 "IPO")
The IPO is entirely a fresh issue of 44.88 lakh equity shares of face value Rs 10 each.
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Aeron Composite Ltd, a leading company in the fiberglass products sector, is all set to introduce its SME Initial Public Offering (IPO). The company has announced that the price range for each share is set between Rs 121-125. The IPO will be available for subscription starting August 28.
Plans to Raise Rs 56.10 Crore
Aeron Composite is aiming to secure up to Rs 56.10 crore through this public offering. The IPO, which consists solely of a fresh issue of 44.88 lakh equity shares with a face value of Rs 10 each, will be listed on the NSE Emerge Platform, a segment of the National Stock Exchange.
Subscription and Allocation
Investors can subscribe to the IPO from August 28 until August 30. The minimum bid is set for 1,000 shares, and investors will have to bid in multiples thereafter. The allocation for this IPO is divided into three parts:
– Retail Investors: At least 35% of the net offer
– Non-Institutional Investors: At least 15% of the offer
– Qualified Institutional Buyers (QIBs): Up to 50% of the offer
Utilization of IPO Proceeds
The funds raised from this IPO will be used to finance the capital expenditure needed for establishing a new manufacturing unit in Mehsana, Gujarat. Additionally, part of the proceeds will be used for general corporate purposes.
Company’s Financial Performance
For the financial year 2023-24, Aeron Composite Ltd reported a revenue of Rs 179.1 crore up to February 2024. During the same period, the company achieved a net profit of Rs 9.42 crore.
About Aeron Composite Ltd
Aeron Composite Ltd specializes in the production and supply of Fiberglass Reinforced Polymer (FRP) products. The company’s product range includes FRP Pultruded Products, FRP Moulded Gratings, and FRP Rods, which are used in various industrial applications. Notably, the company exports these products to more than 30 countries globally.
Key Players in the IPO Process
Hem Securities Ltd will act as the sole book-running lead manager for the IPO, while Maashitla Securities Pvt Ltd takes the role of registrar.
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First Published: Aug 24 2024 | 4:10 PM IST
