Mumbai-based Aeroflex Industries Ltd said it had raised Rs 103.68 crore from anchor investors ahead of its initial public offering (IPO). The company on Monday informed exchanges that it has allocated 95,99,980 shares at Rs 108 per share to fixed investors. The Rs 351 billion IPO will open for registration on August 22, 2023. The initial share sale will end on August 24.
“Aeroflex’s anchor includes 10 investors including mutual funds, major insurance, NBFC treasuries, AIF and foreign portfolio institutions. The institutions that have joined the anchor are Nippon Mutual Fund, Invesco Mutual Fund, White Oak Mutual Fund, BOI Mutual Fund, Winro Trade India, Sampo General Insurance, Quantum State Investment Fund, Nine Undiscovered Value Fund and Societe Generale,” the company said. said.
Of the total anchor books, 55% of allocations have been made to four domestic mutual funds through a total of nine schemes amounting to Rs 57 crore, Aeroflex said. Nippon Mutual Fund has received the largest allocation, about 20% of total fixed book size, while others such as Invesco Mutual Fund, White Oak Mutual Fund, BOI Mutual Fund, Winro Commercial and Societe Generale also follows this package.
Prior to that, big investors like Ashish Kacholia, Jagdish Master, Vikas Khemani-led Carnelian Fund and others bought about 7% stake in Aeroflex’s pre-IPO round.
The IPO price range has been fixed at Rs 102-108 per share. Investors may bid on a minimum of 130 equity shares and in multiples of 130 equity shares thereafter.
Aeroflex also said the offer is being worked on through a bookkeeping process, of which 50% will be available for allocation to qualified institutional buyers, 15% to non-institutional investors. and 35% for retail investors.
Aeroflex Industries, formerly known as Suyog Intermediates, is a manufacturer of eco-friendly Metal Flexible Flow Solutions products serving the global market. The company has grown revenue by over 37% CAGR over the past 3 years, achieved 20% EBITA margins and generated approximately 32% ROCE.
The company’s production facilities are located in Taloja, Navi Mumbai, Maharashtra.
Gray market price (GMP)
On the gray market, Aeroflex shares last traded at a premium of almost 54% above the issue price of Rs 108 (more premium). The stock is likely to be listed on September 1, 2023.