New Delhi, Aug 14: The initial share-sale of stainless steel flexible hose manufacturer Aeroflex Industries Ltd will open for public subscription on August 22.
The initial public offering will conclude on August 24 and the bidding for anchor investors will open on August 21, according to the red herring prospectus (RHP).
The IPO consists of a fresh issue of equity shares worth up to Rs 162 crore and an offer-for-sale (OFS) of up to 1.75 crore equity shares by promoter Sat Industries.
At present, promoter and promoter group members own over 91 per cent stake in the company.
According to merchant banking sources, the size of the IPO is estimated at Rs 350 crore.
Proceeds from the fresh issue will be utilised for payment of a debt, and funding working capital requirements, and a certain amount will be used for general corporate purposes and acquisitions for inorganic growth.
The Mumbai-based Aeroflex is a manufacturer and supplier of metallic flexible flow solution products, catering to global markets. It exports its products to more than 80 destinations, including Europe, the USA and others, and generates 80 per cent of its revenue from exports.
For fiscal 2022, Aeroflex generated consolidated revenue from operations of Rs 240.8 crore and its profit after tax (PAT) was Rs 27.5 crore.
(PTI)
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