Aeroflex Industries Fixes Price Band For Rs 351 Cr IPO: Check GMP & Other Details

Mumbai-based Aeroflex Industries Ltd. has set the price band for its initial public offering at Rs. 102 to Rs. 108 per equity share. The company's initial public offering (IPO) will be available for subscription starting on Tuesday, August 22, 2023, and it will end on Thursday, August 24, 2023. Investors may place a minimum bid of 130 equity shares and any subsequent bids in multiples of 130 equity shares.

A fresh issue of equity shares worth Rs 162 crore and an offer for sale (OFS) of up to 17.5 million equity shares make up the public offering of equity shares with a face value of Rs 2 each. The company aims to raise between Rs 340.5 crore and Rs 351 crore at the lower and upper end of the price band through its initial public offering (IPO).

Promoters of the company sold 8.69 million equity shares or 7.6% stake and raised Rs 76.14 crore in a pre-IPO placement basis from institutional investors, including Ashish Kacholia, Bengal Finance and Investment Private Limited, Mitul Prafulbhai Mehta, Samedh Trinity Partners, Jagdish Master, Shyamsundar Basudev Agarwal, VPK Global Ventures Fund, Rajnikkumar Sureshbhai Savaliya HUF, Rosy Blue (India) Private Limited, Carnelian Structural Shift Fund.

In the fiscal year 2023, Aeroflex produced consolidated revenue from operations of Rs. 269.4 crores. EBITDA for the company was Rs. 54 crores, with a 20.05% EBITDA margin. With a PAT margin of 11.19%, the company's profit after tax for the fiscal year 2023 was Rs. 30.1 crores. Return on Equity (RoE) and Return on Capital Employed (RoCE) for the company were 26.43% and 31.91%, respectively, for the fiscal year 2023.

The Registrar to the offer is Link Intime India Private Limited, and the sole book-running lead manager is Pantomath Capital Advisors Private Limited. It is proposed that the Equity Shares list on both the BSE and NSE.

Following the closure of the issue, share allocation is most likely to take place on August 29, 2023, and the main board issue is likely to list on September 1, 2023.

According to market watchers, the latest IPO GMP for Aeroflex Industries is Rs. 62 as of August 17th, 2023, 10:56 AM. The expected listing price for the Aeroflex Industries IPO is Rs 170 (upper price band plus today's GMP). A high listing premium of 57.41% above the listing price is therefore indicated by the GMP of Rs 62 on an anticipated upper band pricing of Rs 108 for Aeroflex Industries Ltd.