Aeroflex Industries shares jump 51% in debut trade on issue price of Rs 108

Shares of Aeroflex Industries made a strong debut on Thursday and ended the day with a premium of 51 per cent against the issue price of Rs 108.

The stock began the trade at Rs 197.40, up 82.8 per cent from the issue price on the BSE. During the day, it hit an intra-day low of Rs 162.10 apiece. Shares of the company finally ended at Rs 163.15 per piece, rallying 51.06 per cent.

On the NSE, shares of the company made its debut at Rs 190, witnessing a sharp uptick of 75.93 per cent. It later settled at Rs 163.60 apiece on the bourse.

The company commanded a market valuation of Rs 2,109.86 crore. 

On the volume front, 33.15 lakh equity shares were traded on the BSE and nearly 3.61 crore shares on the NSE, during the day.

In the equity market, the 30-share BSE Sensex settled 255.84 points or 0.39 per cent lower at 64,831.41 points, while Nifty fell 93.65 points to close at 19,253.80 points.

The Initial Public Offer (IPO) of Aeroflex Industries was subscribed 97.07 times on the last day of subscription on Thursday last week, driven by heavy demand from institutional buyers.

The Rs 351 crore-initial share sale had a price range of Rs 102-108 apiece.

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 countries, including Europe and the US, and generates 80 per cent of its revenue from exports.

For fiscal 2023, Aeroflex generated a consolidated revenue from operations of Rs 269.4 crore and a profit after tax (PAT) of Rs 30.1 crore.