New Delhi: Chrome steel versatile hose producer Aeroflex Industries Ltd has filed draft papers with capital markets regulator Sebi to mobilise Rs 350 crore by an preliminary share-sale.
The preliminary public providing (IPO) consists of a recent concern of fairness shares value as much as Rs 160 crore and an offer-for-sale (OFS) of as much as 1.75 crore fairness shares by promoter entities — Sat Industries and Italica World FZC, in line with the draft pink herring prospectus (DRHP).
The OFS includes sale of 1.23 crore shares by Sat Industries Ltd and as much as 52 lakh shares by Italica World FZC.
At current, Sat Industries owns 92.18 per cent stake within the firm, whereas Italica World FZC holds 6.52 per cent stake.
Proceeds from the recent concern might be utilised to the extent of Rs 35 crore for the cost of debt, Rs 84 crore for funding its working capital necessities, and a specific amount might be used for basic company functions and acquisitions for inorganic development.
Based on service provider banking sources, the dimensions of the IPO is estimated at Rs 350 crore.
The Mumbai-based Aeroflex is a producer and provider of metallic versatile movement answer merchandise, catering to international markets. It exports its merchandise to greater than 80 nations together with Europe, USA and others and generates 80 per cent of its income from exports.
For Fiscal 2022, Aeroflex generated consolidated income from operations of Rs 240.8 crore and revenue after tax (PAT) was Rs 27.5 crore.
Pantomath Capital Advisors is the only book-running lead supervisor to the difficulty. The corporate’s fairness shares are proposed to be listed on the BSE and NSE.
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