The company has set the sale price at Rs 121-125 per share for the public offer, which is a completely fresh issue of 4.488 billion equity shares | (Photo: Shutterstock)
Glass fibre reinforced polymer products provider Aeron Composite Ltd has said it has raised Rs 15.17 crore from anchor investors.
The Ahmedabad-based company has allotted 1,214,000 equity shares to as many as 10 fund schemes at Rs 125 per share, the upper end of its IPO price band, Aeron Composite said in a statement.
Anchor investors include India Ahead Venture Fund, Nav Capital VCC, AG Dynamic Funds Limited, Craft Emerging Market Fund PCC, Finavenue Capital Trust and Galaxy Noble Global Opportunities Fund PCC, it added.
The company’s initial public offering (IPO), which will raise a total of Rs 56.10 crore, has opened for subscription on the National Stock Exchange’s NSE Emerge platform. The issue will close for subscription on August 30. Investors can bid for a minimum of 1,000 shares and in multiples thereof.
The company has fixed the price band at Rs 121-125 per share for the public offer, which is a greenfield issue of 4,488 crore equity shares.
The retail investor quota for the IPO is maintained at not less than 35 per cent of the net offer, the HNI quota is maintained at not less than 15 per cent of the offer and the QIB portion is maintained at not more than 50 per cent of the offer.
The company has proposed to utilise funds of around Rs 39 crore raised through the issue to fund capital expenditure requirements for setting up an additional manufacturing unit at Mehsana, Gujarat and general corporate purposes.
For the fiscal year 2023-24 (till February 2024), the company reported revenue of Rs 179.1 crore and net profit of Rs 9.42 crore. Its revenue was Rs 179.38 crore in 2022-23 and its profit was Rs 6.61 crore.
Established in the year 2011, Aeron Composite Ltd is engaged in the business of manufacturing and supplying glass fiber reinforced polymer products.
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First published: August 28, 2024 | 12:21 pm IS
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