Aeroflex Industries files preliminary IPO papers to raise Rs 350 crore

3 Apr 2023 , 12:16 PM

A subsidiary of Sat Industries, Mumbai-based Areoflex Industries files draft red-herring prospectus (DRHP) with SEBI to raise Rs 350 crore through initial public offering (IPO). Sat Industries is listed on NSE and NSE both.

The proposed IPO comprises fresh issue of equity shares worth Rs 160 crores and an offer-for-sale (OFS) of up to 17.5 million equity shares by promoters selling shareholders and promoter group. In selling shareholders, Sat Industries will offload up to 1,23,00,000 equity shares and Italica Global FZC will sell up to 52,00,000 equity shares.

The company will use net proceeds from the IPO towards payment of certain outstanding secured borrowings, funding working capital requirements and for other general corporate purposes.

The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Investors and not less than 35% of the Offer shall be available for allocation to Retail Individual Investors. Up to 10% of the Offer shall be reserved for the shareholders of Sat Industries Limited.

Pantomath Capital Advisors Private Limited is the sole book-running lead manager and Link Intime India Private Limited is the registrar to the offer. 

Company’s equity shares are proposed to be listed on the BSE and NSE.