Aeroflex Industries Raises Rs 103 Cr From Anchor Investors Ahead of Its Rs 351 Cr IPO Opening Today

Aeroflex Industries Ltd, headquartered in Mumbai, has raised Rs 103.68 crores from anchor investors ahead of its Rs 351 crore initial public offering, which opens for public subscription on Tuesday, August 22, 2023. The company informed the exchanges that it has allocated 95,99,980 shares at Rs. 108 per share to anchor investors on Monday, August 21, 2023. Aeroflex's broad anchor book includes mutual funds, large insurance and NBFC treasuries, AIFs, and FPIs. The institutions that took part in the anchor are listed below.

Mutual Funds : Nippon Mutual Fund, Invesco Mutual Fund, White Oak Mutual Fund, BOI Mutual Fund

Institutional Treasuries : Winro Commercial India and Universal Sampo General Insurance

AIFs : Quantun State Investment Fund and Negen Undiscovered Value Fund

Foreign Institution : Societe Generale

55% of the overall anchor book was allocated to four domestic mutual funds via nine schemes totalling Rs 57 crores. Nippon Mutual Fund received the highest allocation, around 20% of the overall anchor book size, while other funds such as Invesco Mutual Fund, White Oak Mutual Fund, BOI Mutual Fund, Winro Commercial, and Societe Generale trailed behind. Previously, Carnelian Fund and other investors led by Ashish Kacholia, Jagdish Master, and Vikas Khemani acquired a 7% stake in Aeroflex Industries during its pre-IPO phase.

The company's initial public offering of Rs 351 crores will begin on Tuesday, August 22, 2023, and will end on Thursday, August 24, 2023. The IPO price band has been set at Rs 102-Rs 108 per equity share. At the upper end of the price band, the IPO will raise Rs 351 crore.

Investors may bid for a minimum of 130 equity shares and subsequently in multiples of 130 equity shares. The company aims to raise Rs 351 crore through its IPO, which includes a fresh issue of up to Rs 162 crore in equity shares and an offer-for-sale (OFS) of up to 1.75 crore equity shares by the promoter. The 1.75 crore shares would be sold under the OFS by promoter SAT Industries. About half of the issuance or 50% of the net issue has been allocated for qualified institutional buyers, with the other 15% earmarked for non-institutional investors. Retail investors will receive the remaining 35% of the public offering.

The lone book-running lead manager is Pantomath Capital Advisors Private Limited, and the registrar is Link Intime India. The shares of the firm are scheduled to be listed on the BSE and NSE, with an estimated debut of September 1.