Aeroflex Industries IPO Subscribed 21.10 Times On Day 2
The IPO has been subscribed 21.10 times as of 5 p.m. on Wednesday.
Aeroflex Industries Ltd. is holding its initial public offering between Aug. 22 and 24.
The manufacturer of stainless-steel hoses will have an IPO issue size of Rs 351 crore. It consists of a fresh issue of Rs 162 crore and an offer for sale of Rs 189 crore by the promoter group at a price band of Rs 102–108 apiece.
The IPO was fully subscribed on the first day. It was subscribed 6.71 times. The bids were led by non-institutional investors, who subscribed 14.10 times, while retail investors subscribed 6.71 times. Reserved portion shareholders subscribed 3.63 times and institutional investors subscribed 1.17 times.
The company raised Rs 103.97 crore from anchor investors ahead of its IPO. It allocated 95.99 lakh equity shares to 15 funds at Rs 108 apiece, according to the BSE circular.
Issue Details
Issue opens: Aug. 22.
Issue closes: Aug. 24.
Total issue size: Rs 351 crore.
Face value: Rs 2 per share.
Fresh issue size: Rs 162 crore.
Shares for fresh issue: 1.5 crore.
Offer for sale size: Rs 189 crore.
Shares for offer for sale: 1.75 crore.
Price band: Rs 102 to Rs 108 per share.
Lot size: 130 shares and its multiples.
Listing date: Sept. 1.
Listing: BSE and NSE.
Business
Aeroflex Industries manufactures and supplies stainless steel corrugated flexible hoses (with and without braiding), stainless steel interlock hoses, hose assemblies and related end fittings, collectively known as flexible flow solutions.
The company caters to over 80 export markets, accounting for 81% of the revenue at Rs 217.2 crore in the previous fiscal. The U.S. is the largest export market that constituted 28% of the revenue in FY23 and 32% in FY22.
Subscription Status: Day 2
The IPO has been subscribed 21.10 times as of 5 p.m. on Wednesday.
Institutional investors: 8.05 times.
Non-institutional investors: 46.42 times.
Retail investors: 17.78 times.
Reservation portion shareholders: 11.46 times.