Aeroflex Industries files DRHP with SEBI for the proposed IPO; Key Details here

Aeroflex Industries is into Industrial Iron & Steel flexible flow solutions manufacturing and is looking raise funds through Fresh Issue and Offer for Sale

Aeroflex Industries to raise Fresh Issue aggregating up to Rs 162 crores and an Offer for Sale up to 17,500,000 Equity Shares through public issue IPO

Aeroflex Industries IPO: Aeroflex Industries Limited has filed Draft Red Herring Prospectus (DRHP) for proposed initial public offer (IPO) and raise funds through an offer of equity share capital having face value of Rs. 2 per share via initial public offering.

Initial Public Offer comprising of a Fresh Issue aggregating up to Rs. 160 crores and an Offer for Sale up to 175,00,000 Equity Shares. Pantomath Capital Advisors have been appointed as lead merchant bankers for the proposed IPO. It has appointed Link Intime India Pvt. Ltd. as Registrar and Share transfer Agent. Company is yet to finalize issue size and some other important details relating to the IPO.

Details about upcoming IPO:
As per the details available in DRHP, fundraising will consist of an Fresh Issue aggregating Rs. 162 Crs and offer-for-sale (OFS) of up to 17,500,000 equity shares by Sat Industries Limited and Italica Global FZC who will offload up to 1,23,00,000 Equity Shares and 52,00,000 Equity Shares..

Objects of the issue:
1) Full or part repayment and/or prepayment of certain outstanding secured borrowings (including foreclosure charges, if any amounting to Rs. 35 crores, 2) Funding working capital requirements of Company amounting to Rs 84 crores, and 3) General corporate purposesand unidentified inorganic acquisitions.

About Company:
Promoted by BSE listed SAT Industries, Aeroflex industries established in 1993 is manufacturers and suppliers of environment friendly metallic flexible flow solution products. Company supply products to a wide spectrum of industries for controlled flow of all forms of substances including air, liquid and solid. It export products to more than 80 countries including Europe, USA and others.

About Industry:
Traditionally, the demand for Flexible Flow Solutions made with Stainless Steel Corrugation was largely driven by the industrial sector – manufacturing plants and manufacturing products from chemicals to paper. HVAC applications too were a major consumer, although the scale of business generated by this segment was lower compared to its industrial counterpart. The steady growth inindustrial activity amidst some disruption along with the slow but steady transition from rubber/PTFE/polymer flexible hoses have resulted in a favorable demand landscape for Flexible Flow Solutions made with Stainless Steel Corrugation manufacturers.(Source:D&B Report)

Source: SEBI, BSE, NSE, DRHP, Company, Industry Data

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