Latest News | Aeroflex Industries IPO Subscribed 97 Times

New Delhi, Aug 24 (PTI) The Initial Public Offer (IPO) of stainless steel flexible hose manufacturer Aeroflex Industries Limited was subscribed 97.07 times, driven by heavy demand from institutional buyers, on the last day of bidding on Thursday.

The Rs 351 crore-IPO received bids for 2,25,37,18,090 shares against 2,32,17,667 shares on offer, according to NSE data.

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The category for Qualified Institutional Buyers (QIBs) received a whopping 194.73 times subscription while the quota for non-institutional investors got subscribed 126.10 times and Retail Individual Investors (RIIs) 34.35 times.

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

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The price range for the offer was Rs 102-108 a 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, while a certain amount will be used for general corporate purposes and acquisitions for inorganic growth, according to the company.

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

Pantomath Capital was the manager to the offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)