Aeroflex Industries gets SEBI clearance to float Rs 350 crore IPO

9 Aug 2023 , 09:38 AM

Aeroflex Industries, which manufactures metallic flexible flow solution solutions, has received approval from India’s capital markets regulator, the Securities and Exchange Board of India (SEBI), to undertake its initial public offering (IPO).

The firm is looking to raise Rs 350 crore through its initial public offering (IPO), which will include a fresh issuance of equity shares worth Rs 160 crore as well as an offer-for-sale of 1.75 crore equity shares by promoters of the company SAT Industries and Italica Global FZC.

According to the processing status report published, the company filed the draft IPO papers with Sebi on March 31, and the regulator issued its observation letter for the IPO on July 31.

The Sebi observation issued over the draft offer document means that the company can proceed with its proposed initial share offering.

The proceeds of the new issue will be used to retire debt, meet working capital requirements, and for general corporate operations including unidentified inorganic acquisitions by the subsidiary of listed diversified business group SAT Industries.

The company exports to more than 80 countries and has 1,700 SKUs (stock keeping units) in its product line. For the ten months ending in January 2023, exports accounted for 80.85% of company revenue.

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