Aeroflex Industries IPO subscribed 6.69 times on first day of offer

The Initial Public Offering (IPO) of stainless steel flexible hose manufacturer Aeroflex Industries was subscribed 6.69 times on the first day of subscription on Tuesday.

The Rs 351 crore-IPO received bids for 15,52,35,730 shares against 2,32,17,667 shares on offer, as per NSE data.

The category for non-institutional investors received 14.05 times subscription while the portion for Retail Individual Investors (RIIs) was subscribed 6.67 times and that of Qualified Institutional Buyers (QIBs) was subscribed 1.17 times.

The IPO has a fresh issue of up to Rs 162 crore and an offer for sale of up to 1.75 crore equity shares.

The price range for the offer is Rs 102-108 per share.

On Monday, the company said it collected close to Rs 104 crore from anchor investors.

Proceeds from the fresh issue will be utilised for repaying a debt, and funding working capital requirements, and a certain amount will be used for general corporate purposes and acquisitions for inorganic growth, as per the company.

The company's equity shares are proposed to be listed on BSE and NSE.

Pantomath Capital Advisors is the manager to the offer.