Aeroflex Industries IPO on Aug 22

New Delhi:The initial share-sale of stainless steel flexible hose manufacturer Aeroflex Industries Ltd will open for public subscription on August 22.

The initial public offering will conclude on August 24 and the bidding for anchor investors will open on August 21, according to the red herring prospectus (RHP). The IPO consists of a fresh issue of equity shares worth up to Rs162 crore and an offer-for-sale (OFS) of up to 1.75 crore equity shares by promoter Sat Industries. At present, promoter and promoter group members own over 91 per cent stake in the company. According to merchant banking sources, the size of the IPO is estimated at Rs350 crore. Proceeds from the fresh issue will be utilised for payment of a debt, and funding working capital requirements, and a certain amount will be used for general corporate purposes and acquisitions for inorganic growth.