Shares of Aeroflex Industries Ltd. debuted at Rs 190 apiece on the National Stock Exchange, at a premium of nearly 76% to their IPO price of Rs 108 apiece.
On the BSE, the shares listed at Rs 197.40, a premium of 83%.
The shares ended at a premium of 50.97% over the IPO price, though it declined 17.40% from its listing price to end at Rs 163.05 apiece.
The initial public offering was subscribed 97.11 times. The bids were led by institutional investors, who subscribed 194.73 times, followed by non-institutional investors at 126.13 times. Retail investors witnessed a subscription of 34.41 times and the reservation portion shareholders subscribed 28.52 times.
The company raised Rs 103.97 crore from anchor investors ahead of its IPO. It allocated 95.99 lakh equity shares to 15 funds at Rs 108 apiece, according to the BSE circular.
Aeroflex Industries manufactures and supplies stainless-steel corrugated flexible hoses (with and without braiding), stainless-steel interlock hoses, hose assemblies and related end fittings, collectively known as flexible flow solutions.
The company caters to over 80 export markets, accounting for 81% of the revenue at Rs 217 crore in financial year 2023. The U.S. is the largest export market that constituted 28% of the revenue in the previous fiscal and 32% in fiscal 2022.
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