was overall subscribed a stellar 97.11 times. The portion for qualified institutional bidders was booked a whopping 194.73 times, while the non-institutional investors' category was subscribed an astounding 126.13 times. Retail investors were nowhere behind in bidding as their quota was subscribed 34.41 times.

In multiple pre-IPO rounds, marquee investors of Dalal Street including Ashish Kacholia, Jagdish Master, Vikas Khemani-led Carnelian Fund and others picked up around 7 per cent stake in Aeroflex Industries. Pantomath Capital Advisors was the sole manager to the issue.

Incorporated in 1993, Aeroflex Industries manufactures and supplies environment-friendly metallic flexible flow solution products. These solutions replace rubber and polymer pipes and tubes and its products have multi-purpose use and cater to numerous industry segments including fire-fighting, aviation, and space to name a few.

Navi Mumbai based Aeroflex Industries exports India-made metallic flexible flow solutions to more than 85 countries and derives about 80 per cent of its total revenue from overseas selling. The company was formerly known as Suyog Intermediates.

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