On the first day of subscription, the Initial Public Offering (IPO) of Aeroflex Industries, a stainless steel flexible hose manufacturer, saw robust demand, with a subscription rate of 6.69 times.
According to NSE data, the Rs 351 crore IPO attracted bids for 15,52,35,730 shares against the 2,32,17,667 shares on offer. Non-institutional investors showed significant interest, subscribing 14.05 times, while Retail Individual Investors (RIIs) subscribed 6.67 times, and Qualified Institutional Buyers (QIBs) subscribed 1.17 times.
The Grey Market Premium stands at Rs. 65.
This IPO comprises a fresh issue of up to Rs 162 crore and an offer for sale of up to 1.75 crore equity shares. The price range for the offering is Rs 102-108 per share.
Aeroflex Industries had previously announced that it raised approximately Rs 104 crore from anchor investors.
The funds raised through the fresh issue will be allocated for debt repayment, working capital requirements, and general corporate purposes. Additionally, a portion will be reserved for acquisitions to support inorganic growth opportunities.
The company’s equity shares are set to be listed on both BSE and NSE.