Aeroflex sets IPO price band at Rs102-108/share

New Delhi: Stainless steel flexible hose manufacturer Aeroflex Industries Ltd on Wednesday said it has a fixed price band of Rs102-108 a share for its Rs351-crore initial public offering (IPO).

The maiden public issue will open for subscription on August 22 and conclude on August 24. The bidding for anchor investors will open on August 21, the company announced. 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. Proceeds from the fresh issue will be utilized 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.