The initial public offer (IPO) of Aeroflex Industries received bids for 15,58,96,780 crore shares as against 2,32,17,667 crore shares on offer, according to stock exchange data at 17:00 IST on Tuesday (22 August 2023). The issue was subscribed 6.71 times.

The issue opened for bidding on Tuesday (22 August 2023) and it will close on Thursday (24 August 2023). The price band of the IPO is fixed at Rs 102-108 per share. An investor can bid for a minimum of 130 equity shares and in multiples thereof.

The IPO comprises a fresh issue aggregating to Rs 162 crore and an offer for sale of up to 1.75 crore equity shares. The OFS is made by Sat Industries, the promoters of the company, who post-issue will hold 61.23% stake.

Proceeds from the issue will be used to repay debt (Rs 32 crore), meet working capital needs (Rs 84 crore) and remaining amount will be used for general corporate purposes.. As on 31 July 2023, the aggregate outstanding borrowings of the company was at Rs 39.442 crore.

Ahead of the IPO, Aeroflex Industries on Monday, 21 August 2023, raised Rs 103.67 crore from anchor investors. The board allotted 95.99 crore shares at Rs 108 each to 15 anchor investors.

Aeroflex Industries, a subsidiary of SAT Industries, is a global flexible flow solutions company developing and manufacturing of environment friendly metallic flexible corrugated hoses, assemblies, and fittings for a diverse range of industrial sectors in both global as well as domestic market.

The company reported a net profit of Rs 30.15 crore and net sales of Rs 269.46 crore for the twelve months ended on 31 March 2023.