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Business News/ Markets / Ipo/  Aeroflex Industries IPO: Ashish Kacholia-backed IPO mobilises 103 crore from anchor investors ahead of subscription
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Aeroflex Industries IPO: Ashish Kacholia-backed IPO mobilises ₹103 crore from anchor investors ahead of subscription

Aeroflex Industries initial public offering (IPO) will open for subscription on Tuesday, August 22 and close on Thursday, August 24.

Aeroflex Industries IPO price: The company has fixed price band of the public offer at ₹102 to ₹108 per equity share. (Photo: Courtesy Aeroflex Industries Ltd website)Premium
Aeroflex Industries IPO price: The company has fixed price band of the public offer at 102 to 108 per equity share. (Photo: Courtesy Aeroflex Industries Ltd website)

Aeroflex Industries IPO: Aeroflex Industries said in a statement on August 21 that it has raised 103.68 crore from anchor investors a day ahead of its IPO subscription opening for bidding. Aeroflex Industries initial public offering (IPO) will open for subscription on Tuesday, August 22 and close on Thursday, August 24. The company has fixed the price band at 102 to 108 per equity share for the proposed initial public offer.

The diversified anchor book of Aeroflex Industries comprises 10 anchors including mutual funds, large insurance and non-banking financial companies (NBFC) treasuries, alternative investment funds (AIFs) and foreign portfolio institution. The institutions who participated in the anchor are the following:

Mutual Funds: Nippon Mutual Fund, Invesco Mutual Fund, White Oak Mutual Fund, BOI Mutual Fund

Institutional Treasuries: Winro Commercial India and Universal Sampo General Insurance

AIFs: Quantun State Investment Fund and Negen Undiscovered Value Fund

Foreign Institution: Societe Generale

Out of the total anchor book, 55 per cent allocation was made to 4 domestic mutual funds through a total of 9 schemes amounting to 57 crore. Nippon Mutual Fund took single largest allocation, approximately 20 per cent of the total anchor book size, whereas other funds such as Invesco Mutual Fund, White Oak Mutual Fund, BOI Mutual Fund, Winro Commercial and Societe Generale followed the pack.

Earlier, marquee investors such as Ashish Kacholia, Jagdish Master and Vikas Khemani led Carnelian Fund and certain other investors bought approximately 7 per cent stake in Aeroflex Industries pre-IPO.
 

Aeroflex Industries IPO Details

Aeroflex Industries IPO comprises of fresh issue of equity shares up to the value of 162 crore and an offer-for-sale (OFS) of up to 1.75 crore equity shares by the promoters selling shareholders and promoter group make up the offer, which has a face value of 2 per equity share.

In April, Aeroflex Industries, which is a subsidiary of Sat Industries had filed its draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) to raise about 350 crore through the IPO. According to the company's DRHP, the fresh issue's proceeds will be used to pay up debt, meet working capital needs, and set aside a portion for general corporate uses and acquisitions for inorganic development.

Aeroflex Industries IPO's basis of allotment of shares will be finalised on Tuesday, August 29 and the company will initiate refunds on Wednesday, August 30, while the shares will be credited to the demat account of allottees on Thursday, August 31. Aeroflex Industries Limited IPO shares are likely to be listed on BSE and NSE on Friday, September 1.

Aeroflex Industries Limited IPO has reserved not more than 50 per cent of the shares in the public issue for qualified institutional buyers (QIB), not less than 15 per cent for non institutional investors (NII), and not less than 35 per cent of the offer is reserved for retail investors.

Bids can be made for a minimum of 130 equity shares and in multiples of 130 equity shares thereafter.

Pantomath Capital Advisors Private Ltd is the sole BRLM for the offer, and Link Intime India Private Ltd is the registrar.

 

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 21 Aug 2023, 06:50 PM IST
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