Aeroflex Industries Secures Rs 103.68 Crore from Anchor Investors Ahead of IPO Launch

21 Aug 2023 , 09:40 PM

Aeroflex Industries, a Mumbai-based provider of adaptable flow solutions, successfully secured Rs 103.68 crore from 15 anchor investors on August 21, just before the official launch of its IPO.

Among the prominent participants in the anchor book were Nippon Life, Invesco, Winro Commercial India, Whiteoak Capital Mutual Fund, Bank of India Mutual Fund, Quatum State Investment Fund, Societe Generale, and Universal Sompo General Insurance Company.

The company officially confirmed the allocation of 95,99,980 equity shares to these anchor investors at a price of Rs 108 per equity share. This information was disclosed in their filing to various stock exchanges.

Within this allocation, a significant portion of 52.78 lakh shares was designated for four domestic mutual funds through a total of nine schemes. 

Aeroflex Industries is preparing to launch its public issue valued at Rs 351 crore on August 22. The price range for the shares will be set at Rs 102-108 per share, and the offer will conclude on August 24.

The IPO consists of newly issued shares amounting to Rs 162 crore and an offer-for-sale (OFS) component of 1.75 crore shares from the company’s promoter entity, Sat Industries.

The generated funds from the fresh issuance will be allocated towards the repayment of specific borrowings, fulfilling working capital needs, addressing general corporate requirements, and facilitating potential acquisitions.