Aeroflex Industries files DRHP to raise Rs 350 crore via IPO listing

The Mumbai-based Aeroflex Industries Ltd has filed a draft red herring prospectus with the Securities Exchange Board of India (Sebi) to raise around Rs 350 crore through an initial public offering.

The IPO consists of a fresh issue of Rs 160 crore and an offer-for-sale of up to Rs 190 crore by its existing shareholders and promoters. The OFS comprises up to 1.23 crore shares by Sat Industries Ltd and up to 52 lakh shares by Italica Global FZC.

As per the filed papers, Sat Industries holds 92.18 percent stake, while Italica Global FZC owns 6.52 percent holding in the company.

Proceeds from the fresh issue will be utilised to the extent of Rs 35 crore for the payment of debt, Rs 84 crore for funding its working capital requirements, and a certain amount will be used for general corporate purposes and acquisitions for inorganic growth.

Further, Pantomath Capital Advisors is the sole book-running lead manager to the issue. The company's equity shares are proposed to be listed on the BSE and NSE.