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Mumbai-based Aeroflex Industries Ltd has garnered Rs 103.68 Crores from anchor investors ahead of its initial public offering of Rs 351 Crores, that opens for public subscription on Tuesday, August 22, 2023. The Company informed the bourses that it allocated 95,99,980 shares at Rs. 108 per share on Monday, August 21, 2023, to anchor investors. 

Aeroflex Industries is a manufacturer of environment friendly Metallic Flexible Flow Solution products, catering to global markets. The Company has grown at more than 37% revenue CAGR in last 3 years, operating at more than 4.85 times asset turnover, clocking more than 20% EBITA margins and generating approximately 32% ROCE.  

Diversified anchor book of Aeroflex comprises 10 anchors including mutual funds, large insurance & NBFC treasuries, AIFs and foreign portfolio institution. The institutions who participated in the anchor are the following :

• 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

Out of the total anchor book, 55% allocation was made to 4 domestic mutual funds through a total of 9 schemes amounting to Rs 57 Crores. Nippon Mutual Fund took single largest allocation, approximately 20% of the total anchor book size, whereas other funds like Invesco Mutual Fund, White Oak Mutual Fund, BOI Mutual Fund, Winro Commercial and Societe Generale followed the pack.

Earlier, marquee investors such as Ashish Kacholia, Jagdish Master and Vikas Khemani led Carnelian Fund and certain other investors bought approximately 7% stake in Aeroflex Industries pre-IPO. 

Pantomath Capital Advisors Private Limited is the sole book running lead manager. 

IPO Details

The Company is launching its initial public offering of Rs 351 Crores to open on Tuesday, August 22, 2023, and close on Thursday, August 24, 2023. The price band for the IPO has been determined at Rs 102 – Rs 108 per equity share. The IPO will fetch Rs 351 crore at the upper end of the price band.

Investors can bid for a minimum of 130 equity shares and in multiples of 130 equity shares thereafter.

The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Investors and not less than 35% of the Offer shall be available for allocation to Retail Individual Investors.