Aeroflex Industries close with 51% gains on listing day

31 Aug 2023 , 07:03 PM

Aeroflex Industries shares marked an impressive 51% surge on their listing day, August 31. However, market conditions on the monthly F&O expiry day caused the stock to retreat by 17% from its intraday peak.

Upon its debut on the NSE, the stock opened at Rs 190, reflecting a substantial 76% increase from the issue price of Rs 108. Initially, it reached an intraday high of Rs 196.35, an impressive surge of 81.8%. As the day unfolded, the stock experienced some profit-taking, leading to a decline of around 17% from its peak.

The stock touched a day’s low of Rs 162.30 before concluding the day with a notable rally of 51.16%, closing at Rs 163.25. On the BSE, the closing price stood at Rs 163.15. Throughout the trading session, the stock registered a trading volume of 3.6 crore equity shares on the NSE and 33.15 lakh shares on the BSE.

This substantial surge in stock value can be attributed to the strong demand for the IPO during its subscription phase and the first-mover advantage of being listed from the metallic flexible flow solution industry.

Headquartered in Mumbai, Aeroflex Industries successfully raised Rs 351 crore through its public issue, which witnessed an overwhelming oversubscription of more than 97 times during the period of August 22-24. The price band for the offering ranged from Rs 102 to Rs 108 per share.