Mumbai-based Aeroflex Industries Limited’s initial public offering (IPO) got off to a strong start by being oversubscribed in the first hour of trading. The Ashish Kacholia-backed company’s initial public offering will accept subscriptions through August 24.

A brief about on the first day, the Aeroflex Industries IPO was oversubscribed in an hour

The public issue had been subscribed 1.88 times as of 11:54 am, indicating high demand. The non-institutional buyer portion was subscribed 3.04 times, compared to 2.46 times for the retail portion.

The range for the company’s IPO price per equity share is Rs. 102 to Rs. 108. Investors may place a minimum bid of 130 Equity Shares and then bid in multiples of 130. Rs 14,040 is the minimum investment amount.

Retail bidders may submit offers for a minimum of 14 lots, or 820 shares, totaling Rs 1,96,560.

The IPO consists of an offer-for-sale (OFS) of up to 17.5 million equity shares and a fresh issuance of equity shares totaling Rs 162 crore. Through the IPO, the company hopes to raise Rs 351 crore. The business raised Rs 103.68 crore from key investors yesterday.

TopShareBrokers.com reports that the company’s unlisted shares are currently trading at a premium of Rs 68, which represents a premium of 63% over the IPO issue price.

The IPO has received a’subscribe’ rating from a number of brokerage houses, underscoring its bright future potential.  Among these, SBI Securities, AUM Capital, Profitmart, and Reliance Securities should be mentioned as they have all given the IPO their support and a “subscribe” recommendation.

More than 80 nations are recipients of Aeroflex’s exports, which accounts for more than 80 percent of its global sales. The company’s products are essential for controlling flow in many different industries, and its Taloja, Navi Mumbai production plant is home to an approved research and development center.

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