Aeroflex Industries has received the Securities and Exchange Board of India’s (SEBI) approval to float an initial public offering (IPO). The initial public offering (IPO) consists of a fresh issue of equity shares worth up to Rs 160 crore and an offer-for-sale (OFS) of up to 1.75 crore equity shares by promoter entities -- Sat Industries and Italica Global FZC.
Proceeds from the fresh issue will be utilised to the extent of Rs 35 crore for the payment of debt, Rs 84 crore for funding its working capital requirements, and a certain amount will be used for general corporate purposes and acquisitions. Pantomath Capital Advisors is the sole book-running lead manager to the issue. The company's equity shares are proposed to be listed on the BSE and NSE.
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, the US & others and generates 80 per cent of its revenue from exports.
