Aeroflex Industries raises Rs 104 crore from anchor investors ahead of IPO. Details here

Mumbai-based Aeroflex Industries Ltd said it has garnered Rs 103.68 crore from anchor investors ahead of its initial public offering (IPO). The company on Monday informed the bourses that it allocated 95,99,980 shares at Rs 108 apiece to anchor investors. The Rs 351 crore-IPO would open for subscription on August 22, 2023. The initial share sale would conclude on August 24.

"Anchor book of Aeroflex comprises 10 investors including mutual funds, large insurance, NBFC treasuries, AIFs and foreign portfolio institution. The institutions who participated in the anchor are Nippon Mutual Fund, Invesco Mutual Fund, White Oak Mutual Fund, BOI Mutual Fund, Winro Commercial India, Universal Sampo General Insurance, Quantum State Investment Fund, Negen Undiscovered Value Fund and Societe Generale," the company stated.

Out of the total anchor book, 55 per cent allocation was made to four domestic mutual funds through a total of 9 schemes amounting to Rs 57 crore, Aeroflex said. Nippon Mutual Fund took single largest allocation, around 20 per cent of the total anchor book size, whereas other funds like Invesco Mutual Fund, White Oak Mutual Fund, BOI Mutual Fund, Winro Commercial and Societe Generale followed the pack, it added.

Prior to this, marquee investors such as Ashish Kacholia, Jagdish Master, Vikas Khemani-led Carnelian Fund and others picked up around 7 per cent stake in Aeroflex's pre-IPO round.

The IPO price band has been fixed at Rs 102-108 per equity share. Investors can bid for a minimum of 130 equity shares and in multiples of 130 equity shares thereafter.

Aeroflex also said that the offer is being made through the book-building process, wherein 50 per cent would be available for allocation to qualified institutional buyers, 15 per cent for non-institutional investors and 35 per cent for retail investors.

Aeroflex Industries, formerly known as Suyog Intermediates, is a manufacturer of environment-friendly Metallic Flexible Flow Solution products, catering to global markets. The company has grown at over 37 per cent revenue CAGR in last 3 years, clocking 20 per cent EBITA margins and generating approximately 32 per cent ROCE.

The company's manufacturing facility is located at Taloja, Navi Mumbai, Maharashtra.

Grey market price (GMP)

In the grey market, Aeroflex shares were last seen trading at a premium of nearly 54 per cent against its issue price of Rs 108 (higher end). The stock is likely to get listed on September 1, 2023.