Ashish Kacholia’s venture, Aeroflex Industries Ltd, orchestrated a remarkable entry into the stock market stage. The shares of Aeroflex Industries made their grand debut with an impressive 83% premium, valuing each share at ₹197.40 on the Bombay Stock Exchange (BSE), a significant surge from the initial share price of ₹108.
Similarly, the National Stock Exchange (NSE) also witnessed a surge, with Aeroflex Industries shares being introduced at ₹190.00 per share, presenting a premium of nearly 76% compared to the issue price. The company, renowned for manufacturing metallic flexible flow solution products, garnered substantial investor attention during the subscription window from August 22 to August 24 for its initial public offering (IPO).
The IPO, valued at ₹351 crore, witnessed an astounding oversubscription of 97.11 times. This overwhelming response was particularly pronounced in the Qualified Institutional Buyers (QIBs) category, recording a staggering 194.73 times subscription, while the Non-Institutional Investors (NII) category experienced a robust subscription of 126.13 times. Retail investors also exhibited a significant interest, with a subscription rate of 34.41 times.
Aeroflex’s IPO was offered within the price range of ₹102 to ₹108 per equity share. The structure consisted of a fresh issuance of equity shares amounting to ₹162 crore and an offer-for-sale (OFS) involving up to 1.75 crore equity shares, contributed by promoters, selling shareholders, and the promoter group.
The company proactively secured ₹103.68 crore from anchor investors a day prior to the IPO launch. The diversified anchor book featured participation from 10 prominent entities, encompassing mutual funds, major insurance and non-banking financial company (NBFC) treasuries, alternative investment funds (AIFs), and foreign portfolio institutions.
The capital generated from the fresh issuance is earmarked for multiple purposes, including debt repayment, addressing working capital requirements, and allocation for general corporate undertakings and strategic acquisitions. The IPO was managed exclusively by Pantomath Capital Advisors Private Ltd, acting as the sole Book Running Lead Manager (BRLM), while Link Intime India Private Ltd assumed the role of registrar for the offering.
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