Aeroflex Industries fixes price band at ₹102-108

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Stainless steel flexible hose manufacturer Aeroflex Industries Ltd on Wednesday said it has a fixed price band of ₹102-108 for its ₹351-crore initial public offering (IPO).

The IPO, which IPO consists of a fresh issue worth ₹162 crore and an offer-for-sale (OFS) of up to 1.75 crore shares by promoter Sat Industries, will open for subscription on August 22 and conclude on August 24.

Proceeds from the fresh issue will be utilised to pay debt and fund working capital requirements. A certain amount will be used for general corporate purposes and acquisitions for inorganic growth.

The market lot for the issue is 130 shares.

The Mumbai-based 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, and others, and generates 80 per cent of its revenue from exports.